Holder

Holder. Shall mean any holder from time to time of any Bonds of the Issuer and/or any interest coupons appertaining thereto.

Holder. Shall mean the Purchaser and all transferees or assignees thereof to whom the rights under this Agreement are assigned in accordance with the provisions of Section 8 hereof.

Holder. When the context refers to a holder of this Note, shall mean any person who shall at the time be the registered holder of this Note; provided that any Holder shall be bound by the terms and conditions of this Note and the Purchase Agreