Document:

Exhibit 10.22

 

 

ENERGY XXI SERVICES,
LLC

EMPLOYEE SEVERANCE PLAN

(Amended and Restated August
11, 2010)

 

    	 

    	 

    

 

I.

 

DEFINITIONS AND CONSTRUCTION

 

1.1          Definitions.
Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below,
unless their context clearly indicates to the contrary.

 

(a)          
"Base Salary" shall mean the annual rate of base compensation paid by the Company to a Covered Employee (including
amounts which the Covered Employee could have received in cash had he not elected to contribute to an employee benefit plan maintained
by the Company), excluding overtime pay, bonuses, employee benefits, automobile allowances, added premiums, differentials, and
all forms of incentive compensation. Base Salary shall be determined effective as of the date of the Covered Employee's termination.
A "Month's Base Pay" shall mean Base Salary divided by twelve .

 

(b)          "Board" shall mean the Board of Directors of Energy XXI (Bermuda) Limited.

 

(c)           "Bonus" shall mean the annual bonus paid by the Company to a Covered Employee.

 

(d)           "Change of Control" shall be deemed to have occurred upon any of the following
events:

 

(1)         a
merger of Energy XXI (Bermuda) Limited with another entity, a consolidation involving Energy XXI (Bermuda) Limited, or the sale
of all or substantially all of the assets of Energy XXI (Bermuda) Limited to another entity if, in any such case, (i) the holders
of equity securities of Energy XXI (Bermuda) Limited immediately prior to such transaction or event do not beneficially own immediately
after such transaction or event equity securities of the resulting entity entitled to 50% or more of the votes then eligible to
be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same
proportions that they owned the equity securities of Energy XXI (Bermuda) Limited immediately prior to such transaction or event
or (ii) the persons who were members of the Board immediately prior to such transaction or event shall not constitute at least
a majority of the board of directors of the resulting entity immediately after such transaction or event;

 

(2)
          the
dissolution or liquidation of Energy XXI (Bermuda) Limited;

 

(3)
          when
any person or entity, including a "group" as contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934,
acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power
of the outstanding securities of Energy XXI (Bermuda) Limited; or

 

    	 

    	 

    

 

(4)          
as a result of or in connection with a contested election of directors, the persons who were members of the Board immediately before
such election shall cease to constitute a majority of the Board.

 

For purposes of the preceding sentence,
(i) "resulting entity" in the context of a transaction or event that is a merger, consolidation or sale of all or substantially
all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless the surviving entity (or acquiring
entity in the case of an asset sale) is a subsidiary of another entity and the holders of common stock of Energy XXI (Bermuda)
Limited receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such
other entity, and (ii) subsequent to the consummation of a merger or consolidation that does not constitute a Change of Control,
Energy XXI (Bermuda) Limited shall refer to the resulting entity and the term "Board" shall refer to the board of directors
(or comparable governing body) of the resulting entity.

 

(e)          
"Code" means the Internal Revenue Code
of 1986, as amended.

 

(f)          
"Committee" shall mean the committee appointed
by the Company to administer the Plan.

 

(g)          
"Company" shall mean Energy XXI Services,
LLC.

 

(h)          
"Covered Employee" shall mean any individual
who is a regular full-time employee of the Company on the Effective Date of the Plan, or any individual employed as a regular full-time
employee of the Company after the Effective Date of the Plan who has completed six months of service. "Covered
Employee" shall not include any employee who is eligible for severance under any other
contract or arrangement with the Company or Energy XXI (Bermuda) Limited.

 

(i)          
"Disability" shall mean either (1) an inability of the Covered Employee to engage in any substantial gainful activity
by reason of any medically determinable physical mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months or (2) the receipt of income
replacements by the Covered Employee, by reason of any medically determinable physical or mental impairment that can be expected
to result in death or can be expected to last for a continuous period of not less than 12 months, for a period of not less than
3 months under the Company's accident and health plan.

 

(j)          
"Effective Date" shall mean January 1,
2008; amended and restated August ___ ,2010 to be retroactively effective January 1, 2008.

 

    	 

    	 

    

 

(k)          
"Good Reason" shall mean the occurrence after a Change of Control of any of the following events or conditions:
(1) a reduction in the Covered Employee's combined Base Salary and bonus opportunity of more than 10%, (2) a significant change
in the Covered Employee's duties and/or responsibilities resulting in a change of status, title, and/or level of position within
the organization, (3) a material reduction in benefits without substitution of benefits that are substantially comparable in the
aggregate, or (4) the permanent relocation of a Covered Employee's principal place of employment
with the Company to a location that is more than 40 miles from such Covered Employee's prior principal place of employment.

 

(l)          
"Involuntary Termination" shall mean any termination, on or after the Effective Date, of a Covered Employee's
employment with the Company which does not result from a voluntary resignation or retirement or other termination by the Covered
Employee; provided, however, the term "Involuntary Termination" shall not include: Plan.

 

(1) a Termination
for Cause;

 

(2) a termination
as a result of the Covered Employee's death;

 

(3) any termination
as the result of the Covered Employee's Disability;

 

(4) a termination
by the Covered Employee for Good Reason; or

 

(5) any termination which
the Company expects to be of short duration and pursuant to which the Covered Employee is subject to reemployment with the Company
within a reasonable period of time (as determined by the Committee).

 

(m)         "Plan" shall mean the Energy XXI Services,
LLC Employee Severance Plan.

 

(n)         "Termination for Cause" shall mean any termination of a Covered Employee's employment with the Company by reason
of the Covered Employee's (1) conviction of any felony or of a misdemeanor involving
moral turpitude, (2) material failure to perform his duties or responsibilities in a manner satisfactory to the Company, (3) engagement
in conduct which is injurious (monetarily or otherwise) to the Company or any of its affiliates (including, without limitation,
misuse of the Company's or an affiliate's funds or other property), (4) engagement in business activities which are in conflict
with the business interests of the Company, (5) insubordination, (6) engagement in conduct which is in violation of the Company's
safety rules or standards or which otherwise causes injury to another employee or any other person, (7) engagement in conduct which
is in violation of any policy or work rule of the Company or (8) engagement in conduct which is in violation of the Company's guidelines
for appropriate employee conduct or which is otherwise inappropriate in the office or work environment. Termination for Cause shall
be determined in the sole good-faith discretion of the Committee.

 

    	 

    	 

    

 

1.2          Number and Gender. Wherever appropriate herein, word used in the singular shall be considered to include the plural
and the plural to include the singular. The masculine gender, where appearing in this Plan, shall be deemed to include the feminine
gender.

 

1.3          Headings. The headings of Articles and Sections
herein are included solely for convenience and if there is any conflict between such headings and the text of the Plan, the text
shall control.

 

II.

 

SEVERANCE BENEFITS

 

2.1          Severance Benefits. Subject to the provisions of Section 2.2
hereof, if a Covered Employee's employment is subject to an Involuntarily Termination within one (1) year after a Change of Control
or if the Covered Employee terminates his employment with the Company for Good Reason within one (1) year after a Change of Control,
and such Covered Employee is not entitled to severance benefits under an individual contract, agreement or arrangement, then the
Covered Employee shall be entitled to severance benefits as provided in this Section 2.1. A Covered Employee's entitlement to severance
benefits under the Plan depends upon the Covered Employee's employment classification as follows:

 

(A)          Senior Vice Presidents/Executive Vice Presidents. Covered Employees classified by the Company as senior vice presidents
or executive vice presidents will be entitled to severance benefits if the Covered Employee's employment with the Company is subject
to an Involuntary Termination within one (1) year after a Change of Control or if the Covered Employee terminates his employment
with the Company for Good Reason within one (1) year after a Change of Control as follows:

 

(1)          The Company shall pay the Covered Employee an amount equal to the sum of (i) two (2) times the Covered Employee's then current
Base Salary and (ii) the average of the Covered Employee's Bonuses, if any, earned by the Covered Employee with respect to the
two most recent fiscal years ending on or before the date of the Covered Employee's termination; provided, however, that for purposes
of determining the amount described in clause (ii) of this sentence, (x) if the Covered Employee was not employed by the Company
at any time during the earlier of such two fiscal years, then the amount described in such clause shall be equal to the greater
of the Bonus, if any, earned by the Covered Employee with respected to the most recent fiscal year ending on or before the date
of such termination or the Covered Employee's target annual bonus, and (y) if the Covered employee was not employed by the Company
at any time during either of such two fiscal years, then the amount described in such clause shall be equal to the Covered Employee's
target annual bonus for the fiscal year in which such termination occurs. The Covered Employee shall receive the foregoing as a
lump sum cash payment, payable as follows: If no release under Paragraph 2.3 is required, payment
shall be made on or before the 30th day immediately following the Covered Employee's termination; if a release under Paragraph
2.3 is required, payment shall be made on or before the 30th day immediately following the date of the release, but in no event
more than 70 days immediately following the Covered Employee's termination.

 

    	 

    	 

    

 

(2)          The Company shall cause the Covered Employee and his or her dependents who were covered under Company's medical and dental benefit
plans on the day prior to the Covered Employee's termination to continue to be covered under such plans throughout the one (1)
year beginning on the date of such termination by reimbursing the Covered Employee for the cost of such coverage; provided,
however, that such
coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical or dental coverage from
a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered Employee). The provision
of medical and dental benefits shall start and run concurrently with any continuation coverage
as may be elected by the Covered Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA").

 

(B)           Management Committee Members/Vice Presidents. Covered Employees classified by the Company
as a management committee member or vice president will be entitled to severance benefits.
if the Covered Employee's
employment is subject to an Involuntary Termination within one (1) year after a Change of Control or if the Covered Employee terminates
his employment with the Company for Good Reason within one (1) year after a Change of Control as follows:

 

(1)           The Company shall pay the Covered Employee an amount equal to the sum of (i) one and a half
(1.5) times the Covered Employee's then current Base Salary and (ii) the average of the Covered Employee's Bonuses, if any, earned
by the Covered Employee with respect to the two most recent fiscal years ending on or before the date of the Covered Employee's
termination; provided, however, that for purposes of determining the amount described in clause (ii) of this sentence, (x) if the
Covered Employee was not employed by the Company at any time during the earlier of such two fiscal years,
then the amount described in such clause shall be equal to the greater of the Bonus, if any, earned by the Covered Employee with
respected to the most recent fiscal year ending on or before the date of such termination or the Covered Employee's target annual
bonus, and (y) if the Covered employee was not employed by the Company at any time during either of such two fiscal years, then
the amount described in such clause shall be equal to the Covered Employee's target annual bonus for the fiscal year in which such
termination occurs. The Covered Employee shall receive the foregoing as a lump sum cash payment, payable as follows: If no release
under Paragraph 2.3 is required, payment shall be made on or before the 30th day immediately following the Covered Employee's termination;
if a release under Paragraph 2.3 is required, payment shall be made on or before the 30th day immediately following the Effective
Date of the release, but in no event more than 70 days immediately following the Covered Employee's termination.

 

(2)           The Company shall cause the Covered Employee and his or her dependents who were covered under
Company's medical and dental benefit plans on the day prior to the Covered Employee's termination to continue to be covered under
such plans throughout the one (1) year beginning on the date of such termination by reimbursing the Covered Employee for the cost
of such coverage; provided, however, that such coverage shall terminate if and to the extent the Covered Employee becomes eligible
to receive medical or dental coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company
by the Covered Employee). The provision of medical and dental benefits shall start and run concurrently with any continuation coverage
as may be elected by the Covered Employee under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA").

 

    	 

    	 

    

 

(C)           Senior Technical Staff. Covered Employees classified by the Company as senior technical
staff will be entitled to severance benefits if the Covered Employee's employment is subject to an Involuntary Termination within
one (1) year after a Change of Control or if the Covered Employee terminates his employment with the Company for Good Reason within
one (1) year after a Change of Control as follows:

 

(1)          The Company shall pay the Covered Employee an amount equal to the sum of (i) one (1) times the Covered Employee's then current
Base Salary and (ii) the average of the Covered Employee's Bonuses, if any, earned by the Covered Employee with respect to the
two most recent fiscal years ending on or before the date of the Covered Employee's termination; provided, however, that for purposes
of determining the amount described in clause (ii) of this sentence, (x) if the Covered Employee was not employed by the Company
at any time during the earlier of such two fiscal years, then the amount described in such clause shall be equal to the greater
of the Bonus, if any, earned by the Covered Employee with respected to the most recent fiscal year ending on or before the date
of such termination or the Covered Employee's target annual bonus, and (y) if the Covered employee was not employed by the Company
at any time during either of such two fiscal years, then the amount described in such clause shall be equal to the Covered Employee's
target annual bonus for the fiscal year in which such termination occurs. The Covered Employee shall receive the foregoing as a
lump sum cash payment, payable as follows: If no release under Paragraph 2.3 is required, payment shall be made on or before the
30th day immediately following the Covered Employee's termination; if a release under Paragraph 2.3 is required, payment shall
be made on or before the 30th day immediately following the Effective Date of the release, but in no event more than 70 days immediately
following the Covered Employee's termination.

 

(2)         The Company shall cause the Covered Employee and his or her dependents who were covered under Company's medical and dental benefit
plans on the day prior to the Covered Employee's termination to continue to be covered under such plans throughout the one (1)
year beginning on the date of such termination by reimbursing the Covered Employee for the cost of such coverage; provided, however,
that such coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical or dental coverage
from a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered Employee). The provision
of medical and dental benefits shall start and run concurrently with any continuation coverage as may be elected by the Covered
Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA").

 

(D)         Non-Technical/Administrative and Professional Staff. Covered Employees classified by the Company as non-technical/administrative
and professional staff will be entitled to severance benefits if the Covered Employee's employment is subject to an Involuntary
Termination within one (1) year after a Change of Control or if the Covered Employee terminates his employment with the Company
for Good Reason within one (1) year after a Change of Control as follows:

 

    	 

    	 

    

 

(1)          The Company shall pay the Covered Employee an amount equal to the sum of (i) a minimum of three (3) Month's Base Pay at the Covered
Employee's then current Base Salary up to a maximum of twelve (12) Month's Base Pay at the Covered Employee's then current Base
Salary, as determined in the sole discretion of the Committee and (ii) the average of the Covered Employee's Bonuses, if any, earned
by the Covered Employee with respect to the two most recent fiscal years ending on or before the date of the Covered Employee's
termination; provided, however, that for purposes of determining the amount described in clause (ii) of this sentence, (x) if the
Covered Employee was not employed by the Company at any time during the earlier of such two fiscal years, then the amount described
in such clause shall be equal to the greater of the Bonus, if any, earned by the Covered
Employee with respected to the most recent fiscal year ending on or before the date of such termination or the Covered Employee's
target annual bonus, and (y) if the Covered employee was not employed by the Company at any time during either of such two fiscal
years, then the amount described in such clause shall be equal to the Covered Employee's target annual bonus for the fiscal year
in which such termination occurs. The Covered Employee shall receive the foregoing as a lump sum cash payment, payable as follows:
If no release under Paragraph 2.3 is required, payment shall be made on or before the 30th day immediately following the Covered
Employee's termination; if a release under Paragraph 2.3
is required, payment shall be made on or before the 30th day immediately following the Effective Date of the release, but in no
event more than 70 days immediately following the Covered Employee's termination.

 

(2)          The Company shall cause the Covered Employee and his or her dependents who were-covered
under Company's medical and dental benefit plans on the day prior to the Covered Employee's termination to continue to be covered
under such plans throughout the one (1) year beginning on the date of such termination by reimbursing the Covered Employee for
the cost of such coverage; provided, however, that
such coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical or dental coverage
from a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered Employee). The provision
of medical and dental benefits shall start and run concurrently with any continuation coverage as may be elected by the Covered
Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA").

 

2.2          Other
Severance Arrangements. Severance payments provided herein shall be subject to any required tax withholding. If a Covered
Employee is entitled to severance benefits under an individual contract, agreement or arrangement and does not waive such entitlement
to severance benefits under such contract, agreement or arrangement, such Covered Employee shall not be entitled to any severance
benefits pursuant to the Plan but shall instead be entitled
to severance benefits in such amount and form as are provided pursuant to the terms of such contract, agreement or arrangement
(which contract, agreement or arrangement is hereby incorporated by reference and made a part of this Plan).

 

    	 

    	 

    

 

2.3          Release and Full Settlement. As a condition to the receipt of any severance benefits
hereunder, the Company, in its sole discretion, may require a Covered Employee whose employment by the Company has been subject
to an Involuntary Termination or if the Covered Employee terminates his employment with the Company for Good Reason to first execute
a release, in the form established by the Company, releasing the Company, its shareholders,
partners, officers, directors, employees, attorneys and agents from any and all claims and
from any and all causes of action of any kind or character, including but not limited to all claims or causes of action arising
out of such Covered Employee's employment with the Company or the termination of such employment, and the performance of the Company's
obligations hereunder and the receipt of the benefits provided hereunder by such Covered Employee shall constitute full settlement
of all such claims and causes of action.

 

2.4           Confidential Information. In consideration
of the receipt of severance benefits hereunder, each Covered Employee agrees that he will not, without the prior written consent
of the Company, for a period of three (3) years following the Covered Employee's termination
date, except as may be required by any competent legal authority, use or disclose to any person, firm, subsequent employer, or
legal authority, any 'confidential or proprietary information,
record, or trade secret related to the Company or any of its subsidiaries for any purpose, and that such Covered Employee shall
return all copies of such information to the Company no later than the termination date. The Covered Employee acknowledges that
the promise to keep confidential the Company's information is a valuable incentive to the Company for providing severance benefits
under this Plan, that the Company would be irreparably harmed by the use or disclosure of its confidential information in violation
of this Paragraph 2.4, and that the Company may enforce the provisions of this paragraph through the seeking of injunctive relief.

 

2.5          Non-Solicitation. In consideration of receipt of any severance benefits hereunder,
each Covered Employee agrees that, for a period of one (l) year following the Covered Employee's termination date, the Covered
Employee will not, directly or indirectly, in any manner or capacity induce any person to discontinue his or her employment in
the Company or the Company's successor or to interfere with the business of the Company or the Company's successor.

 

2.6           Liquidated Damages. If a Covered Employee who has received severance benefits pursuant to Section 2.1 above is found
by the Committee to be in violation of the confidentiality and/or non-solicitation provisions as described in Sections 2.4 and
2.5 above, then the Covered Employee shall be required to repay to the Company as liquidated damages the full amount of severance
received by the Covered Employee. Any payment required pursuant to this Section shall be due and payable in a single lump sum within
30 days of written notice to such Covered Employee of such Committee's finding.

 

2.7          Repayment Upon Reemployment. If a Covered Employee who has received severance
benefits pursuant to Section 2.1 above is reemployed by the Company other than on a temporary or part-time basis or as an independent
contractor, he shall be required to repay to the Company the following amount:

 

(a)          The
severance amount paid to him by the Company incident to his Involuntary Termination or termination by him for Good Reason within
one (l) year after a Change of Control; minus

 

    	 

    	 

    

 

(b)          The
amount of Months' Base Pay that he would have received from the Company between the date of his termination and the date of his
reemployment by the Company had he remained employed by the Company during such period.

 

Any repayment required pursuant to this Section
shall be made in a single lump sum within thirty days of the Covered Employee's reemployment with the Company; provided, however,
that the Company, in its sole discretion, may permit the Covered Employee to tender such repayment by payroll deductions over such
period of time as the Company may determine.

 

2.8           Payments Subject to Section 409A of the Code. Notwithstanding anything herein to the contrary, if any amounts payable
hereunder are reasonably determined by the Committee to be "nonqualified deferred compensation" payable to a "specified
employee" upon "separation from service" (within the meaning of Section 409A
of the Code) then such amounts that would otherwise be payable upon separation from
service shall be held and not be paid by the Company upon separation from service, but shall be paid as soon as administratively
feasible following the earlier of: (i) the first day that is six months following the Participant's separation from service; or
(ii) Participant's date of death. Any such distribution or payment otherwise payable to the Participant pursuant to the terms of
the Plan within the period described in the immediately preceding sentence following the Participant's separation from service
with the Company will accrue and will be payable in a lump sum payment, with
interest at the prime rate as published in the Wall Street Journal, on the payment date set forth in the immediately preceding
sentence.

 

III.

 

ADMINISTRATION OF
PLAN

 

3.1          Plan Administration. For the purposes of the Plan and the Employee Retirement Income Security Act of 1974, as amended,
the plan administrator and named fiduciary of the Plan is the Committee. The
Committee shall hold such meetings and establish such rules and procedures as may be necessary to enable it to discharge its duties
hereunder. All actions of the Committee shall be recorded by a secretary who need not be a Committee member. The Committee shall
have all powers necessary or proper to administer the Plan
and to discharge its duties under the Plan, including, but not limited to, the following powers:

 

(a)
To make and enforce such rules and regulations as it may
deem necessary or proper for the orderly and efficient administration of the Plan;

 

(b)
To interpret the Plan, its interpretation thereof in good
faith to be final and conclusive on all persons claiming benefits under the Plan;

 

(c)
To authorize the payment of benefits under the Plan;

 

(d)
To prepare and distribute information explaining the Plan;

 

(e)
To appoint or employ persons to assist in the administration
of the Plan; and

 

    	 

    	 

    

 

(f)
To obtain such information
as is necessary for the proper administration of the Plan.

 

The Committee may allocate to others
certain aspects of the management, operation and responsibilities of the Plan, including the employment of advisors and the delegation
of any ministerial duties or functions to qualified individuals. The Company agrees to indemnify the members of the Committee against
all liabilities, damages, costs and expenses (including attorneys' fees and amounts paid in settlement of any claims approved by
the Company) occasioned by any act ·or omission
to act in connection with the Plan if such act or omission was in good faith.

 

3.2           Claims
Review. The Committee will advise each Covered Employee of any Plan benefits to which the Covered Employee is entitled.
If the Covered Employee believes that the Committee has failed to advise him or her of any Plan benefits to which he or she is
entitled, then the Covered Employee may file a written claim with the Committee. The Committee shall review such claim and respond
thereto within a reasonable time after receiving the claim. In any case in which a Covered Employee's claim for Plan benefits
is denied or modified, the Committee shall:

 

(a)
state the specific reason for the denial or modification;

 

(b) provide specific
reference to pertinent Plan provisions on which the denial or modification is based;

 

(c) provide a
description of any additional material or information necessary for the Covered Employee or his representative to perfect the claim
and an explanation of why such material or information is necessary; and

 

(d) explain the
Plan's claim review procedure as contained herein.

 

In the event the request is denied or modified,
if the Covered Employee or his representative desires to have such denial or modification reviewed, he must, within sixty days
following receipt of the notice of such denial or modification, submit a written request for review by the Committee of its initial
decision. Within sixty days following such request for review the Committee shall render its final decision in writing to the Covered
Employee or his representative stating specific reasons for such decision. If special circumstances require an extension of such
sixty-day period, the Committee's decision shall be rendered as soon as possible, but not later than 120 days after receipt of
the request for review. If an extension of time for review is required, written notice of the extension shall be furnished to the
Covered Employee or representative prior to the commencement of the extension period.

 

    	 

    	 

    

 

IV.

 

GENERAL PROVISIONS

 

4.1           Funding. The benefits provided herein shall be unfunded and shall be provided
from the Company's general assets.

 

4.2           Cost of Plan. The entire cost of the Plan shall be borne by the Company and no
contributions shall be required of the Covered Employees.

 

4.3           Plan Year. The Plan shall operate on a plan year consisting of the twelve consecutive month period commencing on
January 1 of each year.

 

4.4           Amendment and Termination. The Plan may be amended from time to time, or terminated and discontinued, at any time,
in each case at the discretion of the Board or Committee. A Plan amendment shall be effected by adoption of the Board or Committee
of a resolution setting forth such amendment and by execution by the Company's president or his delegatee of a written instrument
of Plan amendment. Plan termination shall be effected by adoption by the Board or Committee
of a resolution to terminate the Plan and by execution of the Company's president or his delegatee of a written instrument of Plan
termination.

 

4.5          Not Contract of Employment. The adoption and maintenance of the Plan shall not
be deemed to be a contract of employment between the Company and any person or to be consideration for the employment of any person.
Nothing herein contained shall be deemed to give any person the right to be retained in the employ of the Company or to restrict
the right of the Company to discharge any person at any time nor shall the Plan be deemed to give the Company the right to require
any person to remain in the employ of the Company or to restrict any person's right to terminate his employment at any time.

 

4.6          Severability. Any provision in the Plan that is prohibited or unenforceable in
any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition
or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.7          Nonalienation. Covered Employees shall not have any right to pledge, hypothecate,
anticipate or assign benefits or rights under the Plan, except by will or the laws of descent and distribution.

 

4.8          Governing Law. The Plan shall be interpreted and construed in accordance with
the laws of the State of Texas except to the extent preempted by federal law.

 

4.9          No Guarantee of Tax Consequences. The Covered Employee shall be solely responsible
for and liable for any tax consequences (including but not limited to any interest or penalties) as a result of participation in
the Plan. Neither the Board, nor the Company nor the Committee makes any commitment or guarantee that any federal, state or local
tax treatment will apply or be available to any person participating or eligible to participate hereunder and assumes no liability
whatsoever for the tax consequences to the Covered Employees.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has executed
this amended and restated Plan this 11th day of AUGUST, 2010.

 

	 	ENERGY XXI SERVICES, LLC
	 	 	 
	 	By:	/s/ JOHN D. SCHILLER JR.
	 	Printed Name:	
	 	Title:Final Version 7/30/12

 

TRUST INDENTURE

 

by and between

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee and Collateral Agent

 

and

 

Q LOTUS HOLDINGS, INC.

 

Dated as of July 1, 2012

 

Relating To

 

Q LOTUS HOLDINGS, INC.

 

SECURED NOTES 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION	1
	 	 	 
	SECTION 1.01	DEFINITIONS	1
	SECTION 1.02	RULES OF CONSTRUCTION	1
	 	 
	ARTICLE II RECITALS AND REPRESENTATIONS	2
	 	 	 
	SECTION 2.01	RECITAL INCORPORATION	2
	SECTION 2.02	CONDITIONS PRECEDENT SATISFIED	2
	 	 
	ARTICLE III APPOINTMENT OF TRUSTEE AND COLLATERAL AGENT; DECLARATION OF TRUST	2
	 	 	 
	SECTION 3.01	APPOINTMENT OF TRUSTEE AND COLLATERAL AGENT	2
	SECTION 3.02	TRUST ESTATE	2
	SECTION 3.03	TRUST ESTATE FOR BENEFIT OF OWNERS.	3
	 	 
	ARTICLE IV ISSUANCE OF NOTES	3
	 	 	 
	SECTION 4.01	AUTHORIZATION OF NOTES.	3
	SECTION 4.02	DELIVERY OF NOTES.	4
	SECTION 4.03	EXECUTION OF NOTES	5
	SECTION 4.04	AUTHENTICATION OF NOTES	6
	SECTION 4.05	EXCHANGE OF NOTES	6
	SECTION 4.06	NEGOTIABILITY, REGISTRATION AND TRANSFER OF NOTES.	6
	SECTION 4.07	OWNERSHIP OF NOTES.	7
	SECTION 4.08	MUTILATED, DESTROYED, STOLEN OR LOST NOTES.	7
	SECTION 4.09	TEMPORARY NOTES.	8
	SECTION 4.10	EVIDENCE OF SIGNATURES OF NOTES OWNERS AND OWNERSHIP OF NOTES.	8
	SECTION 4.11	BOOK ENTRY	9
	SECTION 4.12	PAYMENTS FROM TRUST ESTATE ONLY; DISTRIBUTION OF TRUST ESTATE.	10
	 	 
	ARTICLE V REDEMPTION	11
	 	 	 
	SECTION 5.01	REDEMPTION	11
	SECTION 5.02	NOTICE OF REDEMPTION.	11
	SECTION 5.03	DEPOSIT OF REDEMPTION AMOUNTS; EFFECT OF CALLING FOR REDEMPTION	12
	SECTION 5.04	CANCELLATION	12
	SECTION 5.05	PURCHASE IN LIEU OF REDEMPTION	12

 

    	 

    	 

    

 

	ARTICLE VI ESTABLISHMENT AND ADMINISTRATION OF FUNDS AND ACCOUNTS	13
	 	 	 
	SECTION 6.01	APPLICATION OF NOTES PROCEEDS	13
	SECTION 6.02	CREATION OF FUNDS AND ACCOUNTS.	13
	SECTION 6.03	NOTES FUND.	13
	SECTION 6.04	REDEMPTION FUND	14
	SECTION 6.05	DEPOSIT AND INVESTMENT OF MONEYS IN ACCOUNTS	14
	SECTION 6.06	NO UNAUTHORIZED TRANSFERS	14
	SECTION 6.07	REPAYMENT TO THE ISSUER FROM THE PLEDGED FUNDS	15
	SECTION 6.08	TRUSTEE’S FEES AND CHARGES	15
	 	 
	ARTICLE VII GENERAL COVENANTS AND REPRESENTATIONS	15
	 	 	 
	SECTION 7.01	ISSUER TO PERFORM AGREEMENTS	15
	SECTION 7.02	NO OBLIGATION WITH RESPECT TO PERFORMANCE BY TRUSTEE	15
	SECTION 7.03	NO LIABILITY TO OWNERS FOR PAYMENT	15
	SECTION 7.04	DIRECTORS, MEMBERS, OFFICERS AND EMPLOYEES OF TRUSTEE AND ISSUER EXEMPT FROM PERSONAL LIABILITY	15
	SECTION 7.05	PAYMENTS OF PRINCIPAL, REDEMPTION PRICE, IF ANY, AND INTEREST; OVERDUE RATE	16
	SECTION 7.06	LIEN OF TRUST INDENTURE AND COLLATERAL AGREEMENT	16
	SECTION 7.07	RIGHTS UNDER THE COLLATERAL AGREEMENT	16
	SECTION 7.08	ADDITIONAL COVENANTS.	16
	SECTION 7.09	MERGER, CONSOLIDATION AND SALE OF ALL OR SUBSTANTIALLY ALL ASSETS.	18
	 	 
	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES	19
	 	 	 
	SECTION 8.01	EVENTS OF DEFAULT	19
	SECTION 8.02	ACCELERATION OF MATURITIES	21
	SECTION 8.03	ENFORCEMENT OF REMEDIES	21
	SECTION 8.04	APPLICATION OF FUNDS.	22
	SECTION 8.05	EFFECT OF DISCONTINUANCE OF PROCEEDINGS	23
	SECTION 8.06	CONTROL OF PROCEEDINGS BY OWNERS	23
	SECTION 8.07	RESTRICTIONS UPON ACTIONS BY INDIVIDUAL OWNERS	24
	SECTION 8.08	ENFORCEMENT OF RIGHTS OF ACTION	24
	SECTION 8.09	NO REMEDY EXCLUSIVE	24
	SECTION 8.10	WAIVERS	24
	SECTION 8.11	NOTICE OF DEFAULT	24
	SECTION 8.12	RIGHT TO ENFORCE PAYMENT OF NOTES UNIMPAIRED	25

 

    	ii

    	 

    

 

	ARTICLE IX CONCERNING THE TRUSTEE	25
	 	 	 
	SECTION 9.01	ACCEPTANCE OF DUTIES.	25
	SECTION 9.02	INDEMNIFICATION OF TRUSTEE AS CONDITION FOR REMEDIAL ACTION	26
	SECTION 9.03	LIMITATIONS ON OBLIGATIONS AND RESPONSIBILITIES OF TRUSTEE	26
	SECTION 9.04	TRUSTEE AND COLLATERAL AGENT NOT LIABLE FOR FAILURE OF ISSUER TO ACT	27
	SECTION 9.05	COMPENSATION AND INDEMNIFICATION OF TRUSTEE	27
	SECTION 9.06	STATEMENTS FROM TRUSTEE.	27
	SECTION 9.07	TRUSTEE MAY RELY ON CERTIFICATES	28
	SECTION 9.08	CERTAIN RIGHTS OF THE TRUSTEE	28
	SECTION 9.09	RESIGNATION AND REMOVAL OF TRUSTEE SUBJECT TO APPOINTMENT OF SUCCESSOR	28
	SECTION 9.10	RESIGNATION OF TRUSTEE	28
	SECTION 9.11	REMOVAL OF TRUSTEE.	29
	SECTION 9.12	APPOINTMENT OF SUCCESSOR TRUSTEE.	29
	SECTION 9.13	VESTING OF DUTIES IN SUCCESSOR TRUSTEE	30
	 	 
	ARTICLE X EXECUTION OF INSTRUMENTS BY OWNERS, PROOF OF OWNERSHIP OF NOTES	30
	 	 	 
	SECTION 10.01	EXECUTION OF INSTRUMENTS BY OWNERS.	30
	 	 
	ARTICLE XI SUPPLEMENTAL TRUST INDENTURES; AMENDMENT OF FINANCING DOCUMENTS	31
	 	 	 
	SECTION 11.01	SUPPLEMENTAL TRUST INDENTURES AND MODIFICATIONS AND AMENDMENTS OF COLLATERAL AGREEMENT WITHOUT CONSENT OF OWNERS.	31
	SECTION 11.02	MODIFICATIONS AND AMENDMENTS OF TRUST INDENTURE AND COLLATERAL AGREEMENT WITH CONSENT OF OWNERS.	32
	SECTION 11.03	EXECUTION OF SUPPLEMENTAL INDENTURES	33
	 	 
	ARTICLE XII DEFEASANCE	34
	 	 	 
	SECTION 12.01	DEFEASANCE.	34
	SECTION 12.02	REINSTATEMENT	35
	 	 
	ARTICLE XIII COLLATERAL	35
	 	 	 
	SECTION 13.01	SECURITY	35
	SECTION 13.02	COLLATERAL AGENT	35
	SECTION 13.03	AUTHORIZATION OF ACTIONS TO BE TAKEN.	36
	SECTION 13.04	POWERS EXERCISABLE BY RECEIVER OR TRUSTEE	37
	SECTION 13.05	RELEASE UPON TERMINATION OF THE ISSUER’S OBLIGATIONS	37

 

    	iii

    	 

    

 

	ARTICLE XIV MISCELLANEOUS PROVISIONS	37
	 	 	 
	SECTION 14.01	NOTICES.	37
	SECTION 14.02	SUBSTITUTE MAILING	38
	SECTION 14.03	PARTIES AND OWNERS ALONE HAVE RIGHTS UNDER TRUST INDENTURE	38
	SECTION 14.04	EFFECT OF PARTIAL INVALIDITY	38
	SECTION 14.05	NO RECOURSE AGAINST MEMBERS, OFFICERS OR EMPLOYEES OF THE ISSUER	39
	SECTION 14.06	DEALING IN NOTES	39
	SECTION 14.07	PAYMENT OR PERFORMANCE DATE IS OTHER THAN A BUSINESS DAY	39
	SECTION 14.08	MULTIPLE COUNTERPARTS	39
	SECTION 14.09	HEADINGS	39
	SECTION 14.10	LAWS	39
	SECTION 14.11	ELECTRONIC INSTRUCTIONS	40
	SECTION 14.12	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	40
	SECTION 14.13	STATEMENTS REQUIRED IN CERTIFICATE OR OPINION	40
	SECTION 14.14	WAIVER OF JURY TRIAL	40
	SECTION 14.15	FORCE MAJEURE	41
	SECTION 14.16	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	41
	SECTION 14.17	SUCCESSORS	41

 

EXHIBITS

 

	EXHIBIT A	DEFINITIONS	A-1
	EXHIBIT B	FORM OF NOTES	B-1
	EXHIBIT C	FORM OF CERTIFICATE OF TRANSFER	C-1
	EXHIBIT D	FORM OF INVESTOR LETTER	D-1
	EXHIBIT E	FORM OF REQUEST AND AUTHORIZATION	E-1
	EXHIBIT F	FORM OF COLLATERAL AGREEMENT	F-1

 

    	iv

    	 

    

 

 

TRUST INDENTURE

 

THIS TRUST INDENTURE
(the “Trust Indenture”) is made and entered into as of July 1, 2012, by and between U.S. BANK NATIONAL ASSOCIATION,
a national banking association existing under and by virtue of the laws of the United States (“U.S. Bank”) with corporate
trust powers and qualified to accept trusts of the type herein set forth (in such capacity, the “Trustee” and the “Collateral
Agent”) and Q LOTUS HOLDINGS, INC., a Nevada corporation (the “Issuer”).

 

WITNESSETH:

 

WHEREAS, the
Issuer was formed to operate as a diversified financial services company; and

 

WHEREAS, Q Lotus,
Inc., a Nevada corporation (the “Subsidiary”), is a wholly-owned subsidiary of the Issuer; and

 

WHEREAS, Subsidiary
owns certain silica mining claims (each, a “Claim”); and

 

WHEREAS, the
Issuer desires to issue and sell its secured promissory notes in the aggregate principal amount of not exceeding $3,000,000,000
(the “Notes”), as more fully described herein; and

 

WHEREAS, the
obligation of the Issuer to pay the principal of, Redemption Price, and interest on the Notes when due, whether on any Interest
Payment Date or any Principal Payment Date, or by acceleration, redemption or otherwise, shall be secured solely by the Trust Estate
(as herein defined), which shall include a first priority security interest in the Claims described in the Collateral Agreement
(as more fully defined herein, the “Collateral”);

 

NOW, THEREFORE,
in consideration of the mutual agreements and covenants herein contained and for other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS AND RULES OF CONSTRUCTION

 

SECTION 1.01         DEFINITIONS.
For the purpose of this Trust Indenture, the capitalized terms used herein shall have the meanings ascribed to them in Exhibit
A attached hereto unless the context clearly requires some other meaning. The term “Indenture” or “Trust Indenture”
as used herein shall mean this Trust Indenture.

 

SECTION 1.02         RULES
OF CONSTRUCTION. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and
neuter genders. Unless the context otherwise indicates, words importing the singular number shall include the plural number and
vice versa, and words importing persons shall include corporations and associations, including public bodies, as well as natural
persons.

 

    	1

    	 

    

 

The terms “hereby,”
“hereof,” “hereto,” “herein,” “hereunder” and any similar terms, as used in this
Trust Indenture, refer to this Trust Indenture.

 

ARTICLE II

RECITALS AND REPRESENTATIONS

 

SECTION 2.01         RECITAL
INCORPORATION. The recitals set forth in the beginning of this Trust Indenture are hereby incorporated herein.

 

SECTION 2.02         CONDITIONS
PRECEDENT SATISFIED. Each party hereto represents with respect to itself that all acts, conditions and things required by law
to exist, happen and be performed precedent to and in connection with the execution and delivery of this Trust Indenture have happened
and have been performed in regular and due time, form and manner as required by law, and the parties hereto each represents as
to itself that it is now duly empowered to execute and deliver this Trust Indenture.

 

ARTICLE III

APPOINTMENT OF TRUSTEE AND COLLATERAL AGENT;

DECLARATION OF TRUST

 

SECTION 3.01         APPOINTMENT
OF TRUSTEE AND COLLATERAL AGENT. In consideration of the recitals hereinabove set forth and for other valuable consideration,
the Issuer hereby (a) appoints the Trustee to receive, hold, invest and disburse the Trust Estate and to perform certain other
functions, including those of Paying Agent and with respect to the Note Register, all as provided herein, and subject to the terms
and conditions of this Trust Indenture, and (b) appoints U.S. Bank to serve as Collateral Agent under the Collateral Agreement,
all as provided herein and in the Collateral Agreement, subject to the terms and conditions of this Trust Indenture and the Collateral
Agreement.

 

SECTION 3.02         TRUST
ESTATE. To secure the payment of the principal of and interest on the Notes in accordance with their terms, the payment of
all of the sums payable under this Trust Indenture and the performance of the covenants contained in this Trust Indenture, the
Issuer hereby Grants to the Trustee, solely in trust and as collateral security as provided in this Trust Indenture, for the ratable
benefit of the Holders of the Notes, all of the Issuer’s rights, title and interest in and to the following, whether now
owned or hereafter acquired, and any and all benefits accruing to the Issuer from:

 

(a)          All
right, title and interest in the Pledged Funds established under this Trust Indenture and the cash, securities and/or investments
of which they are comprised;

 

    	2

    	 

    

 

(b)          Any
moneys received by the Trustee which are derived from the exercise by the Trustee or the Collateral Agent of any of the remedies
under this Trust Indenture or the Collateral Agreement, as applicable; and

 

(c)          All
property which by the express provisions of this Trust Indenture or the Collateral Agreement is required to be subject to the lien
hereof, and any additional property that may from time to time hereafter expressly be made subject to the lien hereof by the Issuer
or anyone authorized to act on its behalf.

 

The Trustee acknowledges
such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein required
in accordance with the terms hereof.

 

SECTION 3.03         TRUST
ESTATE FOR BENEFIT OF OWNERS.

 

(a)          Subject
only to the provisions of this Trust Indenture permitting the application thereof for the purposes and on the terms and conditions
set forth herein, the Issuer hereby declares, and the Trustee acknowledges, that the Trust Estate shall secure the payment of the
principal of, Redemption Price, and interest on the Outstanding Notes.

 

(b)          If
the Notes shall be paid, or provision for payment shall be made in accordance with the terms and provisions of Article XII hereof,
and all other payments due hereunder shall be made as provided in said Article XII, the Trust Estate shall terminate, and the Owners
of the Notes Outstanding hereunder shall have no right thereto, except as otherwise provided herein.

 

ARTICLE IV

ISSUANCE OF NOTES

 

SECTION 4.01         AUTHORIZATION
OF NOTES.

 

(a)          The
aggregate principal amount of Notes that may be issued hereunder is hereby expressly limited to $3,000,000,000. The Notes shall
be payable solely out of the Trust Estate.

 

(b)          Each
Note shall bear interest from its applicable dated date. Notes issued at one time shall be the subject of a single related Request
and Authorization. The Notes shall be issuable as fully registered Notes without coupons in Authorized Denominations and integral
multiples thereof and shall be lettered and numbered R-1 and upward, in each case inserting the year of issuance and any identifying
letter, if applicable.

 

(c)          The
Notes shall be substantially in the form set forth in Exhibit B hereto, with such appropriate variations, omissions and insertions
as may be necessary or appropriate to conform to the provisions of this Trust Indenture and shall contain the private placement
legend reflected in the form of Notes attached hereto as Exhibit B. Notes may have endorsed thereon such additional legends or
text as the Issuer determines may be necessary or appropriate to conform to any applicable rules and regulations of any governmental
authority or any usage or requirement of law with respect thereto.

 

    	3

    	 

    

 

(d)          Interest
on each Note shall be payable on the Interest Payment Date or Interest Payment Dates each year specified in the related Request
and Authorization and the applicable Note. The first Interest Payment Date for each Note shall be the applicable date set forth
in the related Request and Authorization. Interest on the Notes shall be computed upon the basis of a 360-day year, consisting
of twelve 30-day months.

 

(e)          Each
Note shall be dated as of its date of delivery. Each Note shall bear interest at the rate per annum, and shall mature in the years
and in the principal amounts, as set forth in the applicable Note.

 

(f)          Except
as provided in Section 4.11 hereof, the principal of all Notes shall be payable at the Principal Office of the Trustee. Payment
of the principal of all Notes shall be made upon the presentation and surrender of such Notes as the same shall become due and
payable. The Principal Payment Dates for each Note shall be as set forth in the amortization schedule attached to each Note.

 

(g)          The
principal of, Redemption Price, and interest on the Notes are payable by wire transfer in immediately available funds to the account
specified in writing to the Trustee by each Holder at least five Business Days prior to the Record Date for each Interest Payment
Date, Principal Payment Date or redemption date, as applicable, in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. Notwithstanding the foregoing, if and to the extent
that there shall be a default in payment of interest due on such Interest Payment Date, such defaulted interest payment shall be
paid to the Holders in whose name any such Notes are registered at the close of business on the fifteenth day preceding the date
of payment of such defaulted interest payment.

 

(h)          Subject
to the foregoing provisions of this Section, Notes delivered under this Trust Indenture upon transfer of or in exchange for or
in lieu of any other Notes shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Notes which were transferred or exchanged, and such Notes shall bear interest from such date, so that neither gain nor loss
in interest shall result from such transfer, exchange or substitution.

 

SECTION 4.02         DELIVERY
OF NOTES.

 

(a)          Each
Note shall be executed and authenticated substantially in the form and in the manner set forth herein, but before such Note shall
be authenticated and delivered by the Trustee, there shall be filed or deposited with the Trustee the following:

 

(i)          An
executed copy of the related Request and Authorization directing the Trustee to authenticate the Note to be issued and setting
forth certain details of such Note, among other matters, substantially in the form of Exhibit B hereto;

 

    	4

    	 

    

 

(ii)         A
copy, certified by an Authorized Officer of the Issuer, of the resolution or resolutions of the Issuer and the Subsidiary, respectively,
approving the forms, and authorizing the execution and delivery, of the Note that is the subject of the Request and Authorization,
this Trust Indenture and the Collateral Agreement, as applicable, and the other related documents and instruments delivered in
connection with such Note to which the Issuer or Subsidiary is a party;

 

(iii)        A
fully executed counterpart of this Trust Indenture;

 

(iv)         A
fully executed counterpart of the Collateral Agreement, together with documentation reasonably acceptable to the Holders evidencing
that the Collateral Agent has a perfected first priority security interest in the Collateral (provided, however, such documentation
is not required to be delivered in connection with Notes issued subsequent to the execution, authentication and delivery of the
initial Note issued hereunder);

 

(v)          An
Investor Letter, substantially in the form of Exhibit D attached hereto, from the Purchaser of the Note that is the subject of
the Request and Authorization; and

 

(vi)         An
opinion of legal counsel to the Issuer and the Subsidiary, respectively, to the effect that the Note that is the subject of the
Request and Authorization, this Trust Indenture and the Collateral Agreement have been duly authorized, executed and delivered
by the Issuer and the Collateral Agreement has been duly authorized, executed and delivered by the Subsidiary, as applicable, and
assuming due authorization, execution and delivery thereof by the other parties thereto, and subject to the terms and conditions
thereof, constitute the valid and binding agreements of the Issuer and Subsidiary, as applicable, enforceable in accordance with
their respective terms, except to the extent that the enforceability of the same may be limited by bankruptcy, insolvency or other
laws affecting creditors’ rights generally and equitable principles.

 

(b)          When
the documents described in (i) to (vi), inclusive, of Section 4.02(a) hereof shall have been filed with the Trustee, and when the
applicable Note shall have been executed and authenticated as required by this Trust Indenture, the Trustee shall deliver the Note
that is the subject of the Request and Authorization at one time to, or upon the order of, the Purchaser of the Note, but only
upon payment of the purchase price of such Note.

 

SECTION 4.03         EXECUTION
OF NOTES. Notes shall be executed by the manual or facsimile signature of the President or Vice President of the Issuer, and
the corporate seal of the Issuer shall appear thereon (which may be in facsimile) and shall be attested by the manual or facsimile
signature of its Secretary or any Assistant Secretary of the Issuer. Notes executed as above provided may be issued and shall,
upon written direction of the Issuer, be authenticated by the Trustee, notwithstanding that one or both of the officers of the
Issuer whose signatures appear on such Notes shall have ceased to hold office at the time of issuance or authentication or shall
not have held office at the date of the Notes.

 

    	5

    	 

    

 

SECTION 4.04         AUTHENTICATION
OF NOTES. Only such Notes as shall have endorsed thereon a certificate of authentication substantially in the form set forth
in Exhibit B hereto, manually executed by the Trustee, shall be entitled to any benefit or security under this Trust Indenture.
No Notes shall be valid or obligatory for any purpose unless and until such certificate of authentication on the Notes shall have
been duly executed by the Trustee and such certificate of the Trustee upon any such Notes shall be conclusive evidence that such
Notes has been duly authenticated and delivered under this Trust Indenture. The Trustee’s certificate of authentication on
any Notes shall be deemed to have been duly executed if signed by an authorized officer of the Trustee, but it shall not be necessary
that the same officer sign the certificate of authentication on all of the Notes that may be issued hereunder at any one time.

 

SECTION 4.05         EXCHANGE
OF NOTES. Notes, upon surrender thereof at the designated corporate trust office of the Trustee, together with an assignment
duly executed by the Owner or his attorney or legal representative in the form set forth in the form of Notes attached hereto,
may, at the option of the Owner thereof, be exchanged for an equal aggregate principal amount of Notes of the same maturity, of
any denomination or denominations authorized by this Trust Indenture, bearing interest at the same rate, and in the same form as
the Notes surrendered for exchange.

 

SECTION 4.06         NEGOTIABILITY,
REGISTRATION AND TRANSFER OF NOTES.

 

(a)          The
Trustee shall keep or cause to be kept a Notes Register, which shall at all times be open to inspection by the Issuer and the Owners
of ten percent (10%) or more of the aggregate principal amount of Notes then Outstanding; and, upon presentation for such purpose,
the Trustee shall, under such reasonable regulations as it may prescribe, register the transfer or cause to be registered the transfer,
on the Notes Register, of Notes as provided herein. The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. 

 

(b)          The
transfer of any Notes may be registered only upon the Notes Register upon surrender thereof to the Trustee, together with (i) an
assignment duly executed by the Owner or such Owner’s attorney or legal representative in such form as shall be satisfactory
to the Trustee, (ii) a Certificate of Transfer substantially in the form attached as Exhibit C, duly executed by the transferor,
and (iii) an Investor Letter substantially in the form attached as Exhibit D, duly executed by the transferee. Upon any such registration
of transfer, the Trustee shall authenticate and deliver in exchange for such Notes a new registered Notes or Notes, registered
in the name of the transferee, of any denomination or denominations authorized by this Trust Indenture in the aggregate principal
amount equal to the principal amount of such Notes surrendered, of the same maturity and bearing interest at the same rate.

 

(c)          In
all cases in which Notes shall be exchanged or the transfer of Notes shall be registered hereunder, the Issuer shall execute and
the Trustee shall authenticate and deliver at the earliest practicable time Notes in accordance with the provisions of this Trust
Indenture. All Notes surrendered in any such exchange or registration of transfer shall forthwith be cancelled by the Trustee and
destroyed in accordance with its standard procedures. No service charge shall be made for any registration, transfer, or exchange
of Notes, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Notes as a condition precedent to such registration, transfer or
exchange. Neither the Issuer nor the Trustee shall be required to transfer or exchange Notes (i) during a period beginning at the
opening of business fifteen (15) days before the day of the mailing of a notice of redemption of Notes and ending at the close
of business on the day of such mailing, (ii) selected for redemption in whole or in part, or (iii) during a period beginning at
the opening of business on the Record Date next preceding a date set for payment of interest and ending on such Interest Payment
Date.

 

    	6

    	 

    

 

SECTION 4.07         OWNERSHIP
OF NOTES.

 

(a)          The
Trustee shall deem and treat the Person in whose name any Outstanding Notes shall be registered upon the Notes Register as the
absolute Owner of such Notes, whether such Notes shall be overdue or not, for the purpose of receiving payment of, or on account
of, the principal and interest payments with respect to such Notes and for all other purposes, and all such payments so made to
any such Owner or upon his order shall be valid and effective to satisfy and discharge the liability upon such Notes to the extent
of the sum or sums so paid, and neither the Issuer nor the Trustee shall be affected by any notice to the contrary.

 

(b)          In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes
owned by the Issuer or by any Affiliate of the Issuer shall be considered as though not Outstanding, except that for the purposes
of determining whether the Trustee or the Collateral Agent shall be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee and the Collateral Agent knows are so owned shall be so disregarded. Notes so owned which have been
pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee or the Collateral
Agent, as the case may be, the pledgee's right to deliver any such direction, waiver or consent with respect to the Notes and that
the pledgee is not the Issuer or any obligor upon the Notes or any Affiliate of the Issuer.

 

SECTION 4.08         MUTILATED,
DESTROYED, STOLEN OR LOST NOTES.

 

(a)          In
case any Notes secured hereby shall become mutilated or be destroyed, stolen or lost, the Issuer shall execute and the Trustee
shall authenticate and deliver, new Notes of like date and tenor in exchange and substitution for and upon the cancellation of
such mutilated Notes or in lieu of and in substitution for such Notes destroyed, stolen or lost, and the Owner shall pay the reasonable
expenses and charges of the Issuer and Trustee in connection therewith and, in case of a Notes destroyed or lost, the Owner shall
file with the Issuer and Trustee evidence satisfactory to it and that such Notes were destroyed or lost, and of his ownership thereof,
and as a condition precedent to delivery of such new Notes the Issuer or Trustee may require indemnity satisfactory to it.

 

(b)          Notes
issued pursuant to the provisions of this Section in exchange or substitution for any Notes which are mutilated, destroyed, lost
or stolen shall constitute an additional contractual obligation pursuant to the terms hereof, whether or not the destroyed, lost
or stolen Notes shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits hereof equally
and proportionately with any and all other Notes duly issued under this Trust Indenture. All Notes shall be held and owned upon
the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes, and shall preclude any and all other rights or remedies, notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

 

    	7

    	 

    

 

(c)          The
Trustee may set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization,
direction, notice, consent, waiver, or take any other action, or to vote or consent to any action by vote or consent authorized
or permitted to be given or taken by Holders.

 

SECTION 4.09         TEMPORARY
NOTES.

 

(a)          Until
definitive Notes are ready for delivery, the Issuer may execute, and upon request of the Issuer, the Trustee shall authenticate
and deliver, in lieu of definitive Notes and subject to the same limitations and conditions, typewritten temporary Notes, in the
form of fully registered Notes in Authorized Denominations or any whole multiple thereof, substantially of the tenor of the Notes
set forth in this Trust Indenture and with such appropriate omissions, insertions and variations as may be required.

 

(b)          If
temporary Notes shall be issued, the Trustee, upon preparation of the definitive Notes and presentation to it at its designated
office of any temporary Notes, shall cancel the same and the Issuer shall execute and the Trustee shall authenticate and deliver
to the Owner, without charge to such Owner, a definitive Notes or Notes of an equal aggregate principal amount, of the same maturity
and bearing interest at the same rate as the temporary Notes surrendered. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefit and security of this Trust Indenture as the definitive Notes to be issued and authenticated
hereunder.

 

SECTION 4.10         EVIDENCE
OF SIGNATURES OF NOTES OWNERS AND OWNERSHIP OF NOTES.

 

(a)          Any
request, direction, consent, revocation of consent, or other instrument in writing required or permitted by this Trust Indenture
to be signed or executed by Owners may be in any number of concurrent instruments of similar tenor, and may be signed or executed
by such Owners in person or by their attorneys or agents appointed by an instrument in writing for that purpose. Proof of the execution
of any such instrument, or of any instrument appointing any such attorney or agent, and of the ownership of Notes shall be sufficient
for any purpose of this Trust Indenture (except as otherwise herein provided), if made in the following manner:

 

(i)          The
fact and date of the execution by any Owner or his attorney or agent of any such instrument and of any instrument appointing any
such attorney or agent, may be proved by a certificate, which need not be acknowledged or verified, of an officer of any bank or
trust company located within the United States of America, or of any notary public, or other officer authorized to take acknowledgments
of deeds to be recorded in such jurisdictions that the Persons signing such instruments acknowledged before him the execution thereof.
Where any such instrument is executed by an officer of a corporation or association or a member of a partnership on behalf of such
corporation, association or partnership, such certificate shall also constitute sufficient proof of his authority.

 

    	8

    	 

    

 

(ii)         The
fact of the ownership of Notes by any Owner and the amount and the numbers of such Notes and the date of his ownership of the same
shall be proved by the Notes Register held by the Trustee pursuant to this Trust Indenture.

 

(b)          Nothing
contained in this Article IV shall be construed as limiting the Trustee to such proof, it being intended that the Trustee may accept
any other evidence of the matters herein stated which may seem sufficient. Any request or consent of the Owner of any Notes shall
bind every future Owner of the same Notes in respect of anything done or suffered to be done by the Issuer or the Trustee in pursuance
of such request or consent.

 

SECTION 4.11         BOOK
ENTRY. Notwithstanding anything to the contrary in this Trust Indenture, the provisions of this Section 4.11 shall apply with
respect to any Notes registered in a Book-Entry Only System with DTC so long as such Notes are so registered. The Issuer’s
determination to register any Note in a Book-Entry Only System with DTC shall be evidenced in the related Request and Authorization.
Notes registered in a Book-Entry Only System with DTC shall be issued in typewritten (or photocopy of typewritten) book-entry registration
form, initially registered in the name of Cede, as nominee for DTC, and immobilized in the custody of DTC.

 

So long as a Book-Entry
Only System of registration is in effect with DTC with respect to any Note, Beneficial Owners thereof will not receive certificates
representing their interests in such Notes, and references in this Trust Indenture to the Owners or Registered Owner of such Notes
shall mean Cede and shall not mean the Beneficial Owners.

 

So long as Cede, as
nominee for DTC, is the Registered Owner of Notes held in a Book-Entry-Only System with DTC, the Trustee will treat Cede as the
only Registered Owner of such Notes for all purposes under this Trust Indenture, including receipt of all payments on such Notes,
receipt of notices, voting rights and requesting or directing the Trustee to take or not to take, or consenting to, certain actions
under this Trust Indenture with respect to such Notes.

 

The Trustee shall not
have any responsibility or obligation to DTC Participants or Indirect Participants or the Beneficial Owners with respect to (a)
the accuracy of any records maintained by DTC, any DTC Participant or any Indirect Participant; (b) the payment by DTC of any amount
due to any DTC Participant or the payment by any DTC Participant or Indirect Participant of any amount due to any Beneficial Owner
in respect of payments made on the Notes held in a Book-Entry Only System with DTC; (c) the delivery or timeliness of delivery
by DTC of any notice to any DTC Participant or the delivery or timeliness of delivery by any DTC Participant or Indirect Participant
of any notice to any Beneficial Owner which is required or permitted under the terms hereof to be given to Registered Owners; (d)
the selection of the Beneficial Owners to receive payments in the event of any partial redemption of Notes held in a Book-Entry
Only System with DTC; or (e) any consent given or other action taken by DTC or Cede, as Registered Owner of Notes held in a Book-Entry
Only System with DTC.

 

    	9

    	 

    

 

If any Notes are registered
in a Book-Entry Only System with DTC, the Trustee shall cease to maintain the Book-Entry Only System of registration with respect
to such Notes in the event that:

 

(a)          DTC
determines not to continue to act as securities depository for such Notes; or

 

(b)          the
Issuer determines that DTC is incapable of discharging its responsibilities as securities depository for such Notes and it is in
the best interest of the Beneficial Owners not to continue a Book-Entry Only System or that the interests of the Beneficial Owners
of such Notes might be adversely affected if a Book-Entry Only System is continued.

 

Upon occurrence of
the events described in (a) above, the Trustee shall attempt to establish a Book-Entry Only System of registration with another
qualified securities depository, and, if successful, (i) shall so notify Beneficial Owners of the affected Notes through DTC, and
(ii) take such other actions as shall be reasonably necessary to establish a Book-Entry Only System of registration with such other
depository for the affected Notes.

 

Upon occurrence of
the events described in (b) above or if the Trustee does not establish a Book-Entry Only System of registration with another qualified
securities depository in replacement of DTC, the Issuer shall execute and the Trustee shall authenticate and deliver replacement
Notes in printed certificate form to those persons who are identified by DTC (and by the DTC Participants and Indirect Participants
through DTC) as the Beneficial Owners of such Notes.

 

The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and
the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be
applicable to transfers of beneficial interests in the Notes that are held by DTC Participants and Indirect Participants through
Euroclear or Clearstream.

 

SECTION 4.12         PAYMENTS
FROM TRUST ESTATE ONLY; DISTRIBUTION OF TRUST ESTATE.

 

(a)          All
Notes issued under this Trust Indenture and at any time Outstanding shall in all respects be equally and ratably secured hereby,
without preference, priority, or distinction on account of the date or dates or the actual time or times of the issuance or maturity
of the Notes, so that all Notes at any time issued and Outstanding hereunder shall have the same right, lien, and preference under
and by virtue of this Trust Indenture, and shall all be equally and ratably secured hereby.

 

(b)          Except
as otherwise expressly provided in Section 4.12(a) above, and elsewhere herein, all amounts payable by the Trustee with respect
to the Notes shall be paid only from the Trust Estate and only to the extent that the Trustee shall have actually received sufficient
income or proceeds from the Trust Estate to make such payments. Each Holder agrees, except as otherwise expressly provided herein,
to look solely to the income of and the proceeds from the Trust Estate to the extent available for distribution to such Holder
as herein provided and that the Trustee is not personally liable to any Holder for any amounts payable under this Trust Indenture
or subject to any liability whatsoever under this Trust Indenture except as a result of negligence or willful misconduct by the
Trustee.

 

    	10

    	 

    

 

ARTICLE V

REDEMPTION

 

SECTION 5.01         REDEMPTION.
The terms of this Article V shall apply to the redemption of Notes.

 

(a)          Each
Request and Authorization may provide for the Note that is the subject thereof to be redeemed at the option of the Issuer prior
to its final maturity, in whole or in part. Any optional redemption shall be in accordance with the procedures of the applicable
depository when the Note to be redeemed is registered in a Book-Entry Only System. Optional redemption shall be accomplished in
Authorized Denominations, out of moneys deposited with or held by the Trustee for such purpose. Each Note shall set forth its applicable
redemption date and Redemption Price, if any. At least forty-five (45) days prior to the redemption date selected by the Issuer
for any Note, the Issuer shall give the Trustee written directions to effect such redemption, which directions shall specify the
applicable redemption date and Redemption Price and the amount of interest due on the Note to be redeemed on the redemption date.

 

(b)          The
Issuer is not required to make any mandatory redemption or sinking fund payments with respect to the Notes.

 

SECTION 5.02         NOTICE
OF REDEMPTION.

 

(a)          When
redemption of Notes is authorized or required pursuant to the provisions hereof, the Trustee shall give to the Owners of Notes
to be redeemed notice of the redemption of the Notes. Such notice shall state: (i) the CUSIP numbers of the Notes being redeemed,
(ii) the redemption date, (iii) the Redemption Price, together with the amount of interest to be paid through the redemption date,
(iv) the date on which such notice is mailed, (v) if less than all Outstanding Notes subject to redemption are to be redeemed,
the Notes number (and, in the case of a partial redemption of any Notes, the principal amount) of each Note to be redeemed, (vi)
that on such redemption date there shall become due and payable upon each Note to be redeemed the Redemption Price thereof, or
the Redemption Price of the specified portions of the principal thereof in the case of Notes to be redeemed in part only, together
with interest accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to accrue
and be payable, (vii) that the Notes to be redeemed, whether as a whole or in part, are to be surrendered for payment of the Redemption
Price, together with interest accrued thereon to the redemption date, at the designated corporate trust office of the Trustee at
an address specified, and (viii) the name and telephone number of a person designated by the Trustee to be responsible for such
redemption.

 

(b)          With
respect to Notes registered in a Book-Entry Only System, notice of such redemption shall be given in accordance with the procedures
of the applicable depository, and with respect to Notes not registered in a Book-Entry Only System, by first class mail, postage
prepaid to the Owners of any Notes to be redeemed, in any case, not more than thirty (30) days or fewer than fifteen (15) days
prior to said date of redemption. Any defect in such notice as mailed shall not affect the validity of the proceedings for the
redemption of the Notes for which proper notice has been given.

 

    	11

    	 

    

 

(c)          Notwithstanding
the foregoing or any other provision of this Trust Indenture, notice of optional redemption may, upon direction of the Issuer,
be conditioned upon the occurrence or non-occurrence of such event or events as shall be specified in such notice of optional redemption
and may also be subject to rescission by the Issuer upon direction of the Issuer to the Trustee if expressly set forth in such
notice.

 

SECTION 5.03         DEPOSIT
OF REDEMPTION AMOUNTS; EFFECT OF CALLING FOR REDEMPTION. On the date fixed for redemption, notice having been given in the
manner and under the conditions hereinabove provided, the Notes or portions thereof called for redemption shall be due and payable
at the Redemption Price provided therefor, together with interest accrued thereon through the applicable redemption date. If money
or Defeasance Securities, or a combination of both, sufficient to pay the Redemption Price of the Notes to be redeemed (including
accrued interest thereon to the date fixed for redemption), are held by the Trustee in trust for the Owners of Notes to be redeemed,
interest on the Notes called for redemption shall cease to accrue as of the date set for redemption; such Notes shall cease to
be entitled to any benefits or security under this Trust Indenture or to be deemed Outstanding; and the Owners of such Notes shall
have no rights in respect thereof except to receive payment of the Redemption Price thereof (including accrued interest to the
date fixed for redemption) from the moneys and/or Defeasance Securities held therefore. Notes and portions of Notes for which irrevocable
instructions to pay on one or more specified dates or to call for redemption at the earliest redemption date have been given to
the Trustee in form satisfactory to it shall not thereafter be deemed to be Outstanding under this Trust Indenture and shall cease
to be entitled to the security of or any rights under this Trust Indenture, other than rights to receive payment of the Redemption
Price thereof (including accrued interest thereon to the date fixed for redemption), to be given notice of redemption in the manner
provided in Section 5.02 hereof, and, to the extent hereinafter provided, to receive Notes for any unpaid portions of Notes if
money or Defeasance Securities, or a combination of both, sufficient to pay the Redemption Price of such Notes or portions thereof,
together with accrued interest thereon to the date upon which such Notes are to be redeemed, are held in separate accounts by the
Trustee in trust for the Owners of such Notes.

 

SECTION 5.04         CANCELLATION.
Notes so redeemed, presented and surrendered shall be cancelled upon the surrender thereof.

 

SECTION 5.05         PURCHASE
IN LIEU OF REDEMPTION. At the election of the Issuer upon a redemption in whole or in part of any Notes, by written notice
to the Trustee, given not less than forty-five (45) days in advance of the proposed redemption date, the Notes subject to redemption
will be deemed tendered for purchase in lieu of the redemption on such date. The purchase price of Notes so purchased in lieu of
redemption shall be the principal amount thereof together with all accrued and unpaid interest to the date of redemption and shall
be payable on the date of redemption thereof. Notes so purchased in lieu of redemption shall be registered to or upon the direction
of the Issuer.

 

    	12

    	 

    

 

ARTICLE VI

ESTABLISHMENT AND ADMINISTRATION OF FUNDS AND ACCOUNTS

 

SECTION 6.01         APPLICATION
OF NOTES PROCEEDS. On the date of delivery of each Note, the Trustee agrees to deposit the proceeds of such Note and other
amounts provided by the Issuer as provided in the related Request and Authorization.

 

SECTION 6.02         CREATION
OF FUNDS AND ACCOUNTS.

 

(a)          There
is hereby established with the Trustee the following funds and accounts:

 

(i)          The
“Notes Fund.” The Trustee shall maintain two segregated trust accounts in the Notes Fund: the “Principal Account,”
and the “Interest Account.”

 

(ii)         The
“Redemption Fund.”

 

Moneys in the aforementioned
Pledged Funds, until applied in accordance with the provisions hereof, shall be subject to an exclusive first lien in favor of
the Owners of the Notes. The Trustee shall keep and hold moneys in the funds and accounts established pursuant to this Section
separate and apart from all other funds and moneys held by it.

 

SECTION 6.03         NOTES
FUND.

 

(a)          On
or before 12:00 Noon Eastern Time on the last Business Day prior to each Interest Payment Date, the Issuer shall deposit with the
Trustee an amount which, together with any funds then on deposit in the Notes Fund, is at least equal to the interest on the Notes
coming due on the next succeeding Interest Payment Date. On or before 12:00 Noon Eastern Time on the last Business Day prior to
each Principal Payment Date for each Note, the Issuer shall deposit with the Trustee an amount which, together with any funds then
on deposit in the Notes Fund, is at least equal to the principal coming due on the next succeeding Principal Payment Date for each
Note.

 

(b)          As soon as
practicable after such deposits described in Section 6(a), but in any case no later than the close of business on the Business
Day preceding each Interest Payment Date and Principal Payment Date, the Trustee shall credit moneys received from the Issuer to
the following purposes in the following order of priority (such application to be made in such a manner so as to assure sufficient
moneys on deposit in the Pledged Funds):

 

(i)          There
shall be deposited to the Interest Account an amount which shall be sufficient, together with proceeds of the Notes and earnings
thereon remaining on deposit in the Interest Account, to pay the interest becoming due on the Notes on the next succeeding Interest
Payment Date. Moneys in the Interest Account shall be applied by the Trustee in the following priority (i) first, to pay the fees
and expenses due to the Trustee in accordance with this Trust Indenture and the Collateral Agreement to the extent not otherwise
paid by the Issuer, as provided in Section 6.08 hereof and (ii) next, to pay the interest on the Notes as and when the same becomes
due, whether by redemption or otherwise, and for no other purpose. No further deposit need be made to the Interest Account when
the moneys therein are equal to the interest coming due on all Outstanding Notes on the next succeeding Interest Payment Date.

 

    	13

    	 

    

 

(ii)         There
shall be deposited to the Principal Account an amount which shall be sufficient to pay the principal amount becoming due on each
Note on the next succeeding Principal Payment Date applicable to each Note issued and Outstanding hereunder. Moneys in the Principal
Account shall be used to pay the principal of each Outstanding Note as and when the same shall become due in accordance with the
amortization schedule attached to such Note and for no other purpose. No further deposit need be made to the Principal Account
when the moneys therein are equal to the principal coming due on each Outstanding Note on each succeeding Principal Payment Date
applicable to each Note.

 

(c)          All
interest and other income earned from the investment of moneys in the Interest Account and Principal Account, respectively, shall
be retained in, and credited to, the respective account in which such interest and other income was earned.

 

SECTION 6.04         REDEMPTION
FUND. The Trustee shall deposit to the Redemption Fund for redemption of Notes in accordance with Article V hereof any amounts
deposited by the Issuer with the Trustee for the purpose of paying the Redemption Price of any Notes. Said moneys shall be set
aside in the Redemption Fund solely for the purpose of redeeming Notes subject to redemption in advance of their maturity and shall
be applied to the redemption at the applicable Redemption Price of the Notes being redeemed on the applicable redemption date.
Interest on such redeemed Notes shall be paid from the Interest Account, except to the extent moneys for payment of interest were
deposited to the Redemption Fund, in which case it shall be paid from the Redemption Fund. All interest and other income earned
from the investment of moneys in the Redemption Fund shall be retained in, and credited to, the Redemption Fund.

 

SECTION 6.05         DEPOSIT
AND INVESTMENT OF MONEYS IN ACCOUNTS. All moneys held by the Trustee in any of the funds or accounts established pursuant to
this Trust Indenture shall be deposited or invested in Permitted Investments. The Issuer, through its Authorized Officer, shall
provide the Trustee written instructions with respect to investment of the moneys held hereunder in Permitted Investments, and
the Trustee shall make investments in accordance with said instructions. In the event the Issuer does not provide the Trustee with
written instructions with respect to investments, the Trustee shall remain uninvested.

 

SECTION 6.06         NO
UNAUTHORIZED TRANSFERS. No amount shall be withdrawn or transferred from or paid out of any fund or account except as expressly
provided in this Trust Indenture.

 

    	14

    	 

    

 

SECTION
6.07         REPAYMENT TO THE ISSUER FROM THE PLEDGED FUNDS. Any amounts
remaining in the Pledged Funds created hereby, after payment in full of the Notes (or after making provision for such payment),
the fees and expenses of the Trustee and all other amounts required to be paid hereunder and under the Collateral Agreement, shall
be paid to the Issuer upon the termination of the Collateral Agreement.

 

SECTION 6.08         TRUSTEE’S
FEES AND CHARGES. The Issuer agrees to pay to the Trustee, commencing with the effective date hereof and continuing until the
principal of, Redemption Price, and interest on the Notes shall have been fully paid or provision for the payment thereof provided
for in accordance with this Trust Indenture, the fees and expenses of the Trustee (including its agreed-upon annual fees and its
attorney’s fees and expenses) as and when the same become due. Such amounts shall be paid out of the Interest Account to
the extent not otherwise paid by the Issuer.

 

ARTICLE VII

GENERAL COVENANTS AND REPRESENTATIONS

 

SECTION 7.01         ISSUER
TO PERFORM AGREEMENTS. The Issuer covenants and agrees with the Owners of the Notes to perform all obligations and duties imposed
on it under this Trust Indenture and the Collateral Agreement to the extent so imposed, except to the extent that such obligations
and duties have been assigned to other parties pursuant to this Trust Indenture.

 

SECTION 7.02         NO
OBLIGATION WITH RESPECT TO PERFORMANCE BY TRUSTEE. The Issuer shall not have any obligation or liability to the Owners of the
Notes with respect to the performance by the Trustee of any duty imposed upon it under this Trust Indenture.

 

SECTION 7.03         NO
LIABILITY TO OWNERS FOR PAYMENT. Except as provided in this Trust Indenture and the Collateral Agreement, neither the Issuer
nor the Trustee shall have any obligation or liability to the Owners of the Notes with respect to the payment of the Notes when
due.

 

SECTION 7.04         DIRECTORS,
MEMBERS, OFFICERS AND EMPLOYEES OF TRUSTEE AND ISSUER EXEMPT FROM PERSONAL LIABILITY. No recourse shall be had for the obligations
specified hereunder, under the Notes or the Collateral Agreement or for any claim based hereon or thereon or upon any representation,
obligation, covenant or agreement in this Trust Indenture, the Notes or the Collateral Agreement against any past, present or future
officer, vendor, employee, director or agent of the Trustee or the Issuer or the Subsidiary or any member of the Board of the Issuer
or the Subsidiary as such, either directly or through the Trustee or the Issuer or the Subsidiary, or any successor thereto under
any statute or rule of law or equity, constitution or by the enforcement or any assessment or penalty or otherwise, and all such
liability of any such officers, members, employees, directors or agents as such is hereby expressly waived and released as a condition
of and consideration for the execution of this Trust Indenture, the Collateral Agreement and the other related documents to which
the Trustee or the Issuer or the Subsidiary is a party and the issuance of the Notes.

 

    	15

    	 

    

 

 

SECTION
7.05         PAYMENTS OF PRINCIPAL, Redemption Price, IF ANY, AND INTEREST; OVERDUE
RATE. The Issuer covenants to provide funds to the Trustee to enable the Trustee to promptly pay the principal of,
Redemption Price, and interest on all Notes issued hereunder according to the terms hereof. The principal, Redemption Price, if
any, and interest payments are payable solely from revenues and other amounts derived from the amounts received by the Trustee
hereunder, and from the other security pledged hereby, which revenues and security are hereby specifically pledged to the payment
thereof in the manner and to the extent herein specified. Nothing in the Notes or in this Trust Indenture shall be considered
or construed as pledging any funds or assets of the Issuer or the Subsidiary other than those pledged hereby and by the Collateral
Agreement. Nothing herein shall be considered or construed as (i) limiting the Issuer from incurring additional indebtedness or
issuing additional obligations or (ii) limiting the Subsidiary from incurring indebtedness, issuing obligations or pledging any
of the assets of the Subsidiary other than the Collateral. In the event the Issuer should fail to make any of the payments required
by this Trust Indenture to be paid by the Issuer when due, the item or installment so in default shall continue as an obligation
of the Issuer until the amount in default shall have been fully paid, and the Issuer agrees to pay the same until paid, with interest
thereon, to the extent legally enforceable, at the Overdue Rate.

 

SECTION
7.06         LIEN OF TRUST INDENTURE AND COLLATERAL AGREEMENT. The Issuer
hereby agrees not to create, and not to permit the Subsidiary to create, any lien having priority or preference over the lien of
this Trust Indenture or Collateral Agreement upon the Trust Estate or any part thereof, other than the security interest granted
to the Trustee and Collateral Agent, except as otherwise specifically provided herein and in the Collateral Agreement. The Issuer
agrees that it will issue no obligations and will not permit the Subsidiary to issue any obligations the payment of which is secured
by the Collateral or by payments or other moneys or amounts derived from the Trust Estate, except in accordance with this Trust
Indenture and the Collateral Agreement.

 

SECTION
7.07         RIGHTS UNDER THE COLLATERAL AGREEMENT. The Issuer will observe
all of the obligations, terms and conditions required on its part to be observed or performed under the Collateral Agreement. The
Issuer agrees that the Trustee may enforce all obligations of the Issuer and the Subsidiary under and pursuant to the Collateral
Agreement for and on behalf of the Holders, whether or not the Issuer is in default hereunder.

 

SECTION 7.08         ADDITIONAL
COVENANTS. 

 

(a)          Except
as otherwise expressly provided herein, the Issuer shall preserve its corporate or other legal existence and its rights and licenses
to the extent necessary or desirable in the operation of its business and affairs and be qualified to do business in each jurisdiction
where its ownership of property or the conduct of its business requires such qualifications; provided, however, that nothing
herein contained shall be construed to obligate the Issuer to retain or preserve any of its rights or licenses, no longer used
or, in the judgment of its Board useful in the conduct of its business. Except as otherwise expressly provided herein, the Issuer
shall cause the Subsidiary to preserve its corporate or other legal existence and its rights, and licenses, to the extent necessary
or desirable in the operation of its business and affairs and be qualified to do business in each jurisdiction where its ownership
of property or the conduct of its business requires such qualifications; provided, however, that nothing herein contained
shall be construed to obligate the Subsidiary to retain or preserve any of its rights or licenses no longer used or, in the judgment
of its Board of Directors useful, in the conduct of its business, excluding, however, any rights or licenses related to the Collateral,
which shall be maintained by the Subsidiary until the Notes are no longer Outstanding herein and the Collateral Agreement terminated.

 

    	16

    	 

    

 

(b)          The
Issuer shall, and shall cause the Subsidiary to, do all things reasonably necessary to conduct their respective affairs and carry
on their respective businesses and operations in such manner as to comply with any and all applicable laws of the United States
and the several states thereof and duly observe and conform to all valid orders, regulations or requirements of any governmental
authority relative to the conduct of their respective businesses and, with respect to the Subsidiary, its ownership of the Collateral;
provided, nevertheless, that nothing herein contained shall require either to comply with, observe and conform to
any such law, order, regulation or requirement of any governmental authority so long as the validity thereof or the applicability
thereof to it shall be contested in good faith.

 

(c)          The
Issuer shall, and shall cause the Subsidiary to, pay promptly all lawful taxes, governmental charges and assessments at any time
levied or assessed upon or against the Collateral; provided, however, that the Issuer and the Subsidiary shall each have
the right to contest in good faith any such taxes, charges or assessments or the collection of any such sums and pending such contest
may delay or defer payment thereof.

 

(d)          When
any Event of Default has occurred and is continuing under this Trust Indenture, or if the Trustee, the Collateral Agent or the
Holder of any Notes gives any notice or takes any other action with respect to a claimed default, the Issuer shall promptly (which
shall be no more than 30 days after becoming aware of such default) deliver to the Trustee and the Collateral Agent, by registered
or certified mail or by facsimile or electronic transmission, an Authorized Officer's certificate specifying such event and what
action the Issuer proposes to take with respect thereto.

 

(e)          The
Issuer covenants, on behalf of itself and the Subsidiary (in each case, to the extent that it may lawfully do so), that neither
will at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Trust Indenture or the Collateral Agreement, and the Issuer, on behalf of itself and the Subsidiary (in each case, to the extent
that it may lawfully do so), hereby expressly waives all benefit or advantage of any such law, and covenants that neither will
seek to hinder, delay or impede the execution of any power herein granted to the Trustee and the Collateral Agent by resort to
any such law, but shall suffer and permit the execution of every such power as though no such law has been enacted.

 

(f)          Until
the Notes are no longer Outstanding and the Collateral Agreement has been terminated, the Issuer shall not permit the Subsidiary
to sell, assign, transfer, lease, convey or otherwise dispose of any of the Collateral, except as expressly permitted by this Trust
Indenture and the Collateral Agreement.

 

    	17

    	 

    

 

(g)          Upon
the written request of the Trustee, the Issuer shall promptly provide the Trustee with copies of any reports or filings made by
the Issuer with the SEC.

 

SECTION
7.09         MERGER, CONSOLIDATION AND SALE OF ALL OR SUBSTANTIALLY ALL ASSETS. 

 

(a)          The
Issuer shall not consolidate, amalgamate or merge with or into or wind up into (whether or not the Issuer is the surviving Person),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or
more related transactions, to any Person unless the Issuer is the surviving Person or the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than Issuer) or to which such sale, assignment, transfer, lease, conveyance or
other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Issuer or such Person, as
the case may be, being herein called the "Successor Issuer") and the Successor Issuer (if other than the Issuer) expressly
assumes all the obligations of the Issuer under this Trust Indenture and the Collateral Agreement.

 

(b)          Notwithstanding
the foregoing, (i) the Issuer may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating
such Issuer in another state of the United States, the District of Columbia or any territory of the United States and (ii) the
Issuer may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of its properties or assets to the Subsidiary. The Successor Issuer (if other than such Issuer)
will succeed to, and be substituted for, the Issuer under this Trust Indenture and the Collateral Agreement, and such Issuer will
automatically be released and discharged from its obligations under this Trust Indenture and the Collateral Agreement.

 

(c)          The
Issuer shall not permit the Subsidiary to consolidate, amalgamate or merge with or into or wind up into (whether or not the Subsidiary
is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
or assets, in one or more related transactions, to any Person unless the Subsidiary is the surviving Person or the Person formed
by or any such consolidation, amalgamation or merger (if other than the Subsidiary) or to which such sale, assignment, transfer,
lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized
or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (the Subsidiary
or such Person, as the case may be, being herein called the "Successor Subsidiary") and the Successor Subsidiary (if
other than the Subsidiary) expressly assumes all the obligations of such Subsidiary under this Trust Indenture and the Collateral
Agreement.

 

    	18

    	 

    

 

(d)          Notwithstanding
the foregoing, (i) the Subsidiary may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of
reincorporating such Subsidiary in another state of the United States, the District of Columbia or any territory of the United
States and (ii) the Subsidiary may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets to the Issuer. The Successor Subsidiary (if
other than the Subsidiary) will succeed to, and be substituted for, the Subsidiary under this Trust Indenture and the Collateral
Agreement, and the Subsidiary will automatically be released and discharged from its obligations

under this Trust Indenture and the Collateral Agreement.

 

(e)          Upon
any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the assets of the Issuer or the Subsidiary in accordance with this section, the successor Person formed by such consolidation
or into or with which the Issuer or the Subsidiary, as applicable, is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made, shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, sale, lease, conveyance or other disposition, the provisions of this Trust Indenture and Collateral Agreement referring
to the Issuer or the Subsidiary, as applicable, shall refer instead to the successor Person and not to the Issuer or Subsidiary,
as applicable), and such Person may exercise every right and power of the Issuer or Subsidiary, as applicable, under this Trust
Indenture and Collateral Agreement with the same effect as if such successor Person had been named as the Issuer or the Subsidiary,
as applicable, herein; provided that the predecessor Issuer shall not be relieved from the obligation to pay the principal
of, Redemption Price, and interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition
of all of the Issuer's assets that meets the requirements of this section.

 

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

 

SECTION 8.01         EVENTS
OF DEFAULT. Each of the following events is hereby declared an Event of Default under this Trust Indenture (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order, rule or regulation of any administrative or governmental body):

 

(a)          Payment
of any installment of interest on any Notes shall not be made when the same shall become due and payable, whether on an Interest
Payment Date or by proceedings for redemption or otherwise; or

 

(b)          Payment
of the principal or the Redemption Price of any Notes shall not be made when the same shall become due and payable, whether at
maturity or by proceedings for redemption or otherwise; or

 

(c)          Default
in the due and punctual performance of any other of the covenants, conditions, agreements and provisions contained in this Trust
Indenture and such default shall continue for thirty (30) days after receipt by the Issuer of a written notice from the Trustee
specifying such default and requiring the same to be remedied unless the Trustee has agreed in writing to an extension of such
time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable
period, the Trustee will not unreasonably withhold its consent to an extension of such time if corrective action is instituted
by the Issuer within the applicable period and diligently pursued until the default is corrected; or

 

    	19

    	 

    

 

(d)          A
“Collateral Agreement Event of Default” (as defined herein) shall have occurred under the Collateral Agreement, including
any damage, destruction or taking of the Collateral, and it shall not have been remedied or waived as provided in the Collateral
Agreement.

 

(e)          The
failure by the Issuer, the Subsidiary or any other Significant Subsidiary to pay any Indebtedness (other than Indebtedness owing
to the Issuer or the Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness
by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds
$25 million or its foreign currency equivalent.

 

(f)          The
failure by the Issuer, the Subsidiary or any other Significant Subsidiary to pay final judgments aggregating in excess of $25 million
or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers),
which judgments are not discharged, waived or stayed for a period of 60 days.

 

(g)          The
Issuer or the Subsidiary (or any group of subsidiaries of the Issuer other than the Subsidiary that, taken together, would constitute
a Significant Subsidiary), pursuant to or within the meaning of any Bankruptcy Law: (i) commences proceedings to be adjudicated
bankrupt or insolvent; (ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under applicable Bankruptcy Law; (iii) consents to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its
property; (iv) makes a general assignment for the benefit of its creditors; or (v) generally is not paying its debts as they become
due.

 

(h)          A
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Issuer or
the Subsidiary (or any group of subsidiaries of the Issuer other than the Subsidiary, that, taken together, would constitute a
Significant Subsidiary), in a proceeding in which the Issuer or the Subsidiary (or any group of subsidiaries of the Issuer other
than the Subsidiary that, taken together, would constitute a Significant Subsidiary), is to be adjudicated bankrupt or insolvent;
(ii) appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or the Subsidiary
(or any group of subsidiaries of the Issuer other than the Subsidiary that, taken together, would constitute a Significant Subsidiary),
or for all or substantially all of the property of the Issuer or the Subsidiary (or any group of subsidiaries of the Issuer other
than the Subsidiary that, taken together, would constitute a Significant Subsidiary); or (iii) orders the liquidation of the Issuer
or the Subsidiary (or any group of subsidiaries of the Issuer other than the Subsidiary that, taken together, would constitute
a Significant Subsidiary); and the order or decree remains unstayed and in effect for 60 consecutive days.

 

(i)          Unless
all the Collateral has been released from the lien of this Trust Indenture and the Collateral Agreement in accordance with the
provisions of this Trust Indenture and Collateral Agreement, the Issuer or the Subsidiary shall assert in any pleading in a court
of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of the Subsidiary, the
Issuer fails to cause such Subsidiary to rescind such assertions within 30 days after the Issuer has actual knowledge of such assertions.

 

    	20

    	 

    

 

SECTION 8.02         ACCELERATION
OF MATURITIES. Upon the happening and continuance of any Event of Default specified in Section 8.01 hereof (other than an Event
of Default specified in subsections (g) and (h), which is addressed below), the Trustee shall, upon the written request of the
Owners of not less than a majority in aggregate principal amount of Notes then Outstanding, by notice in writing to the Trustee,
declare the principal of all Notes then Outstanding (if not then due and payable) to be due and payable immediately, and upon such
declaration the same shall become and be immediately due and payable, anything contained in the Notes or in this Trust Indenture
to the contrary notwithstanding; provided, further, that if at any time after the principal of the Notes shall have been so declared
to be due and payable, and before the entry of final judgment or decree in any suit, action or proceeding instituted on account
of such default, or before the completion of the enforcement of any other remedy under this Trust Indenture, moneys shall have
accumulated in or shall have been paid into the Notes Fund sufficient to pay the principal of all matured Notes and all arrears
of interest, if any, upon all Notes then Outstanding (except the principal of any Notes not then due and payable by its terms and
the interest accrued on such since the last Interest Payment Date), and the charges, compensations, expenses, disbursements, advances
and liabilities of the Trustee, including reasonable attorney’s fees and expenses, and all other amounts then payable by
the Issuer shall have been paid or a sum sufficient to pay the same shall have been deposited with the Trustee, and every other
Event of Default known to the Trustee in the observance or performance of any covenant, condition or agreement contained in the
Notes or in this Trust Indenture (other than a default in the payment of the principal of such Notes then due only because of a
declaration under this section) shall have been remedied, then and in every such case the Trustee shall, upon the written request
of the Owners of not less than a majority in aggregate principal amount of Notes not then due and payable by their terms (Notes
then due and payable only because of a declaration under this section shall not be deemed to be due and payable by their terms)
and then Outstanding, by written notice to the Issuer, rescind and annul such declaration and its consequences, but no such rescission
or annulment shall extend to or affect any subsequent Event of Default hereunder or impair any right consequent thereon.

 

Notwithstanding the
foregoing, in the case of an Event of Default arising under subsections (g) and (h) of Section 8.01, all Outstanding Notes shall
be due and payable immediately without further action or notice.

 

SECTION 8.03         ENFORCEMENT
OF REMEDIES. Upon the happening and continuance of any Event of Default specified in Section 8.01 hereof, then and in every
such case the Trustee may, and shall, upon the written direction of the Owners of not less than a majority in aggregate principal
amount of Notes then Outstanding, proceed, subject to the provisions of Section 9.02 of this Trust Indenture, to protect and enforce
its rights and the rights of the Owners under the laws of the State, under this Trust Indenture or the Collateral Agreement by
such suits, actions or special proceedings in equity or at law, or by proceedings in the office of any board or officer having
jurisdiction, either for the specific performance of any covenant or agreement contained herein or in aid of execution of any power
herein granted or for the enforcement of any proper legal or equitable remedy, as the Trustee, being advised by counsel chosen
by the Trustee, shall deem most effectual to protect and enforce such rights. The Trustee may also exercise all remedies it may
have under law and under this Trust Indenture and the Collateral Agreement, including foreclosure under the Collateral Agreement.

 

    	21

    	 

    

 

SECTION 8.04         APPLICATION
OF FUNDS.

 

(a)          Subject
to the provisions of subparagraph (c) hereof, all moneys received by the Trustee pursuant to any right given or action taken under
the provisions of this Article shall, after payment of the costs and expenses of the proceedings resulting in the collection of
such moneys and the expenses, liabilities, and advances incurred or made by the Trustee, be deposited into the Notes Fund, and
all moneys so deposited into the Notes Fund and all moneys held in or deposited into the Notes Fund during the continuance of an
Event of Default and available for payment of the Notes under the provisions hereof shall (after payment of the fees and expenses
of the Trustee) be applied as follows:

 

(i)          Unless
the principal of all of the Notes shall have become or shall have been declared due and payable, all such moneys shall be applied:

 

FIRST:
to the payment of all amounts owed to the Trustee or the Collateral Agent pursuant to this Trust Indenture or the Collateral
Agreement; 

 

SeCOND:
To the payment to the Persons entitled thereto of all installments of interest then due on the Notes in the order of the maturity
of the installments of such interest and, if the amount available shall not be sufficient to pay in full any particular installment,
then to the payment ratably, according to the amounts due on such installment, to the Persons entitled thereto, without any discrimination
or privilege; and

 

THIRD:
To the payment to the Persons entitled thereto of the unpaid principal of any of the Notes which shall have become due (other than
Notes called for redemption for the payment of which moneys are held pursuant to the provisions of this Trust Indenture), in the
order of their due dates, with interest on such Notes from the respective dates upon which they become due at the rate of interest
borne by such Notes and, if the amount available shall not be sufficient to pay in full Notes due on any particular date, together
with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled
thereto, without any discrimination or privilege.

 

(ii)         If
the principal of all the Notes shall have become due or shall have been declared due and payable, all such moneys shall be applied
first, to the payment of the principal then due and unpaid upon all of the Notes and second, interest on overdue installments of
principal at the rate of interest borne by each Notes, without preference or priority of any Notes over any other Notes, to the
Persons entitled thereto without any discrimination or privilege.

 

    	22

    	 

    

 

(iii)        If
the principal of all the Notes shall have been declared due and payable, and if such declaration shall thereafter have been rescinded
and annulled under the provisions of this Article then, subject to the provisions of paragraph (ii) of this Section in the event
that the principal of all the Notes shall later become due or be declared due and payable, the moneys shall be applied in accordance
with the provisions of the foregoing paragraph (i) of this Section.

 

(b)          Whenever
moneys are to be applied pursuant to the provisions of this Section, such moneys shall be applied at such times, and from time
to time, as the Trustee shall determine in accordance with the provisions hereof, having due regard to the amount of such moneys
available for application and the likelihood of additional moneys becoming available for such application in the future. Whenever
the Trustee shall apply such moneys, it shall fix the date (which shall be an Interest Payment Date unless it shall deem another
date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to be paid
on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit of any such moneys
and of the fixing of any such date, and shall not be required to make payment to the owner of any unpaid Notes until such unpaid
Notes shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid.

 

(c)          Whenever
all of the Notes and interest thereon have been paid under the provisions of this Section and all expenses and fees of the Trustee
have been paid, any balance remaining in any funds shall be paid to the Issuer as provided in Section 6.07 hereof.

 

SECTION 8.05         EFFECT
OF DISCONTINUANCE OF PROCEEDINGS. If any proceeding taken by the Trustee or Owners on account of any Event of Default hereunder
shall have been discontinued or abandoned for any reason, then and in every such case, the Issuer, the Trustee and the Owners shall
be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Trustee
shall continue as though no proceeding had been taken.

 

SECTION 8.06         CONTROL
OF PROCEEDINGS BY OWNERS. The Owners of a majority in aggregate principal amount of the Notes then Outstanding shall have the
right, subject to the provisions of Section 9.02 of this Trust Indenture, by an instrument or concurrent instruments in writing
executed and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings to be taken by the
Trustee hereunder in regard to such Notes, provided that such direction shall be in accordance with law and the provisions of this
Trust Indenture and the Collateral Agreement.

 

    	23

    	 

    

 

SECTION 8.07         RESTRICTIONS
UPON ACTIONS BY INDIVIDUAL OWNERS. Except as provided in Section 8.12 of this Trust Indenture, no Owner shall have any right
to institute any suit, action or proceeding in equity or at law on any Notes or for the execution of any trust hereunder or for
any other remedy hereunder unless such Owner previously shall have given to the Trustee written notice of the Event of Default
on account of which such suit, action or proceeding is to be instituted, and unless also the Owners of not less than a majority
in aggregate principal amount of Notes then Outstanding shall have made a written request of the Trustee after the right to exercise
such powers or right of action as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity
either to proceed to exercise the powers hereinabove granted or to institute such action, suit or proceedings in its or their name,
and unless, also, there shall have been offered to the Trustee security and indemnity reasonably acceptable to the Trustee against
the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee shall have refused or neglected to comply
with such request within a reasonable time. Such notification, request and offer of indemnity are hereby declared in every such
case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trusts of this Trust Indenture
or to any other remedy hereunder. It is understood and intended that, except as otherwise above provided, no one or more Owners
shall have any right in any manner whatsoever by his or their action to affect, disturb or prejudice the security of this Trust
Indenture, or to enforce any right hereunder except in the manner provided, that all proceedings at law or in equity shall be instituted,
had and maintained in the manner herein provided and for the benefit of all Owners and that any individual rights of action or
other right given to one or more of such Owners by law are restricted by this Trust Indenture to the rights and remedies herein
provided.

 

SECTION 8.08         ENFORCEMENT
OF RIGHTS OF ACTION. All rights of action (including the right to file proof of claim) under this Trust Indenture or under
any Notes may be enforced by the Trustee without the possession of any Notes or the production thereof in any proceedings relating
thereto, and any such suit or proceedings instituted by the Trustee shall be brought in its name as Trustee, without the necessity
of joining as plaintiffs or defendants any Owners hereby secured, and any recovery of judgment shall be for the equal benefit of
the Owners.

 

SECTION 8.09         NO
REMEDY EXCLUSIVE. No remedy herein conferred upon or reserved to the Trustee or to the Owners is intended to be exclusive of
any other remedy or remedies herein provided, and each and every such remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity.

 

SECTION 8.10         WAIVERS.
No delay or omission by the Trustee or of any Owner in the exercise of any right or power occurring upon any Event of Default hereunder
shall impair any such right or power or shall be construed to be a waiver of any such Event of Default hereunder or any acquiescence
therein; and every power or remedy given by this Trust Indenture to the Trustee and to the Owners may be exercised from time to
time and as often as may be deemed expedient. The Trustee may, and upon written request of the Owners of not less than a majority
in principal amount of the Notes then Outstanding, shall, waive any Event of Default which shall have been remedied before the
entry of final judgment or decree in any suit, action or proceeding instituted by it under the provisions of this Trust Indenture
or before the completion of the enforcement of any rights of the Trustee hereunder, but such waiver shall not waive any subsequent
Event of Default hereunder or impair any rights or remedies consequent thereon.

 

SECTION 8.11         NOTICE
OF DEFAULT. The Trustee shall mail to all Owners, at their addresses as they appear on the Notes Register, written notice of
the occurrence of any Event of Default set forth in Section 8.01 hereof within thirty (30) days after the Trustee shall have notice
of the same; provided that, except upon the happening of an Event of Default specified in clauses (a) and (b) of Section 8.01 of
this Trust Indenture, the Trustee may withhold such notice to the Owners, if in its opinion such withholding is in the interest
of the Owners; and provided, further, that the Trustee shall not be subject to any liability to any Owner by reason of its failure
to mail any such notice.

 

    	24

    	 

    

 

SECTION 8.12         RIGHT
TO ENFORCE PAYMENT OF NOTES UNIMPAIRED. If the Trustee shall fail to take actions required of it pursuant to this Article,
nothing in this Article shall affect or impair the right of any Owner to enforce the payment of the principal of and interest on
their Notes or the obligation to pay the principal of and interest on each Notes to the Owner thereof at the time and place in
said Notes expressed.

 

ARTICLE IX

CONCERNING THE TRUSTEE

 

SECTION 9.01         ACCEPTANCE
OF DUTIES.

 

(a)          The
Trustee by execution hereof accepts and agrees to fulfill the trusts imposed upon it by this Trust Indenture, but only upon the
terms and conditions set forth in this Article and subject to the provisions of this Trust Indenture. Prior to the occurrence of
any Event of Default hereunder and after the curing of any Events of Default that may have occurred, the Trustee shall perform
such duties and only such duties of the Trustee as are specifically set forth in this Trust Indenture. During the existence of
any such Event of Default that has not been cured, the Trustee shall exercise such of the rights and powers vested in it by this
Trust Indenture, and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs. The Trustee shall comply with the provisions of the Trust Indenture
Act to the extent applicable.

 

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

 

(i)          Unless
an Event of Default shall have occurred and be continuing:

 

(A)         the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Trust Indenture and the Collateral
Agreement and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set
forth therein, and no implied covenants or obligations shall be read into this Trust Indenture or the Collateral Agreement against
the Trustee, and

 

(B)         the
Trustee may conclusively rely, as to the accuracy of the statements and the correctness of the opinions expressed therein, upon
any certificate or opinion furnished to it by the Issuer and the Subsidiary conforming to the requirements of this Trust Indenture
and the Collateral Agreement, and

 

(ii)         At
all times, regardless of whether or not any such Event of Default shall exist:

 

    	25

    	 

    

 

(A)         the
Trustee shall not be liable for any error of judgment made by a responsible officer or officers of the Trustee unless it shall
be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(B)         the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Owners as provided in Article VIII hereof, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any power conferred upon the Trustee under this Trust Indenture or the Collateral
Agreement, if any; and

 

(C)         the
Trustee may consult with counsel, and the written advice of such counsel or any opinion of counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(iii)        None
of the provisions contained in this Trust Indenture or the Collateral Agreement, if any, as applicable, shall require the Trustee
to expend or risk its own funds or otherwise incur individual financial liability in the performance of any of its duties or in
the exercise of any of its rights or powers.

 

SECTION 9.02         INDEMNIFICATION
OF TRUSTEE AS CONDITION FOR REMEDIAL ACTION. The Trustee shall be under no obligation to institute any suit or to take any
remedial proceeding in the Event of a Default under this Trust Indenture or to enter any appearance or in any way defend in any
suit in which it may be made defendant, or to take any steps in the execution of any of the trusts hereby created or in the enforcement
of any rights and powers hereunder, until it shall be indemnified to its reasonable satisfaction against any and all reasonable
costs, expenses, outlays and reasonable counsel fees and other reasonable disbursements, and against all liability which may reasonably
arise out of the remedial proceeding proposed to be taken. The Trustee nevertheless may, in its sole discretion, but is not required
to, begin suit, or appear in and defend suit, or do anything else in its judgment proper to be done by it as such Trustee, without
indemnity, and in such case the Trustee shall be entitled to reimbursement from any money in its possession under the provisions
of this Trust Indenture and shall be entitled to a preference therefor over any Notes Outstanding hereunder.

 

SECTION 9.03         LIMITATIONS
ON OBLIGATIONS AND RESPONSIBILITIES OF TRUSTEE. The Trustee shall be under no obligation to effect or maintain insurance or
to renew any policies of insurance or to inquire as to the sufficiency of any policies of insurance carried by the Issuer or to
report, or make or file claims or proof of loss for, any loss or damage insured against or that may occur, or to keep itself informed
or advised as to the payment of any taxes or assessments, or to require any such payment to be made. Except as to the acceptance
of the trusts by its execution of this Trust Indenture, the Trustee shall have no responsibility in respect of the validity, sufficiency,
due execution or acknowledgment of this Trust Indenture, or in respect of the validity of Notes or the due execution or issuance
thereof. The Trustee shall be under no obligation to see that any duties herein imposed upon the Issuer, any depositary other than
the Trustee as depositary, or any party other than itself, or any covenants herein contained on the part of any party other than
itself to be performed, shall be done or performed, and the Trustee shall be under no obligation for failure to see that any such
duties or covenants are so done or performed.

 

    	26

    	 

    

 

SECTION 9.04         TRUSTEE
AND COLLATERAL AGENT NOT LIABLE FOR FAILURE OF ISSUER TO ACT. The Trustee and Collateral Agent shall not be liable or responsible
because of the failure of the Issuer or of any of its employees or agents to make any collections or deposits or to perform any
act herein required of the Issuer or because of the loss of any money arising through the insolvency or the act or default or omission
of any depositary other than the Trustee as depositary in which such money shall have been deposited under the provisions of this
Trust Indenture. The Trustee and Collateral Agent shall not be responsible for the application of any of the proceeds of Notes
or any other money deposited with it and paid out, withdrawn or transferred hereunder if such application, payment, withdrawal
or transfer shall be made in accordance with the provisions of this Trust Indenture. The immunities and exemptions from liability
of the Trustee hereunder shall extend to its directors, officers, employees and agents.

 

SECTION 9.05         COMPENSATION
AND INDEMNIFICATION OF TRUSTEE. Subject to the provisions of any contract between the Issuer and the Trustee relating to the
compensation of the Trustee, the Issuer shall pay to the Trustee reasonable compensation for all services performed by it hereunder
and also all its reasonable expenses, charges and other disbursements and those of its attorneys, agents and employees incurred
in and about the administration and the performance of its powers and duties hereunder and shall, to the extent permitted by applicable
law, indemnify and save the Trustee harmless against any liabilities that it may incur in the proper exercise and performance of
its powers and duties hereunder. During the continuance of an Event of Default referred to in Section 8.01(a) or (b), or the Trustee
shall have a first priority security interest in the Trust Estate for its fees and expenses.

 

SECTION 9.06         STATEMENTS
FROM TRUSTEE.

 

(a)          It
shall be the duty of the Trustee, on a monthly basis, to make available to the Issuer a statement setting forth in respect of the
preceding one-month period:

 

(i)          the
amount withdrawn or transferred by it and the amount deposited with it on account of each fund or account held by it under the
provisions of this Trust Indenture,

 

(ii)         the
amount on deposit with it at the end of such period in each such fund or account,

 

(iii)        a
brief description of all obligations held by it as an investment of money in each such fund or account,

 

    	27

    	 

    

 

(iv)        the
amount applied to the purchase or redemption of Notes under the provisions of Article V of this Trust Indenture and a description
of the Notes or portions thereof so purchased or redeemed, and

 

(v)         any
other information that the Issuer may reasonably request.

 

(b)          All
records and files pertaining to Notes and the Issuer in the custody of the Trustee shall be open at all reasonable times to the
inspection of the Issuer and its agents and representatives.

 

SECTION 9.07         TRUSTEE
MAY RELY ON CERTIFICATES. If at any time it shall be necessary or desirable for the Trustee to make any investigation respecting
any fact preparatory to taking or not taking any action or doing or not doing anything as such Trustee, and in any case in which
this Trust Indenture provides for permitting or taking any action, the Trustee may rely upon any certificate required or permitted
to be filed with it under the provisions of this Trust Indenture, and any such certificate shall be evidence of such fact or protect
the Trustee in any action that it may or may not take or in respect of anything it may or may not do, in good faith, by reason
of the supposed existence of such fact. Except as otherwise provided in this Trust Indenture, any request, notice, certificate
or other instrument from the Issuer to the Trustee shall be deemed to have been signed by the purported proper party or parties
if signed by any Authorized Officer of the Issuer and the Trustee may accept and rely upon a certificate signed by any such representative
as to any action taken by the Issuer.

 

SECTION 9.08         CERTAIN
RIGHTS OF THE TRUSTEE. Subject to the provisions of Section 9.01 hereof, the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys.

 

SECTION 9.09         RESIGNATION
AND REMOVAL OF TRUSTEE SUBJECT TO APPOINTMENT OF SUCCESSOR. No resignation or removal of the Trustee and no appointment of
a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee
under Section 9.12.

 

SECTION 9.10         RESIGNATION
OF TRUSTEE. Subject to the provisions of Section 9.09, the Trustee may resign and thereby become discharged from its duties
hereunder, by notice in writing given to the Issuer, and mailed, postage prepaid, at the Trustee’s expense, to each Owner,
not less than sixty (60) days before such resignation is to take effect, but such resignation shall take effect immediately upon
the appointment of a new Trustee hereunder if such new Trustee shall be appointed before the time limited by such notice and shall
then accept the trusts hereof. The Trustee’s resignation shall be deemed to also be a resignation of its duties as Collateral
Agent under the Collateral Agreement. No resignation shall take effect until a successor Trustee and Collateral Agent has been
appointed pursuant to the terms hereof.

 

    	28

    	 

    

 

SECTION 9.11         REMOVAL
OF TRUSTEE.

 

(a)          The
Trustee may be removed at any time by (i) the Issuer (provided an Event of Default described in Section 8.01(d) hereof has not
occurred and remains uncured), with the consent, in writing, executed by the Owners of not less than a majority in aggregate principal
amount of Notes then Outstanding and filed with the Issuer or (ii) by an instrument or concurrent instruments in writing, executed
by the Owners of not less than a majority in aggregate principal amount of Notes then Outstanding and filed with the Issuer, not
less than sixty (60) days before such removal is to take effect as stated in said instrument or instruments; provided, however,
the written consent of the Issuer to such removal shall first be obtained. A photostatic copy of any instrument or instruments
filed with the Issuer under the provisions of this paragraph, duly certified by an Authorized Officer of the Issuer as having been
received by the Issuer, shall be delivered promptly to the Trustee.

 

(b)          The
Trustee may also be removed at any time for acting or proceeding in violation of, or for failing to act or proceed in accordance
with, any provisions of this Trust Indenture with respect to the duties and obligations of the Trustee by any court of competent
jurisdiction upon the application of the Owners of not less than twenty-five percent (25%) in aggregate principal amount of Notes
then Outstanding.

 

(c)          The
removal of a Trustee shall be deemed to be a removal of the Trustee as Collateral Agent under the Collateral Agreement. The removal
shall not become effective until a successor Trustee and Collateral Agent has been appointed pursuant to the terms hereof.

 

SECTION 9.12         APPOINTMENT
OF SUCCESSOR TRUSTEE.

 

(a)          If
at any time hereafter the Trustee shall resign, be removed, be dissolved or otherwise become incapable of acting, or the bank or
trust company acting as Trustee shall be taken over by any governmental official, agency, department or commission, the position
of Trustee shall thereupon become vacant. If the position of Trustee shall become vacant for any reason, the Issuer shall appoint
a Trustee to fill such vacancy. A successor Trustee shall not be required if the Trustee shall sell or assign substantially all
of its corporate trust business and the vendee or assignee shall continue in the trust business, or if a transfer of the trust
business of the Trustee is required by operation of law, or the Trustee is merged with or consolidated into another corporation;
provided that such vendee, assignee, transferee or successor by merger is a bank or trust company which is duly authorized to exercise
corporate trust powers in the State and subject to examination by federal or State authority: (i) of good standing, and (ii) having,
or its parent having, a combined capital, surplus and undivided profits aggregating not less than Fifty Million Dollars ($50,000,000).
The Issuer shall mail notice of any such appointment made by the Issuer, postage prepaid, to all Owners, at the expense of Issuer.

 

(b)          At
any time within one (1) year after any such vacancy shall have occurred and was filled as provided in (a), the Owners of not less
than twenty-five percent (25%) in principal amount of Notes then Outstanding, by an instrument or concurrent instruments in writing,
executed by such Owners and filed with the Issuer, may select a different successor Trustee, which the Issuer shall appoint and
which shall supersede any Trustee theretofore appointed at the direction of the Issuer. Photostatic copies, duly certified by the
Authorized Officer of the Issuer as having been received by the Issuer, of each such instrument shall be delivered promptly by
the Issuer to the predecessor Trustee and to the Trustee so appointed by the Owners.

 

    	29

    	 

    

 

(c)          If
no appointment of a successor Trustee shall be made within sixty (60) days of the date of removal pursuant to the foregoing provisions
of this Section or resignation pursuant to Section 9.10, any Owner hereunder or any retiring Trustee may apply to any court of
competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem
proper and prescribe, appoint a successor Trustee.

 

(d)          Any
successor Trustee hereafter appointed shall be a bank or trust company which is duly authorized to exercise corporate trust powers
in the State and subject to examination by federal or State authority: (i) of good standing, and (ii) having, or its parent having,
a combined capital, surplus and undivided profits aggregating not less than Fifty Million Dollars ($50,000,000).

 

SECTION
9.13         VESTING OF DUTIES IN SUCCESSOR TRUSTEE. Every successor Trustee
appointed hereunder shall execute, acknowledge and deliver to its predecessor, and also to the Issuer, an instrument in writing
accepting such appointment hereunder and as Collateral Agent under the Collateral Agreement, and thereupon such successor Trustee,
without any further act, shall become fully vested with all the rights, immunities and powers, and subject to all the duties and
obligations, of its predecessor; but such predecessor shall nevertheless, on the written request of its successor or of the Issuer
or Issuer and upon payment of the expenses, charges and other disbursements of such predecessor that are payable pursuant to the
provisions of Section 9.05 hereof, execute and deliver an instrument transferring to such successor Trustee all the rights, immunities
and powers of such predecessor hereunder; and every predecessor Trustee shall deliver all property and money held by it hereunder
to its successor. Should any instrument in writing from the Issuer or Issuer be required by any successor Trustee for more fully
and certainly vesting in such Trustee the rights, immunities, powers and trusts hereby vested or intended to be vested in the
predecessor Trustee, any such instrument in writing shall and will, on request, be executed, acknowledged and delivered by the
Issuer.

 

ARTICLE X

EXECUTION OF INSTRUMENTS BY OWNERS,

PROOF OF OWNERSHIP OF NOTES

 

SECTION 10.01         EXECUTION
OF INSTRUMENTS BY OWNERS.

 

(a)          Any
request, direction, consent or other instrument in writing required or permitted by this Trust Indenture to be signed or executed
by any Owner may be in any number of concurrent instruments of similar tenor and may be signed or executed by such Owners or their
attorneys or legal representatives. Proof of the execution of any such instrument and of the ownership of Notes shall be sufficient
for any purpose of this Trust Indenture and shall be conclusive in favor of the Trustee and the Issuer with regard to any action
taken by either under such instrument if made in the following manner:

 

    	30

    	 

    

 

(i)          The
fact and date of the execution by any Person of any such instrument may be proved by the verification of any officer in any jurisdiction
who, by the laws thereof, has power to take affidavits within such jurisdiction, to the effect that such instrument was subscribed
and sworn to before him, or by an affidavit of a witness to such execution. Where such execution is on behalf of a Person other
than an individual, such verification or affidavit shall also constitute sufficient proof of the authority of the signer thereof.

 

(ii)         The
ownership of Notes shall be proved by the Note Register kept under the provisions of this Trust Indenture.

 

(b)          Nothing
contained in this Article shall be construed as limiting the Trustee to such proof, it being intended that the Trustee may accept
any other evidence of the matters herein stated which it may deem sufficient. Any request or consent of any Owner shall bind every
future Owner of the same Notes in respect of anything done by the Trustee in pursuance of such request or consent.

 

(c)          Notwithstanding
any of the foregoing provisions of this Section, the Trustee shall not be required to recognize any Person as an Owner or to take
any action at their request unless such Notes shall be deposited with it.

 

ARTICLE XI

SUPPLEMENTAL TRUST INDENTURES;

AMENDMENT OF FINANCING DOCUMENTS

 

SECTION 11.01         SUPPLEMENTAL
TRUST INDENTURES AND MODIFICATIONS AND AMENDMENTS OF COLLATERAL AGREEMENT WITHOUT CONSENT OF OWNERS.

 

The Issuer and the
Trustee, from time to time and at any time, may enter into Supplemental Trust Indentures and the Issuer and/or Collateral Agent,
as applicable, from time to time and at any time, may enter into modifications and amendments of the Collateral Agreement without
the consent of the Owners of the Notes, for the following purposes:

 

(a)          To
cure any ambiguity or formal defect or omission, to correct or supplement any provision herein or in the Collateral Agreement that
may be inconsistent with any other provision herein or in any of such documents, or

 

(b)          To
grant to or confer upon the Trustee for the benefit of the Owners any additional rights, remedies, powers, authority or security
that may lawfully be granted to or conferred upon the Owners or the Trustee, or

 

(c)          To
add to the covenants and agreements of the Issuer in this Trust Indenture, to add other covenants and agreements thereafter to
be observed by the Issuer or the Subsidiary in this Trust Indenture or the Collateral Agreement or to surrender any right or power
herein or in the Collateral Agreement reserved to or conferred upon the Issuer or the Subsidiary, or

 

    	31

    	 

    

 

(d)          To
make any other modifications hereto or to the Collateral Agreement which in the opinion of legal counsel, which may be counsel
to the Issuer, reasonably acceptable to the Trustee and Collateral Agent, shall not materially adversely affect the Owners.

 

SECTION 11.02         MODIFICATIONS
AND AMENDMENTS OF TRUST INDENTURE AND COLLATERAL AGREEMENT WITH CONSENT OF OWNERS.

 

(a)          Subject
to the terms and provisions contained in this section, and not otherwise, the Owners of not less than a majority of the aggregate
principal amount of Notes then Outstanding shall have the right, from time to time, anything contained in this Trust Indenture
or Collateral Agreement to the contrary notwithstanding, to consent to and approve the execution by the Issuer and the Trustee
of such Supplemental Trust Indenture or the execution by the Issuer and/or Collateral Agent, as applicable, of such modification
of or amendment to the Collateral Agreement as shall be deemed necessary or desirable by the Issuer for the purpose of modifying,
altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in this Trust Indenture
or such Collateral Agreement; provided, however, that nothing herein contained shall permit, or be construed as permitting, without
the consent of the Owners of all of the Notes then Outstanding to be affected: (i) an extension of the maturity of the principal
of or the interest on any Notes issued hereunder, or (ii) a reduction in the principal amount of any Notes or the Redemption Price
or the rate of interest thereon, or (iii) a preference or priority of any Notes over any other Notes, except as provided herein,
or (iv) a reduction in the aggregate principal amount of Notes required for consent to such Supplemental Trust Indenture or modification
or amendment to the Collateral Agreement, or (v) the release of the Collateral or a modification to the Claims comprising the Collateral.
For purposes of making amendments made pursuant to this Section 11.02, Owners of Notes which will no longer be Outstanding at the
time the Supplemental Trust Indenture or modification of or amendment to the Collateral Agreement takes effect shall not have any
rights of consent hereunder. Nothing contained in this section 11.02, however, shall be construed as requiring approval by the
Owners for the adoption and acceptance of any Supplemental Trust Indenture or any modification of or amendment to the Collateral
Agreement as authorized in Section 11.01 hereof.

 

(b)          If
at any time the Issuer shall request the Trustee or Collateral Agent to enter into any Supplemental Trust Indenture or any modification
of or amendment to the Collateral Agreement pursuant to this section, the Trustee shall, at the expense of the Issuer, cause notice
of the proposed execution of such Supplemental Trust Indenture and proposed modification of and amendment to the Collateral Agreement
to be mailed, postage prepaid, to all affected Owners. Such notice shall briefly set forth the nature of the proposed Supplemental
Trust Indenture and proposed modification of and amendment to the Collateral Agreement and shall state that copies thereof are
on file at the Principal Office of the Trustee for inspection by all Owners. The Trustee shall not, however, be subject to any
liability to any Owner by reason of its failure to mail the notice required by this Section, and any such failure shall not affect
the validity of such Supplemental Trust Indenture and proposed modification of and amendment to the Collateral Agreement when approved
and consented to as provided in this section.

 

    	32

    	 

    
 

(c)          Whenever,
at any time within six months after the date of the mailing of such notice, the Issuer shall deliver to the Trustee an instrument
or instruments in writing purporting to be executed by the Owners of not less than a majority of the aggregate principal amount
of Notes then Outstanding as required hereunder, which instrument or instruments shall refer to the proposed Supplemental Trust
Indenture and proposed modification of and amendment to the Collateral Agreement described in such notice and shall, specifically
consent to and approve the execution thereof in substantially the form of the copy thereof referred to in such notice, thereupon,
but not otherwise, the Trustee and/or Collateral Agent, as applicable, may execute such Supplemental Trust Indenture and proposed
modification of and amendment to the Collateral Agreement in substantially such form, without liability or responsibility to any
Owner, whether or not such Owner shall have consented thereto.

 

(d)          If
the Owners of not less than a majority in aggregate principal amount of Notes Outstanding as required hereunder at the time of
the execution of such Supplemental Trust Indenture and proposed modification of and amendment to the Collateral Agreement shall
have consented to and approved the execution thereof as herein provided, no Owner shall have any right to object to the adoption
of such Supplemental Trust Indenture and proposed modification of and amendment to the Collateral Agreement, or to object to any
of the terms and provisions contained therein or the operation thereof, or in any manner to question the propriety of the execution
thereof, or to enjoin or restrain the Issuer and/or the Trustee and/or the Collateral Agent from executing the same or from taking
any action pursuant to the provisions thereof.

 

(e)          Upon
the execution of any Supplemental Trust Indenture or any modification or amendment to the Collateral Agreement pursuant to the
provisions of this Section, this Trust Indenture shall be and be deemed to be modified and amended in accordance therewith, and
the respective rights, duties and obligations under this Trust Indenture of the Issuer, the Trustee, the Collateral Agent and all
Owners shall thereafter be determined, exercised and enforced in all respects pursuant to the provisions of this Trust Indenture
and the Collateral Agreement as so modified and amended.

 

SECTION 11.03         EXECUTION
OF SUPPLEMENTAL INDENTURES. The Trustee and Collateral Agent shall receive, and shall be fully protected in relying upon, the
opinion of any counsel approved by it, which may be counsel for the Issuer, as conclusive evidence that any such proposed Supplemental
Trust Indenture or modification to or amendment of the Collateral Agreement does or does not comply with the provisions of this
Trust Indenture and Collateral Agreement, as applicable, and that it is or is not proper for it, under the provisions of this Article,
to accept such Supplemental Trust Indenture or modification to or amendment of the Collateral Agreement.

 

    	33

    	 

    

 

ARTICLE XII

DEFEASANCE

 

SECTION 12.01         DEFEASANCE.

 

(a)          If
the principal, Redemption Price, if any, and interest due or to become due on the Notes shall be paid at the times and in the manner
stipulated therein, and if all other sums of money due or to become due according to the provisions hereof shall be paid or provision
for payment shall be made as provided herein, then these presents and the Trust Estate and rights hereby granted shall cease, terminate
and be void, whereupon the Trustee shall cancel and discharge the lien of this Trust Indenture and execute and deliver to the Issuer
such instruments in writing as shall be requisite to cancel and discharge the lien hereof and all surplus in, and balances remaining
in, all funds and accounts, other than moneys held for the redemption or payment of Notes, shall be delivered to the Issuer.

 

(b)          Any
Notes shall be deemed to be paid within the meaning of this Article when payment of the principal of and Redemption Price, if any,
on such Notes, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption
as provided in this Trust Indenture, or otherwise) either (i) shall have been made or caused to be made in accordance with the
terms thereof, or (ii) shall have been provided by irrevocably depositing with the Trustee, in trust and irrevocably set aside
exclusively for such payment (A) moneys sufficient to make such payment and/or (B) Defeasance Securities verified by an independent
certified public accountant selected by the Issuer as to principal and interest in such amounts and at such times as will provide
sufficient moneys to make such payment, and all necessary and proper fees and expenses of the Trustee pertaining to the Notes with
respect to which such deposit is made. Except as hereafter provided, neither the Defeasance Securities nor any moneys so deposited
with the Trustee nor any moneys received by the Trustee on account of principal of or Redemption Price, if applicable, or interest
on said Defeasance Securities shall be withdrawn or used for any purpose other than, and all such moneys shall be held in trust
for and be applied to, the payment, when due, of the principal of or Redemption Price, if applicable, of the Notes or Notes for
the payment or redemption of which they were deposited and the interest accruing thereon to the date of maturity or redemption;
provided, however, new Defeasance Securities and moneys may be substituted for the deposited Defeasance Securities and moneys if
the new Defeasance Securities and moneys are sufficient to pay the principal of or Redemption Price, if applicable, and interest
on the refunded Notes or Notes as verified by an independent certified public accounting firm. At such time as the Notes shall
be deemed to be paid hereunder as aforesaid such Notes shall no longer be deemed to be Outstanding hereunder and shall no longer
be secured by or entitled to the benefits of this Trust Indenture and the Collateral Agreement, except for the purposes of any
such payment from such moneys or Defeasance Securities. Notwithstanding the foregoing, the provisions of this Trust Indenture relating
to the maturity of the Notes, interest payments and Interest Payment Dates, redemption provisions, exchange, transfer and registration
of Notes, replacement of mutilated, destroyed, lost or stolen Notes, the safekeeping and cancellation of Notes, non-presentment
of Notes, the holding of moneys in trust, and the duties of the Trustee in connection with all of the foregoing, remain in effect
and shall be binding upon the Trustee and the Owners notwithstanding the release and discharge of the lien of this Trust Indenture.

 

(c)          If
Notes for which Defeasance Securities have been set aside are to be called for redemption, irrevocable instructions to call the
Notes for redemption shall be given by the Issuer to the Trustee.

 

(d)          The
Trustee, within thirty (30) days after any Defeasance Securities shall have been deposited with it, shall cause a notice, signed
by the Trustee, to be mailed, postage prepaid, to all Owners for which Defeasance Securities have been set aside, setting forth
(i) the date or dates, if any, designated for the redemption of the Notes, (ii) a description of the Defeasance Securities so held
by it, and (iii) that such Notes have been defeased as provided in this Trust Indenture.

 

    	34

    	 

    

 

(e)          Notwithstanding
the satisfaction and discharge of this Trust Indenture, the provisions of Section 6.07, 9.02, 12.02 and Section 13.02 hereof shall
survive.

 

SECTION
12.02         REINSTATEMENT. If the Trustee or Paying Agent is unable
to apply any moneys or Defeasance Securities in accordance with Section 12.01 hereof by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer's obligations under this Trust Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 12.01 hereof; provided that if the Issuer has made any payment of principal of, Redemption Price, or
interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the monies or Defeasance Securities held by the Trustee or Paying Agent.

 

ARTICLE XIII

COLLATERAL

 

SECTION 13.01         SECURITY.
The payment of the principal of, Redemption Price, and interest on the Notes when due, whether on an Interest Payment Date or Principal
Payment Date, by acceleration, repurchase, redemption or otherwise, the payment of all other obligations hereunder and the performance
of all other obligations of the Issuer under this Trust Indenture, the Notes and the Collateral Agreement shall be secured by the
Collateral in the Collateral Agreement, all as provided in this Trust Indenture and the Collateral Agreement. The Issuer shall,
and shall cause the Subsidiary to, execute any and all further documents, financing statements, agreements and instruments and
take all such further actions (including the filing and recording of UCC financing statements and continuation statements and amendments
to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) that may be required
to maintain (at the sole cost and expense of the Issuer) the security interest in the Collateral created by this Trust Indenture
and the Collateral Agreement as a perfected first priority security interest.

 

SECTION 13.02         COLLATERAL
AGENT. The Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or
appropriate. Neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees, attorneys
or agents shall be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality,
enforceability, effectiveness or sufficiency of this Trust Indenture or the Collateral Agreement, for the creation, perfection,
priority, sufficiency or protection of any lien relating to the Collateral, or for any defect or deficiency as to any such matters,
or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Notes, this Trust Indenture or
the Collateral Agreement or any delay in doing so. Subject to this Trust Indenture and the Collateral Agreement, the Collateral
Agent shall be subject to such directions as may be given it by the Trustee from time to time (as required or permitted by this
Trust Indenture). Subject to the Collateral Agreement, except as directed by the Trustee as required or permitted by this Trust
Indenture and any other representatives, the Collateral Agent will not be obligated: (i) to act upon directions purported to be
delivered to it by any other Person; (ii) to foreclose upon or otherwise enforce any lien; or (iii) to take any other action whatsoever
with regard to any or all of the Notes, Collateral Agreement or Collateral. The Collateral Agent shall be accountable only for
amounts that it actually receives as a result of the enforcement of the Collateral Agreement. In acting as Collateral Agent or
co-Collateral Agent, the Collateral Agent and each co-Collateral Agent may conclusively rely upon and enforce each and all of the
rights, powers, immunities, indemnities and benefits of the Trustee under Article IX hereof, including the compensation and indemnification
provisions set forth in Section 9.02 (with the references to the Trustee therein being deemed to also refer to the Collateral Agent
or co-Collateral Agent).

 

    	35

    	 

    

 

SECTION 13.03         AUTHORIZATION
OF ACTIONS TO BE TAKEN.

 

(a)          Each
Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Collateral Agreement in the form attached hereto
as Exhibit F, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or
the terms of this Trust Indenture, authorizes and directs the Collateral Agent to enter into the Collateral Agreement and authorizes
and empowers the Trustee and the Collateral Agent to bind the Holders of Notes as set forth in this Trust Indenture and the Collateral
Agreement and to perform its obligations and exercise its rights and powers thereunder.

 

(b)          The
Trustee is authorized and empowered to receive for the benefit of the Holders of Notes any funds collected or distributed under
this Trust Indenture and the Collateral Agreement and to make further distributions of such funds to the Holders of Notes according
to the provisions of this Trust Indenture.

 

(c)          The
Trustee may, after the occurrence of an Event of Default, in its sole discretion and without the consent of the Holders, direct,
on behalf of the Holders, the Collateral Agent to take all actions it deems necessary or appropriate in order to: (i) foreclose
upon or otherwise enforce the lien on the Collateral granted by this Trust Indenture and the Collateral Agreement; (ii) enforce
any of the terms of this Trust Indenture and the Collateral Agreement; or (iii) collect and receive payment of any and all Notes.

 

(d)          The
Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent to institute and maintain, such suits
and proceedings as it may deem expedient to protect or enforce the lien on the Collateral granted by this Trust Indenture and the
Collateral Agreement and the provisions of this Trust Indenture and the Collateral Agreement or to prevent any impairment of Collateral
by any acts that may be unlawful or in violation of this Trust Indenture and the Collateral Agreement, and such suits and proceedings
as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the Holders
of Notes in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance
with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement
of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests
of Holders, the Trustee or the Collateral Agent.

 

    	36

    	 

    

 

SECTION 13.04         POWERS
EXERCISABLE BY RECEIVER OR TRUSTEE. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed,
the powers conferred in this Article upon the Issuer or the Subsidiary with respect to the release, sale or other disposition of
such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed
the equivalent of any similar instrument of the Issuer or the Subsidiary or of any officer or officers thereof required by the
provisions of this Article, and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture,
then such powers may be exercised by the Trustee.

 

SECTION 13.05         RELEASE
UPON TERMINATION OF THE ISSUER'S OBLIGATIONS. In the event (i) that the Issuer delivers to the Trustee, in form and substance
reasonably acceptable to it, an Authorized Officer's certificate and opinion of legal counsel (which may be counsel to the Issuer)
certifying that all the obligations under this Trust Indenture, the Notes and the Collateral Agreement (other than contingent or
unliquidated obligations or liabilities not then due) have been satisfied and discharged by the payment in full of the Issuer's
obligations under the Notes, this Trust Indenture and the Collateral Agreement, and all such obligations have been so satisfied,
or (ii) a discharge or defeasance occurs under Article XII, the Trustee shall deliver to the Issuer and the Collateral Agent a
notice stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral,
and any rights it has under the Collateral Agreement, and upon receipt by the Collateral Agent of such notice, the Collateral Agent
shall be deemed not to hold a lien in the Collateral on behalf of the Trustee and shall, at the expense of the Issuer, do or cause
to be done all acts reasonably necessary to release such lien as soon as is reasonably practicable.

 

ARTICLE XIV

MISCELLANEOUS PROVISIONS

 

SECTION 14.01         NOTICES.

 

(a)          All
written notices, certificates, reports or statements to be given under this Trust Indenture shall be given by mail or personal
delivery to the party entitled thereto, with a copy to each of the other parties to this Trust Indenture, at its address set forth
below, or at such address as the party may provide to the other party in writing from time to time. Notice shall be effective upon
receipt after deposit in the United States mail, postage prepaid or, in the case of personal delivery, upon delivery, to the address
set forth below.

 

	If to the Issuer:	Q Lotus Holdings, Inc.
	 	500 N Dearborn, Suite 605
	 	Chicago, IL  60654
	 	Attention: President

 

    	37

    	 

    

 

	With a copy to:	Littman Krooks LLP
	 	Mark F. Coldwell, Esq.
	 	655 Third Avenue, 20th Floor
	 	New York, NY 10017

 

	If to the Trustee and	 
	Collateral Agent:	U.S. Bank National Association
	 	1 Federal Street, 3rd Floor
	 	Boston, MA 02110
	 	Attention: Q Lotus Notes

 

(b)          Any
of such addresses may be changed at any time upon written notice of such change sent by United States registered mail, postage
prepaid, to the other parties by the party effecting the change.

 

(c)          All
documents received by the Trustee under the provisions of this Trust Indenture, or photostatic copies thereof, shall be retained
in its possession until this Trust Indenture shall be released under the provisions of Section 12.01 of this Trust Indenture, subject
at all reasonable times to the inspection of the Issuer and the agents and representatives thereof.

 

(d)          Any
notice or communication to a Holder shall be mailed by first-class mail, certified or registered, return receipt requested, or
by overnight air courier guaranteeing next day delivery to its address shown on the Note Register kept by the Trustee. Failure
to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

SECTION 14.02         SUBSTITUTE
MAILING. If, because of the temporary or permanent suspension of postal service, the Issuer or the Trustee shall be unable
to mail any notice required to be given by the provisions of this Trust Indenture, the Issuer or the Trustee shall give notice
in such other manner as in the judgment of the Issuer or the Trustee shall most effectively approximate mailing, and the giving
of notice in such manner shall for all purposes of this Trust Indenture be deemed to be in compliance with the requirement for
the mailing thereof.

 

SECTION 14.03         PARTIES
AND OWNERS ALONE HAVE RIGHTS UNDER TRUST INDENTURE. Except as herein otherwise expressly provided, nothing in this Trust Indenture,
express or implied, is intended or shall be construed to confer upon any Person, other than the Trustee, the Collateral Agent,
the Issuer and the Owners, any right, remedy or claim, legal or equitable, under or by reason of this Trust Indenture or any provision
being intended to be and being for the sole and exclusive benefit of the Trustee, the Issuer, the Collateral Agent, and the Owners.

 

SECTION 14.04         EFFECT
OF PARTIAL INVALIDITY. In case any one or more of the provisions of this Trust Indenture or the Notes shall for any reason
be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions of this Trust Indenture or
the Notes, but this Trust Indenture and the Notes shall be construed and enforced as if such illegal or invalid provisions had
not been contained therein. In case any covenant, stipulation, obligation or agreement contained in the Notes or this Trust Indenture
shall for any reason be held to be in violation of law, then such covenant, stipulation, obligation or agreement shall be deemed
to be the covenant, stipulation, obligation or agreement of the Issuer to the full extent permitted by law.

 

    	38

    	 

    

 

SECTION 14.05         NO
RECOURSE AGAINST MEMBERS, OFFICERS OR EMPLOYEES OF THE ISSUER. No recourse under, or upon, any statement, obligation, covenant,
or agreement contained in this Trust Indenture, or in any Notes hereby secured, or in any document or certification whatsoever,
or under any judgment obtained against the Issuer or by the enforcement of any assessment or by any legal or equitable proceeding
by virtue of any constitution or statute or otherwise or under any circumstances, shall be had against any member, officer or employee,
as such, of the Issuer. Any and all personal liability of every nature, whether at common law or in equity or by statute or by
constitution or otherwise, of any such member, officer or employee, as such, to respond by reason of any act or omission on his
or her part or otherwise, for the payment of any sum that may remain due and unpaid upon the Notes hereby secured is hereby expressly
waived and released as an express condition of, and in consideration for, the execution of this Trust Indenture and the issuance
of the Notes.

 

SECTION 14.06         DEALING
IN NOTES. The Trustee, its directors, officers, employees or agents, and any officer, employee or agent of the Issuer, may
in good faith, buy, sell, own, hold and deal in any Notes issued under the provisions of this Trust Indenture and may join in any
action which any Owner may be entitled to take with like effects as if such Trustee were not a Trustee under this Trust Indenture
or as if such officer, employee or agent of the Issuer did not serve in such capacity.

 

SECTION 14.07         PAYMENT
OR PERFORMANCE DATE IS OTHER THAN A BUSINESS DAY. If the specified or last date for the making of any payment, the performance
of any act or the exercising of any right, as provided in this Trust Indenture, shall be a day other than a Business Day, such
payment may be made or act performed or right exercised on the next succeeding Business Day; provided that interest shall accrue
during any such period during which payment shall not occur.

 

SECTION 14.08         MULTIPLE
COUNTERPARTS. This Trust Indenture may be executed in multiple counterparts, each of which shall be regarded for all purposes
as an original, and such counterparts shall constitute but one and the same instrument.

 

SECTION 14.09         HEADINGS.
Any heading preceding the text of the several articles hereof, and any table of contents or marginal notes appended to copies hereof,
shall be solely for convenience of reference and shall not constitute a part of this Trust Indenture, nor shall they affect its
meaning, construction or effect.

 

SECTION 14.10         LAWS.
This Trust Indenture shall be construed and governed in accordance with the laws of the State.

 

    	39

    	 

    

 

SECTION
14.11         ELECTRONIC INSTRUCTIONS. The Trustee and the Collateral
Agent agree to accept and act upon notice, instructions or directions pursuant to this Trust Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods. If a party elects to give the Trustee or the Collateral Agent
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee or the Collateral Agent, as applicable,
in its discretion elects to act upon such instructions, the Trustee's or the Collateral Agent's understanding of such instructions
shall be deemed controlling. Neither the Trustee nor the Collateral Agent shall be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee's or the Collateral Agent's reliance upon or compliance with such instructions notwithstanding
whether such instructions conflict with or are inconsistent with a subsequent written instruction. The party providing electronic
instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee or the Collateral Agent, including without limitation the risk of the Trustee or the Collateral Agent acting on
unauthorized instructions, and the risk of interception and misuse by third parties.

 

SECTION
14.12         CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT. Upon
any request or application by the Issuer to the Trustee to take any action under this Trust Indenture, the Issuer shall furnish
to the Trustee: (a) an Authorized Officer's certificate of the Issuer in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 14.13 hereof) stating that, in the opinion of the signers, all conditions
precedent and covenants, if any, provided for in this Trust Indenture relating to the proposed action have been satisfied; and
(b) an opinion of legal counsel (which may be counsel to the Issuer) in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 14.13 hereof) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been satisfied.

 

SECTION
14.13         STATEMENTS REQUIRED IN CERTIFICATE OR OPINION. Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Trust Indenture (other than
a certificate provided pursuant to Section 7.08(d) hereof) shall include: (a) a statement that the Person making such certificate
or opinion has read such covenant or condition; (b) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion
of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with (and, in the case of an opinion of legal counsel, may be
limited to reliance on an Authorized Officer's certificate as to matters of fact); and (d) a statement as to whether or not, in
the opinion of such Person, such condition or covenant has been complied with.

 

SECTION
14.14         WAIVER OF JURY TRIAL. EACH OF THE ISSUER, THE COLLATERAL
AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TRUST INDENTURE, THE NOTES, THE COLLATERAL AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

    	40

    	 

    

 

SECTION
14.15         FORCE MAJEURE. In no event shall the Trustee or the
Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations under this Trust Indenture
arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.

 

SECTION
14.16         NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS. This
Trust Indenture may not be used to interpret any other Trust Indenture, loan or debt agreement of the Issuer or the Subsidiary
or of any other Person. Any such Trust Indenture, loan or debt agreement may not be used to interpret this Trust Indenture or the
Collateral Agreement.

 

SECTION
14.17         SUCCESSORS. All agreements of the Issuer in this Trust
Indenture and the Notes shall bind its successors. All agreements of the Trustee and the Collateral Agent in this Trust Indenture
shall bind their respective successors.

 

[This Space Intentionally Left Blank]

 

    	41

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Trust Indenture by their officers hereunto duly authorized as of the date and year first written
above.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee and Collateral Agent
	 	 
	 	By:	/s/ David Duclos
	 	Name:	David Duclos
	 	Title:	Vice President

 

[Signatures
Continue on Following Page]

 

    	42

    	 

    

 

	 	Q LOTUS HOLDINGS, INC.
	[SEAL]	 	 
	 	By:	/s/ Gary Rosenberg
	ATTEST:	Name:	Gary Rosenberg
	 	 Its: President 

 

	/s/ Brad Friedman	 
	Secretary	 

 

[Notaries
Continue on Following Page]

 

    	43

    	 

    

 

COMMONWEALTH OF MASSACHUSETTS

 

COUNTY OF SUFFOLK

 

The foregoing
instrument was acknowledged before this 26th day of July, 2012, by David Duclos, as a Vice President of U.S. BANK NATIONAL
ASSOCIATION, who is personally known to me or has produced ________________, as identification.

 

	 	/s/ Piyusha Shirmame
	(Notary Seal)	Name:	Piyusha Shirmame
	 	Notary Public of the State of MA            	 
	My commission expires: July 11, 2012	 	 
	 	 	 	 

 [Notaries Continue on Following
Page]

 

    	44

    	 

    

 

STATE OF ILLINOIS

 

COUNTY OF COOK

 

The foregoing instrument
was acknowledged before me this 27th day of July, 2012, by Gary Rosenberg as the President of Q LOTUS HOLDINGS, INC., who
is personally known to me or has produced IL drivers license, as identification.

 

	 	/s/ Troy Cawley-Hamm
	(Notary Seal)	Name:	Troy Cawley-Hamm
	 	Notary Public of the State of IL          
	My commission expires: 01/07/2014                          	 

 

STATE OF ILLINOIS

 

COUNTY OF COOK

 

The foregoing instrument
was acknowledged before me this 27th day of July, 2012, by Brad Friedman as the Secretary of Q LOTUS HOLDINGS, INC., who
is personally known to me or has produced IL drivers license, as identification.

 

	 	Troy Cawley-Hamm
	(Notary Seal)	Name:	Troy Cawley-Hamm
	 	Notary Public of the State of IL          
	My commission expires: 01/07/2014                        	 

 

    	45

    	 

    

 

EXHIBIT A

 

DEFINITIONS

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, "control" (including,
with correlative meanings, the terms "controlling," "controlled by" and "under common control with"),
as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Authorized
Denominations” means denominations of $1,000,000 principal amount and integral multiples of $250,000 in excess thereof.

 

“Authorized Officer”
means, with respect to the Issuer, the President, Vice President, Secretary, Treasurer or Chief Financial Officer of the Issuer
or any other officer or employee of the Issuer who is designated in writing to the Trustee by the President of the Issuer as an
Authorized Officer of the Issuer for purpose of this Trust Indenture and Collateral Agreement and, with respect to the Trustee,
means an officer of the Trustee who is authorized by the Trustee to act on its behalf for purposes of this Trust Indenture and
the Collateral Agreement.

 

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

 

“Beneficial Owners”
shall mean the Persons that have purchased beneficial ownership interests in any of the Notes.

 

“Board”
means the Board of Directors of the Issuer.

 

“Book-Entry Only
System” means the system of registration for any Notes registered in book-entry only form.

 

“Business Day”
means any day other than a Saturday or Sunday or a day on which the Trustee is authorized by law to be closed.

 

“Cede”
means Cede & Co., its successors and assigns.

 

“Certificate
of Transfer” shall mean the certificate in the form attached as Exhibit C to this Trust Indenture to be delivered pursuant
to Section 4.06 hereof in connection with the transfer of any Notes.

 

“Claim”
or “Claims” shall have the meaning ascribed thereto in the “Whereas” clauses of this Trust Indenture.

 

“Clearstream”
means Clearstream Banking, Societe Anonyme.

 

    	Exhibit A-1

    	 

    

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means, collectively, the Claims described in the Collateral Agreement and such other items included in the term “Collateral”
within the meaning of the Collateral Agreement.

 

“Collateral Agent”
means U.S. Bank National Association or its successor in interest in the role of Collateral Agent under the Collateral Agreement.

 

“Collateral Agreement”
means the agreement among the Issuer, the Collateral Agent and the Subsidiary in the form attached hereto as Exhibit F, as such
Collateral Agreement is hereafter amended, modified or supplemented.

 

“Collateral Agreement
Event of Default” means the occurrence of any of the “Collateral Agreement Events of Default” set forth in Section
5 of the Collateral Agreement.

 

“Defeasance Securities,”
except as otherwise provided by this Trust Indenture, means Government Obligations.

 

“DTC” means
The Depository Trust Company, its successors and assigns.

 

“DTC Participants”
shall mean participants in the Book-Entry Only System maintained by DTC.

 

“Event of Default”
or “Default” means an event of default as set forth in Section 8.01 of this Trust Indenture.

 

“Euroclear”
means Euroclear S.A./N.V., as operator of the Euroclear System.

 

“Government Obligations”
means direct obligations of, or obligations the timely payment of the principal of an interest on which are fully and unconditionally
guaranteed by, the United States of America.

 

“Grant”
means to bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of set-off against, deposit, set over and confirm.

 

“Indebtedness”
means with respect to any Person (i) all indebtedness of such Person for borrowed money, (ii) all installment sales, conditional
sales and capital lease obligations, incurred or assumed by such Person, and (iii) all guaranties of such Person.

 

“Indirect Participants”
means Persons that clear through, or have a custodial relationship with, a DTC Participant, directly or indirectly.

 

“Interest Account”
means the account by that name established under Section 6.02 of this Trust Indenture.

 

    	Exhibit A-2

    	 

    

 

“Interest Payment
Date” means, with respect to each Note, the date or dates each year specified as such in the related Request and Authorization
and applicable Note.

 

“Investor Letter”
means the letter in the form attached as Exhibit D required to be delivered to the Trustee by the Purchaser of each Note and the
proposed transferee in connection with any transfer of Notes pursuant to Section 4.06 hereof.

 

“Issuer”
means Q Lotus Holdings, Inc., a Nevada corporation, its successors and assigns.

 

“Moody’s”
means Moody’s Investors Services, Inc., its successors and assigns.

 

“Note”
means each Note authorized to be issued by the Issuer pursuant to this Trust Indenture.

 

“Notes”
means all Notes authorized to be issued by the Issuer pursuant to this Trust Indenture.

 

“Notes Fund”
means the fund by that name established under Section 6.02 of this Trust Indenture.

 

“Notes Register”
means the books of the Trustee for registration of the ownership of the Notes pursuant to Section 4.06 of this Trust Indenture.

 

“Outstanding,”
when used with reference to Notes means, as of a particular date, all Notes theretofore issued under this Trust Indenture, except:

 

(1)         Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)         Notes
which have been paid or provision for payment has been made in accordance with Section 12.01 of this Trust Indenture; and

 

(3)         Notes
in exchange for or in lieu of which other Notes have been issued.

 

“Overdue Rate”
means a rate of interest equal to one percent (1%) per annum in excess of the then applicable interest rate per annum on each Note,
to the extent lawful.

 

“Owner”
or “Notes Owner” or “Owner of Notes” or “Notes Holder” or “Holder” or “Registered
Owners,” when used with respect to the Notes, means any Person who shall be the registered owner of any Outstanding Notes.

 

“Paying Agent”
means the Trustee.

 

“Permitted Investments”
means and includes any of the following securities, if and to the extent that such securities are legal investments for funds of
the Issuer:

 

    	Exhibit A-3

    	 

    

 

(1)         Government
Obligations;

 

(2)         obligations
of any of the following agencies: Government National Mortgage Association (including participation certificates issued by such
association); Fannie Mae (including participation certificates issued by such entity); Federal Home Loan Banks; Federal Farm Credit
Banks; Tennessee Valley Authority; Farmers Home Administration; Student Loan Marketing Association; Federal Home Loan Collateral
Agreement Corporation.

 

(3)         deposits,
Federal funds or bankers’ acceptances (with term to maturity of 270 days or less) of any bank which has an unsecured, uninsured
and unguaranteed obligation rated in one of the top two rating categories by both Moody’s and S&P;

 

(4)         commercial
paper rated in the top two rating categories by both Moody’s and S&P;

 

(5)         obligations
of any state of the United States or political subdivision thereof or constituted authority thereof the interest on which is exempt
from federal income taxation under Section 103 of the Code and rated in one of the top two rating categories by both Moody’s
and S&P;

 

(6)         both
(A) shares of a diversified open-end management investment company (as defined in the Investment Company Act of 1940) or a regulated
investment company (as defined in Section 851(a) of the Code) that is a money market fund that is rated in the highest rating category
by both Moody’s and S&P, and (B) shares of money market mutual funds that invest only in Government Obligations and repurchase
agreements secured by such obligations, which funds are rated in the highest categories for such funds by both Moody’s and
S&P and for which the Trustee or an Affiliate thereof may act as the advisor;

 

(7)         repurchase
agreements, which will be collateralized at the onset of the repurchase agreement of at least 103% marked to market weekly with
collateral with a domestic or foreign bank or corporation (other than life or property casualty insurance company) the long-term
debt of which, or, in the case of a financial guaranty insurance company, claims paying ability, of the guarantor is rated at least
“AA” by S&P and “Aa” by Moody’s provided that the repurchase agreement shall provide that if
during its term the provider’s rating by either S&P or Moody’s falls below “AA-” or “Aa3,”
respectively, the provider shall immediately notify the Trustee and the provider shall at its option, within ten days of receipt
of publication of such downgrade, either (A) maintain collateral at levels, sufficient to maintain an “AA” rated investment
from S&P and an “Aa” rated investment from Moody’s, or (B) repurchase all collateral and terminate the repurchase
agreement. Further, if the provider’s rating by either S&P or Moody’s falls below “A-” or “A3,”
respectively, the provider must at the direction of the Issuer to the Trustee, within ten (10) calendar days, either (1) maintain
collateral at levels sufficient to maintain an “AA” rated investment from S&P and an “Aa” rated investment
from Moody’s, or (2) repurchase all Collateral and terminate the repurchase agreement without penalty. In the event the repurchase
agreement provider has not satisfied the above conditions within ten (10) days of the date such conditions apply, then the repurchase
agreement shall provide that the Trustee shall be entitled to, and in such event, the Trustee shall withdraw the entire amount
invested plus accrued interest within two (2) Business Days. Any repurchase agreement entered into pursuant to this Indenture shall
contain the following additional provisions:

 

    	Exhibit A-4

    	 

    

  

(a)          Failure
to maintain the requisite collateral percentage will require the Issuer or the Trustee to liquidate the collateral as provided
above;

 

(b)          The
Holder of the collateral, as hereinafter defined, shall have possession of the collateral or the collateral shall have been transferred
to the Holder of the collateral, in accordance with applicable state and federal laws (other than by means of entries on the transferor’s
books);

 

(c)          The
repurchase agreement shall state and an opinion of counsel in form and in substance satisfactory to the Trustee shall be rendered
that the Holder of the collateral has a perfected first priority security interest in the collateral, any substituted collateral
and all proceeds thereof (in the case of bearer securities, this means the holder of the collateral is in possession);

 

(d)          The
repurchase agreement shall be a “repurchase agreement” as defined in the United States Bankruptcy Code and, if the
provider is a domestic bank, a “qualified financial contract” as defined in the Financial Institutions Reform, Recovery
and Enforcement Act of 1989 (“FIRREA”) and such bank is subject to FIRREA;

 

(e)          The
repurchase transaction shall be in the form of a written agreement, and such agreement shall require the provider to give written
notice to the Trustee of any change in its long-term debt rating;

 

(f)          The
Issuer or its designee shall represent that it has no knowledge of any fraud involved in the repurchase transaction;

 

(g)          The
Issuer and the Trustee shall receive an opinion of legal counsel (which may be counsel to the Issuer) addressed to the Issuer and
the Trustee and in form and substance satisfactory to the Trustee that such repurchase agreement complies with the terms of this
section and is legal, valid, binding and enforceable upon the provider in accordance with its terms;

 

(h)          The
term of the repurchase agreement shall be no longer than ten years;

 

    	Exhibit A-5

    	 

    

 

(i)          The
interest with respect to the repurchase transaction shall be payable at the times and in the amounts necessary in order to make
funds available when required.

 

(j)          The
repurchase agreement shall provide that the Trustee may withdraw funds without penalty at any time, or from time to time, for any
purpose permitted or required under this Indenture;

 

(k)          Any
repurchase agreement shall provide that a perfected security interest in such investments is created for the benefit of the Beneficial
Owners under the Uniform Commercial Code of [New York], or book-entry procedures prescribed at 31 C.F.R. 306.1 et seq. or 31 C.F.R.
350.0 et seq. are created for the benefit of the Beneficial Owners; and

 

(l)          The
collateral delivered or transferred to the Issuer, the Trustee, or a third-party acceptable to, and acting solely as agent for,
the Trustee (the “Holder of the Collateral”) shall be delivered and transferred in compliance with applicable state
and federal laws (other than by means of entries on provider’s books) free and clear of any third-party liens or claims pursuant
to a custodial agreement subject to the prior written approval of the majority of the Holders and the Trustee. The custodial agreement
shall provide that the Trustee must have disposition or control over the collateral of the repurchase agreement, irrespective of
an event of default by the provider of such repurchase agreement.

 

If such investments
are held by a third-party, they shall be held as agent for the benefit of the Trustee as fiduciary for the Beneficial Owners and
not as agent for the bank serving as Trustee in its commercial capacity or any other party and shall be segregated from securities
owned generally by such third party or bank;

 

(8)          Bonds, notes
and other debt obligations of any corporation organized under the laws of the United States, any state or organized territory of
the United States or the District of Columbia, if such obligations are rated in one of the three highest ratings by both Moody’s
and S&P or in one of the two highest categories by either S&P or Moody’s; and

 

(9)          Bonds, notes
and other debt obligations of any corporation organized under the laws of the United States, any state or organized territory of
the United States or the District of Columbia, if such obligations are rated in one of the two highest categories by either S&P
or Moody’s.

 

Permitted Investments
may be purchased by or through the Trustee and its Affiliates.

 

“Person”
means an individual, corporation, partnership, association, joint stock company, trust, unincorporated organization, government
or political subdivision.

 

“Pledged Funds”
means the Notes Fund and the Redemption Fund.

 

    	Exhibit A-6

    	 

    

 

“Principal Account”
means the account by that name established under Section 6.02 of this Trust Indenture.

 

“Principal Office”
means the designated corporate trust office of the Trustee which shall initially be in Boston, Massachusetts or the designated
corporate trust office of any successor Trustee.

 

“Principal Payment
Date” means, with respect to each Note, the date or dates specified in the amortization schedule attached to such Note as
the date or dates on which principal is due thereon.

 

“Purchaser”
means the original purchaser of a Note.

 

“Record Date”
means the 15th day of the month preceding any Interest Payment Date and Principal Payment Date (whether or not a Business Day).

 

“Redemption Fund”
means the fund by that name established under Section 6.02 of this Trust Indenture.

 

“Redemption Price”
means, with respect to any Notes or portion thereof, the principal amount or portion thereof and the applicable redemption premium
payable upon prepayment thereof pursuant to such Notes and this Trust Indenture as set forth in the related Request and Authorization.

 

“Request and
Authorization” means a request and authorization from the Issuer to the Trustee to authenticate and deliver each Note in
accordance with the terms thereof and of this Trust Indenture, and substantially in the form attached to this Trust Indenture as
Exhibit E.

 

“S&P”
means Standard & Poor’s Ratings Services, its successors and assigns.

 

“SEC” means
the United States Securities and Exchange Commission.

 

“State”
means the State of New York.

 

“Subsidiary”
means Q Lotus, Inc., a Nevada corporation, its successors and assigns.

 

“Significant
Subsidiary” means, with respect to the Issuer, a Person deemed to be a subsidiary of the Issuer by operation of the following
sentence; provided such subsidiary is also a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02
under Regulation S-X promulgated by the SEC (or any successor provision). For purposes hereof, a “subsidiary” of the
Issuer includes the Subsidiary and (i) any corporation, association or other business entity (other
than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of capital
stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
subsidiaries of that Person or a combination thereof, and (ii) any partnership, joint venture or limited liability company of which
(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries
of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or
otherwise, and (y) such Person or any subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

    	Exhibit A-7

    	 

    

 

“Successor Subsidiary”
shall have the meaning ascribed thereto in Section 7.09(c) of this Trust Indenture.

 

“Supplemental
Trust Indenture” means any supplement to or amendment to this Trust Indenture entered into in accordance with Article XI
of this Trust Indenture.

 

“Trust Estate”
means all right, title and interest of the Trustee in and to the property and interests therein described in Section 3.03 of this
Trust Indenture.

 

“Trust Indenture”
means this Trust Indenture, dated as of July 1, 2012, between the Issuer and the Trustee, as now and hereafter amended, modified
or supplemented by Supplemental Trust Indentures.

 

“Trustee”
means U.S. Bank National Association or its successor in interest as the Trustee under this Trust Indenture.

 

“UCC” means
the Uniform Commercial Code as in effect from time to time in the state(s) in the United States specified
in the opinion of legal counsel delivered pursuant to Section 4.02(iv) hereof as the state(s) in which action must be taken to
perfect a first priority security interest in the Collateral.

 

    	Exhibit A-8

    	 

    

 

EXHIBIT B

 

FORM OF NOTES

 

THIS NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW AND WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES
ACT. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER
THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT
OR A QUALIFIED INSTITUTIONAL BUYER PURCHASING FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A AND IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTIONS, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

Q LOTUS HOLDINGS,
INC. SECURED NOTES, [20___]

 

	R-__	$___________

 

	Interest Rate	  Dated Date	Maturity Date	CUSIP No. 	ISIN
	 	 	 	 	 

 

	REGISTERED OWNER:	[CEDE & CO.][PURCHASER]
	 	 
	PRINCIPAL AMOUNT:	__________________________DOLLARS ($__________)

 

    	Exhibit B-1

    	 

    

 

KNOW ALL PERSONS BY
THESE PRESENTS that Q Lotus Holdings, Inc., a Nevada corporation, its successors and assigns (the “Issuer”), for value
received, promises to pay, but solely from the sources hereinafter provided, to the order of the Registered Owner (identified above),
or registered assigns on the Maturity Date (identified above) upon surrender hereof, the Principal Amount (identified above), with
interest from the dated date hereof on the unpaid principal amount of this Note until maturity at the Interest Rate per annum (identified
above), calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) 30-day months. The principal
of, Redemption Price, and interest on this Note shall be payable in lawful money of the United States of America at the Principal
Office of U.S. Bank National Association, as trustee (the “Trustee” and the “Collateral Agent”) under that
certain Trust Indenture dated as of July 1, 2012 between the Issuer and the Trustee (as same may be supplemented or amended, the
“Trust Indenture”). Interest shall be payable [semi-] annually on [____] [____ and _____] of each year, commencing
________, 20__ (each an “Interest Payment Date”). All capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto in the Trust Indenture.

 

This Note represents
[all of] [one of] an authorized issue of Notes of the Issuer in the aggregate principal amount of _______ Dollars ($__________)
(the “20___ Notes”) of like tenor and effect, [except as to the details of each of the 20 ____ Notes set forth in such
20___ Notes]. The 20 ____ Notes are all issued under and are equally and ratably secured by and entitled to the protection of the
Trust Indenture, duly executed and delivered by the Issuer to the Trustee. Reference is hereby made to the Trust Indenture for
a description of the rights, duties and obligations of the Issuer, the Trustee and the owners of the 20___ Notes. The 20__ Notes
are issued as fully registered Notes in Authorized Denominations, as set forth in the Trust Indenture. [Additional Notes on a parity
with the 20__ Notes may be issued by the Issuer from time to time upon the conditions and within the limitations and in the manner
provided in the Trust Indenture.]

 

Principal of and interest
on this Note shall be payable in accordance with the amortization schedule attached hereto.

 

The Issuer’s
obligations under the Trust Indenture are secured by that certain Collateral Agreement dated as of July 1, 2012 among the Issuer,
Q Lotus, Inc., a Nevada corporation (the “Subsidiary”) and the Collateral Agent. Reference is hereby made to the Collateral
Agreement for the terms and conditions thereof.

 

Reference is hereby
made to the Trust Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the
20___ Notes issued under the Trust Indenture, the operation and application of the Notes Fund and other funds and accounts established
under the Trust Indenture charged with and pledged to the payment of the principal of, Redemption Price, if any, and the interest
on the 20___ Notes, the nature and extent of the security for the 20___ Notes, the terms and conditions on which the 20___ Notes
are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Trust Indenture and the Issuer and/or
Trustee and/or Collateral Agent under the Collateral Agreement, the conditions under which such Trust Indenture and Collateral
Agreement may be amended without the consent of the Registered Owners of all Notes outstanding, the conditions under which such
Trust Indenture and Collateral Agreement may be amended with the consent of the Registered Owners of a majority in aggregate principal
amount of all Notes outstanding, and as to other rights and remedies of the owners of the 20___ Notes.

 

The terms of the 20___Notes
include those stated in the Trust Indenture and Holders are referred to the Trust Indenture for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Trust Indenture, the provisions of the Trust Indenture
shall control and be governing.

 

    	Exhibit B-2

    	 

    

 

This Note may be transferred
only by recording the transfer on the Notes Register, which shall be kept for that purpose by the Trustee at the Principal Office
of the Trustee. A transfer of this Note shall be registered and a new Note prepared, executed, authenticated and delivered upon
surrender of this Note for cancellation accompanied by a written instrument of transfer in a form approved by the Trustee and duly
executed by the Registered Owner hereof or his or her duly authorized attorney or legal representative, together with the fully
executed Certificate of Transfer and Investor Letter as required by the Trust Indenture. Upon the registration of the transfer
and the surrender of this Note, the Trustee shall provide in the name of the transferee, a new fully registered 20___ Note or Notes
of the same aggregate principal amount, maturity and tenor as the surrendered 20___ Note.

 

This Note is delivered
in the form of a fully registered Note in Authorized Denominations of $1,000,000 or any multiple of $250,000 in excess thereof,
and upon surrender thereof at the Principal Office of the Trustee with a written request of exchange satisfactory to the Trustee
duly executed by the Registered Owner or his duly authorized attorney or legal representative in writing, may, at the option of
the Registered Owner thereof, be exchanged for an equal aggregate principal amount of 20___ Notes of any other authorized denominations
and of the same interest rate and maturity date.

 

No exchange or transfer
of any 20___ Notes shall be required of the Trustee (1) during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of 20____Notes and ending at the close of business on the day of such mailing, (2)
for 20____ Notes selected for redemption in whole or in part, or (3) during a period beginning at the opening of business on the
Record Date next preceding a date set for payment of interest and ending on such date set for payment of interest.

 

The Registered Owner
of this Note shall have no right to enforce the provisions of the Trust Indenture or to institute action to enforce the covenants
therein, or to take any action with respect to any event of default under the Trust Indenture or to institute, appear in or defend
any suit or other proceeding with respect thereto, except as provided in the Trust Indenture.

 

By the acceptance of
this Note, the owner hereof assents to all the provisions of the Trust Indenture and the Collateral Agreement

 

This Note is payable
from and secured by the Trust Estate, as such term is defined in the Trust Indenture, all in the manner provided in the Trust Indenture.
Reference to the Trust Indenture and the Collateral Agreement and any and all amendments to said agreements is made for a description
of the covenants of the Issuer, the nature, extent and manner of enforcement of such covenants, the rights and remedies of the
Owners of the 2012A Notes with respect thereto and the terms and conditions upon which this Note is delivered under the Trust Indenture.

 

[Add optional redemption provisions, if
any]

 

    	Exhibit B-3

    	 

    

 

Notice of redemption
shall be given by first class mail, postage prepaid, not more than sixty (60) days or fewer than thirty (30) days prior to said
date of redemption, to the Owners of any 20___ Notes to be redeemed. Any defect in such notice as mailed shall not affect the validity
of the proceedings for the redemption of 20____ Notes subject to redemption for which proper notice has been given.

 

The Trustee has no
obligation or liability to the Registered Owner to make payments of the interest, Redemption Price, or principal of this Note,
other than from the Trust Estate. The Trustee’s sole obligations are to administer, for the benefit of the Owners, the various
funds and accounts established under the Trust Indenture and to exercise various responsibilities under the Trust Indenture and
the Collateral Agreement.

 

This Note shall not
be valid or become obligatory for any purpose or be entitled to any benefit or security under the Trust Indenture until it shall
have been authenticated by execution of the Trustee, or such other authenticating agent as may be appointed by the Trustee under
the Trust Indenture, of the certificate of authentication endorsed hereon.

 

[Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be
printed on this Note and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on this Note or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.]

 

It is hereby certified
and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in the issuance
of this Note exist, have happened and have been performed in regular and due form and time as required by the Act, and that the
issuance of this Note, [and of the issue of the 20____ Notes of which this Note is one], is in full compliance with all constitutional
and statutory limitations or provisions.

 

[Signatures on next page]

 

    	Exhibit B-4

    	 

    

 

IN WITNESS WHEREOF,
Q Lotus Holdings, Inc. has caused this Note to be signed by the manual signature of its President and its seal to be imprinted
hereon, and attested by the manual signature of its Secretary all as of the Dated Date hereof.

 

	 	Q LOTUS HOLDINGS, INC.
	 	 	 
	(SEAL)	 	 
	 	By:	 	 
	 	 	President

 

	Attest:	 
	 	 	 
	By:	 	 
	 	Secretary	 

 

    	Exhibit B-5

    	 

    

 

CERTIFICATE OF AUTHENTICATION

 

This Note represents
[all][one] of the 20___ Notes delivered pursuant to the within mentioned Trust Indenture.

 

Date of Authentication: ___, 20__

 

	 	U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

    	Exhibit B-6

    	 

    

 

ASSIGNMENT FORM

 

To
assign this Note, fill in the form below:

 

(I) or (we) assign
and transfer this Note to:________________________________________________(Insert assignee's legal name) _____________________________________________________________________________
(Insert assignee's social security number or taxpayer identification number)______________________________________________________________________

 

_________________________________________________________________________

(Print or type assignee's
name, address and zip code)

 

and
irrevocably appoint________________________________________________ to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him.

 

Date:
___________

 

	Your Signature:  	 
	 	(Sign exactly as your name appears on the face of this Note)
	 	 
	 	Signature(s) must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
	 	 
	 	 
	 	Signature Guarantee

 

    	Exhibit B-7

    	 

    

 

AMORTIZATION
SCHEDULE

 

  

    	Exhibit B-1

    	 

    

 

EXHIBIT C

 

CERTIFICATE OF TRANSFER

 

Q Lotus Holdings,
Inc.

500 N. Dearborn
Suite 605

Chicago, Illinois,
60654

Attention: Chief
Financial Officer

 

U.S. Bank National
Association

60 Livingston
Avenue

St. Paul, MN 55107

Attention: Corporate
Trust Services/Bond Transfer Unit

 

Re:
Q Lotus Holdings, Inc. $____ aggregate principal amount of _____% Secured Notes dated as of _______, 20___, due ______, 20__, CUSIP
No. ____/ISIN ____ (the “Note”)

 

Ladies and Gentlemen:

 

Reference
is hereby made to the Trust Indenture, dated as of July 1, 2012 (the "Indenture"'), between Q Lotus Holdings, Inc. and
U.S. Bank National Association, as Trustee and Collateral Agent. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture. ________ (the "Transferor") owns and proposes to transfer the Note in the principal amount
set forth above (the "Transfer") to __________ (the "Transferee"). In connection with the Transfer, the Transferor
hereby certifies that the Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the "Securities Act"), and, accordingly, the Transferor hereby further certifies that the Note
is being transferred to a Person that the Transferor reasonably believes is purchasing the Note for its own account, or for one
or more accounts with respect to which such Person exercises sole investment discretion, and such Person is a "qualified institutional
buyer" or a “qualified institutional buyer” purchasing for the account of a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred Note will be subject to the restrictions on transfer enumerated in the private
placement legend printed on the Note and in the Indenture and the Securities Act.

 

This
certificate and the statements contained herein are made for your benefit and are dated ____, 20___.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit C-1

    	 

    

 

EXHIBIT D

 

FORM OF INVESTOR LETTER

 

Q Lotus Holdings,
Inc.

500 N. Dearborn
Suite 605

Chicago, Illinois,
60654

Attention: Chief
Financial Officer

 

U.S. Bank National
Association

60 Livingston
Avenue

St. Paul, MN 55107

Attention: Corporate
Trust Services/Bond Transfer Unit

 

Re:
Q Lotus Holdings, Inc. $_____ in aggregate principal amount of _____% Secured Notes dated as of __, 20___, due ______, 20___, CUSIP
No. ____/ISIN ____ (the “Purchased Notes”)

 

Ladies and Gentlemen:

 

In connection with
our proposed purchase of the Purchased Notes, the undersigned (the “Investor”) represents to the addresses hereof as
follows (all capitalized terms not otherwise defined herein having the meaning ascribed thereto in the Trust Indenture dated as
of July 1, 2012 between Q Lotus Holdings, Inc. (the “Issuer”) and U.S. Bank National Association, as Trustee and Collateral
Agent (the “Indenture”):

 

1.         The Investor
has received a such information as the Investor deems necessary in order to make its investment decision with respect to the Purchased
Notes and acknowledges its access to all of the reports filed by the Issuer with the SEC and available from the SEC’s Edgar
system. The Investor acknowledges that it has been provided the opportunity to ask questions of, and receive answers from, the
Issuer and the Subsidiary concerning terms and conditions of the offering. The Investor understands that substantial risks are
involved in an investment in the Purchased Notes. In making its investment decision to acquire the Purchased Notes, the Investor
has not relied on representations, warranties, opinions, projections, financial or other information or analysis, if any, supplied
to it by any Person, including the Issuer, the Subsidiary or any Affiliates, except as filed with the SEC and available from the
SEC’s Edgar system. The Investor has such knowledge and experience in financial and business matters as to be capable of
evaluation of the merits and risks of an investment in the Purchased Notes and the Investor is able to bear the substantial economic
risks of such an investment. The Investor has relied upon its own tax, legal and financial advisors in connection with its decision
to purchase the Purchased Notes.

 

    	Exhibit D-1

    	 

    

 

2.         The Investor
is a “Qualified Institutional Buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “1933
Act”))and is acquiring the Purchased Notes for its own account or a “Qualified Institutional Buyer” purchasing
for the account of a “Qualified Institutional Buyer,” as to which account the Investor exercises sole investment discretion,
with full power to make the acknowledgements, representations and agreements contained herein on behalf of such account. The Investor
is purchasing the Purchased Notes for investment purposes and not with a view to, or for, the offer or sale in connection with
a public distribution or in a matter that would violate the 1933 Act or the securities or blue sky laws of any state.

 

3.         The Investor
understands that the Purchased Notes have not been and will not be registered under the 1933 Act or under the securities or blue
sky laws of any state, and that if it decides to resell, pledge or otherwise transfer any Purchased Notes, such Purchased Notes
may be resold, pledged or transferred without registration only to any entity that is a “Qualified Institutional Buyer”
(as defined in Rule 144A under the 1933 Act) that has delivered to the transferor, the Issuer and the Trustee an investor letter
substantially in the form hereof, as required by the Indenture and the Investor will be required to notify any purchaser of the
Purchased Notes from it of the resale restrictions referred to herein and in the Purchased Notes. The Investor understands that
all Notes will bear a legend to the effect that: THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES OR BLUE SKY
LAW AND WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. EACH PURCHASER OF THIS NOTE IS
HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR A QUALIFIED INSTITUTIONAL BUYER
PURCHASING FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTIONS, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED
TO IN (A) ABOVE.

 

4.         The Investor
understands that any purported transfer of any Purchased Note (or in any interest therein) in contravention of any of the restrictions
and conditions in the Indenture shall be void, and the purported transferee in such transfer shall not be recognized by the Issuer
or the Trustee or any other Person as a Holder of the Purchased Note for any purpose.

 

5.         The Investor
has furnished to the transferor of the Purchased Notes (which shall be deemed to be the Issuer in connection with the original
issuance of the Notes of which the Purchased Notes are a part) information within the meaning of Rule 144A of the Securities Act
substantiating the reasonable belief of the transferor that the Investor is a Qualified Institutional Buyer within the meaning
of Rule 144A.

 

    	Exhibit D-2

    	 

    

 

6.         The Issuer and
the Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or an official inquire with respect to the matters covered hereby.

 

This
certificate and the statements contained herein are made for your benefit and are dated ____, 20___.

 

	 	[Insert Name of Purchaser/Transferee]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit D-3

    	 

    

 

EXHIBIT E

 

FORM OF REQUEST AND AUTHORIZATION

 

Q Lotus Holdings,
Inc.

$_________ _____%
Secured Notes dated as of _______, 20___

Due ____________,
20__

(the “Purchased
Note”)

 

1.          The undersigned,
being an Authorized Officer of Q Lotus Holdings, Inc. (the “Issuer”), on behalf of the Issuer, hereby authorizes and
requests U.S. Bank National Association, as Trustee and Collateral Agent (the “Trustee”) under that certain Trust Indenture
dated as of July 1, 2012 (the “Trust Indenture”) between the Issuer and the Trustee, to deliver, on the date hereof,
the above-referenced Purchased Note to or upon the direction of the Purchaser of the Purchased Note (the “Purchaser”),
the Issuer hereby acknowledging receipt of consideration in full from the Purchaser in an amount equal to the purchase price of
the Purchased Note (the “Purchase Price”).

 

[2.          The Purchased
Note shall be registered in a Book-Entry Only System with DTC.]

 

3.          Those details
of the Purchased Note required by the Trust Indenture to be set forth in this Request and Authorization, in addition to those set
forth above, are as follows:

 

		(a)	The Interest Payment Date[s] [is] [are] ____ [and ____] of each year.

 

		(b)	The first Interest Payment Date is __________ , 20___.

 

All capitalized terms
not otherwise defined herein shall have the meanings ascribed thereto in the Trust Indenture. This Request and Authorization may
be signed in counterparts, each of which, together shall constitute one and the same instrument.

 

[Signatures Continue on Following Page]

 

    	Exhibit E-1

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Request and Authorization as of _____, 20__.

 

			

	 	Q LOTUS HOLDINGS, INC.
	(SEAL)	 	 
	 	By:	 
	 	 	______________________________________ , President

 

Attest:

 

	By:	 	 
	 	______________________, Secretary	 

 

	 	ACCEPTED:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as 

Trustee
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit E-2

    	 

    
 

EXHIBIT F 

 

FORM OF COLLATERAL AGREEMENT

 

THIS COLLATERAL
AGREEMENT ("Agreement") is made as of this 1st day of July, 2012, by and between Q Lotus, Inc., a Nevada
corporation ("Assignor"), and U.S. Bank National Association, a national banking association (“U.S. Bank”),
as collateral agent (in such capacity, "Collateral Agent").

 

RECITALS

 

WHEREAS, Q Lotus
Holdings, Inc., a Nevada corporation (“Issuer”) has entered into a certain Trust Indenture dated as of July 1, 2012
(as amended and in effect from time to time, the "Indenture"), with U.S. Bank, as Indenture Trustee, pursuant to which
the holders of the Issuer’s secured promissory notes delivered by Issuer in the aggregate principal amount of $3,000,000,000
(the “Notes”), all as more particularly set forth in the Indenture (capitalized terms not otherwise defined herein
shall have the meanings set forth in the Indenture);

 

WHEREAS, Assignor
is a wholly-owned subsidiary of the Issuer;

 

WHEREAS, Assignor
owns certain silica mining claims (each, a “Claim”) as more particularly set forth on Exhibit A attached
hereto and made a part hereof; and

 

WHEREAS, Assignor
is entitled to the proceeds, accessions, derivatives and profits derived from the Claims;

 

WHEREAS, it
is a condition precedent to the issuance of Notes under the Indenture that the Assignor execute and deliver to the Indenture Trustee
a collateral security agreement in substantially the form hereof; and

 

NOW, THEREFORE,
in consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

    	Exhibit F-1

    	 

    

 

1.          Security
Interest. This Agreement is for collateral purposes. As security for the payment of the Notes, Assignor hereby grants to
the Collateral Agent a first lien security interest, hereinafter referred to as "the Security Interest", in any and all
income, profits, commissions, economic interest, accessions, derivatives and proceeds due Assignor, directly or indirectly, pursuant
to its interest in the Claims, including without limitation, all accounts receivable, good will, work in process, and all presently
existing and future proceeds and products of, accessions to, and security for all of the above-described properties. The security
interest includes, but is not limited to, all proceeds from sales, conveyances or other dispositions or realizations of any kind
resulting from Assignor’s interest in the Claims or any interest held therein (collectively, the "Collateral").
The Assignor agrees to take such steps, execute such agreements and otherwise perform such acts as to ensure that the Security
Interest created hereby shall take priority over all other claims or interests of third parties.

 

2.          Affirmative
Covenants. Except as otherwise provided in this Agreement, Assignor covenants and agrees that it is the owner of the Collateral
free and clear of all liens and grants the security interest herein in consideration of extension of the above loan by Assignor.
Pending payment in full of the Notes and the performance of all of its obligations to Lender under this Agreement, Assignor shall:

 

(a)          Take all actions
necessary in order to perfect and to protect and maintain the liens and the Security Interest granted pursuant to this Agreement,
including but not limited to, executing (if necessary), delivering and causing the filing in the proper office of a Financing Statement
on Form UCC-1 (the “Financing Statement”) concurrent with the execution of this Agreement, amending any filings to
reflect the true ownership of the property against which such filings were made and execute (if necessary) and file or cause to
be filed from time to time, such other financing statements, assignments, security agreements, mortgages and other instruments
necessary in order to perfect and to keep perfected such liens and security interests of Collateral Agent in the Collateral;

 

(b)          Pay all costs of filing this
Agreement, the Financing Statement or any other financing or termination statement with respect to the Collateral, and appoints
the Collateral Agent as Assignor's attorney-in-fact to do whatever is necessary or whatever the Collateral Agent, the Indenture
Trustee or the Noteholders may direct in order to perfect or continue perfected the Collateral Agent’s security interest
in the Collateral.

 

(c)          Promptly give
notice to the Collateral Agent and the Indenture Trustee in writing of all material litigation or proceedings instituted before
any court or governmental or regulatory agency, whether against Assignor or any of its Affiliates or affecting any of same or any
of their assets;

 

(d)          Defend the Collateral
against any and all claims of any Person adverse to the claims of Collateral Agent;

 

    	Exhibit F-2

    	 

    

 

(e)          Keep the Collateral
free from any lien, security interest, encumbrance, or other right, title or interest of any Person except as otherwise provided
for in this Agreement;

 

(f)          Permit the Collateral
Agent, the Indenture Trustee or the designees of such persons to inspect the Collateral and all statements with respect to the
Collateral and any of the books and records of the Assignor, including corporate income tax returns, at any reasonable time;

 

(g)          Pay all taxes
and assessments on the Collateral or the income earned on the Collateral; and

 

(h)          Be bound by and
comply with all the terms, restrictions and conditions of the Indenture and to make any and all payments as specified in the Indenture.

 

3.          Warranties.
No representation or statements have been made by Collateral Agent or the Indenture Trustee concerning the collateral except as
stated in this Agreement, and there are no express or implied warranties of merchantability, fitness for a particular purpose,
or otherwise, which arise apart from this writing.

 

4.          Negative
Covenants. Assignor covenants and agrees that pending payment in full of the Notes and the performance of all of its obligations
to the Collateral Agent under this Agreement and except as otherwise provided for in this Agreement, Assignor shall not do any
of the following without the prior written consent of Lender:

 

(a)          Sell, lease, convey,
impair, withdraw or otherwise dispose of the Collateral except to make the payments required under the Notes;

 

(b)          Mortgage, pledge,
encumber, assign or otherwise transfer any interest, in whole or in part, in the Collateral, or withdraw or transfer any money,
securities or other funds from the Collateral except (i) in payment of any amount due under the Notes or (ii) for liens and security
interests in favor of the Collateral Agent;

 

(c)          Become liable
upon obligations of any Person by assumption, endorsement or guaranty thereof; or

 

(d)          Make advances,
loans and extensions of credit to any Person except those made in the ordinary course of its business as currently conducted.

 

    	Exhibit F-3

    	 

    

 

The Assignor acknowledges and agrees that
the Collateral Agent shall not be required to give any consent or waiver unless the Indenture Trustee has given the Collateral
Agent notice in writing that such consent or waiver has been approved by a majority of the holders (by principal balance) of the
Notes (or such higher percentage as may be required by the Indenture).

 

5.          Events
of Default. The following shall constitute "Collateral Agreement Events of Default" with respect to Assignor
hereunder:

 

(a)          An Event of Default
under the Indenture;

 

(b)          The failure to
perform any term, covenant, condition or agreement contained in this Agreement and the same is not cured within thirty (30) days
after written demand thereof by the Collateral Agent or the Indenture Trustee;

 

(c)          Any misrepresentation
made by Assignor in this Agreement or in any document executed or furnished by Assignor to the Collateral Agent or the Indenture
Trustee;

 

(d)          The creation of
any encumbrance upon the Collateral except as specifically provided herein, or the making of any levy, judicial seizure or attachment
of any part or all of the Collateral; and

 

(e)          Any transfer,
pledge or assignment of the Collateral by the Assignor, except as specifically provided in this Agreement.

 

6.          Rights
of Lender. Upon the occurrence of any Event of Default under the Indenture:

 

(a)          the Collateral
Agent shall, at the direction of the Indenture Trustee (at the direction of the requisite Noteholders), take any action or seek
any remedy as provided in the Indenture or this Agreement;

 

(b)          Collateral Agent
shall have, and may exercise, each and every right and remedy granted it for an Event of Default or a Collateral Agreement Event
of Default, together with any right or remedy granted under the Uniform Commercial Code or any other applicable law to a secured
party upon default. In connection with the exercise of such rights and remedies, the Collateral Agent may incur reasonable attorneys'
fees and legal expenses, and such fees and expenses shall be deemed to be part of Lender's cost of retaking, holding, preparing
for sale and the like and shall become part of Assignor's obligation to Lender. Assignor expressly waives any presentment, demand,
protest, or other notice of protest or notice of any kind except as expressly provided herein. Assignor shall make the Collateral
available to the Collateral Agent, the Indenture Trustee or any designees of such Persons, at Collateral Agent's request, at a
place to be designated by the Collateral Agent, the Indenture Trustee or any designees of such Persons which is reasonably convenient
to both parties;

 

    	Exhibit F-4

    	 

    

 

(c)          The Collateral
Agent may (but is under no obligation to do so) take possession of the Collateral and sell, lease or otherwise dispose of the Collateral
in whole or in part, in accordance with the procedures set forth in Article VIII of the Indenture with respect to foreclosure on
the Trust Estate;

 

(d)          All rights and
remedies of the Collateral Agent provided for in this Agreement shall be cumulative, and the exercise of any one or more of them
shall not preclude the exercise of others. The Collateral Agent may exercise its rights hereunder with respect to the Collateral
without regard to other security or other sources of reimbursement or repayment of the Notes;

 

(e)          Notice of any
sale, lease, other disposition or other intended action by the Collateral Agent shall be deemed reasonable if it is in writing
and deposited in the United States mail ten (10) days in advance of the intended disposition or other intended action, first class
postage prepaid and addressed to Assignor at the address indicated herein; and

 

(f)          The net proceeds
or the value of any Collateral collected by virtue of the exercise of any of the remedies herein shall be delivered to the Indenture
Trustee to be applied as set forth in Article VIII of the Trust Indenture.

 

7.          Miscellaneous.

 

(a)          This Agreement,
the Indenture, the Notes and related documents delivered to the Collateral Agent or the Indenture Trustee pursuant hereto and the
Trust Indenture constitute the entire understanding between the parties with respect to the subject matter hereof and may not be
modified, changed, amended, terminated or abandoned except by written agreement executed by the parties hereto.

 

    	Exhibit F-5

    	 

    

 

(b)          To the extent
the Collateral Agent receives any payment or amount by or on behalf of Assignor, which payment or amount, or any part thereof,
is substantially invalidated, declared fraudulent or preferential, set aside and/or required to be repaid to Assignor, its estate,
trustee, receiver, custodian or any other party under any bankruptcy law, state or federal law, common law or equitable cause,
then to the extent of such payment or repayment, the obligation or part thereof which has been paid, reduced or satisfied by the
amount so repaid shall be reinstated and included within the liabilities as of the date such initial payment, reduction, satisfaction
occurred and same shall be secured by the Collateral of Assignor in which the Collateral Agent has been granted its Security Interest.

 

(c)          This Agreement
and the rights and obligations of the parties hereunder shall be construed and interpreted in accordance with the laws of the State
of New York.

 

(d)          No delay or failure
on the part of the Collateral Agent in exercising any right, privilege or option hereunder or under the Trust Indenture or under
any other agreement between the Collateral Agent, the Indenture Trustee, the Issuer and/or Assignor shall operate as a waiver of
any default specified herein, nor shall any single or partial exercise by the Collateral Agent of any right, privilege or option
preclude any other or further exercise thereof or the exercise of any right, privilege or option. The remedies herein are cumulative
and not exclusive of any remedies provided by law. No waiver shall be binding unless in writing and signed by the party against
whom such waiver is to be enforced.

 

(e)          This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors and assigns. The interest
of Assignor hereunder may not be assigned, by operation of law or otherwise, without the prior written consent of the Collateral
Agent. The Collateral Agent may assign its interest hereunder, and if the party serving as Collateral Agent resigns or is removed
as the Indenture Trustee, such Person may resign as Collateral Agent.

 

(f)          All notices required
or permitted to be given or furnished under this Agreement to Assignor or the Collateral Agent shall be directed to Assignor or
the Collateral Agent as the case may be at the following addresses:

 

	 	If to Assignor: 	Q
Lotus, Inc.
			520 N Kingsbury St, Unit 1810

			Chicago, IL 60654

			Attn: Gary Rosenberg

 

	 	If to the
Collateral Agent : 	U.S. Bank National Association 
			1 Federal Street, 3rd Floor

			Boston, MA 02110

			Attn.: Q Lotus Notes

 

    	Exhibit F-6

    	 

    

 

Either party may change its address to
which any such notice is to be delivered by furnishing written notice of such change to the other party in compliance with this
paragraph.

 

(g)         Assignor will,
at any time and from time to time upon written request of the Collateral Agent or the Indenture Trustee, execute and deliver such
further documents, including financing statements, and do such other acts and things as the Collateral Agent or the Indenture Trustee
may reasonably request in order to effectuate more fully the purpose of this Agreement, the Trust Indenture and other instruments,
documents and agreements which shall be executed in connection with the Trust Indenture.

 

(h)         The provisions
of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable
by virtue of the fact that for any reason any other provision or provisions may be invalid or unenforceable in whole or in part.

 

(i)         Loss, theft or
seizure of the Collateral shall not relieve the Assignor from the payment or performance of any obligation or indebtedness secured
under the Agreement.

 

    	Exhibit F-7

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first written above.

 

	 	ASSIGNOR:
	 	 
	 	Q Lotus, Inc, a Nevada Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 	 
	 	COLLATERAL AGENT:
	 	U.S. Bank National
    Association
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

    	Exhibit F-8

    	 

    

 

CONSENT

 

Q Lotus Holdings, Inc.,
a Nevada corporation (“Issuer”) does hereby consent to the foregoing Agreement described above and agrees that upon
notice from the Collateral Agent or the Indenture Trustee that there has been an Event of
Default under the Trust Indenture or a Collateral Agreement Event of Default under the Collateral Agreement, Issuer shall direct
any and all income, profits, commissions, economic interest and proceeds due Assignor, direct or indirect, accruing to Assignor
from the Claims, to Lender.

 

	 	Q Lotus Holdings, Inc, a
    Nevada Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

    	Exhibit F-9

    	 

    

 

EXHIBIT A

COLLATERAL

 

Silica Mining Claims

 

	BLM Serial	 	Claim	 	Location	 	Legal Description
	Number	 	Name	 	County	 	State	 	Mer	 	Twp	 	Rng	 	Sec	 	Sub
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ORMC 149 086	 	RAMEX 4	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NW
	ORMC 149 087	 	RAMEX 5	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NW
	ORMC 149 089	 	RAMEX 8	 	Douglas County	 	OR	 	33	 	0300S	 	0020E	 	033	 	NE
	ORMC 149 090	 	RAMEX 9	 	Douglas County	 	OR	 	33	 	0300S	 	0020E	 	033	 	NE
	ORMC 149 091	 	RAMEX 10	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NW
	ORMC 149 092	 	RAMEX 11	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NW
	ORMC 149 094	 	RAMEX 14	 	Douglas County	 	OR	 	33	 	0300S	 	0020E	 	033	 	SE
	ORMC 149 095	 	RAMEX 15	 	Douglas County	 	OR	 	33	 	0300S	 	0020E	 	033	 	SE
	ORMC 149 096	 	RAMEX 16	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	SW
	ORMC 149 097	 	RAMEX 17	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	SW
	ORMC 156 974	 	RAMEX 19	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NE NW
	ORMC 156 975	 	RAMEX 20	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NE NW
	ORMC 156 976	 	RAMEX 21	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NE NW
	ORMC 156 977	 	RAMEX 22	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NE NW
	ORMC 156 978	 	RAMEX 23	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	NE NW SW SE
	ORMC 156 979	 	RAMEX 24	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	SW SE
	ORMC 156 980	 	RAMEX 25	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	SW SE
	ORMC 156 981	 	RAMEX 26	 	Jackson County	 	OR	 	33	 	0300S	 	0020E	 	034	 	SW SE

 

    	Exhibit F-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]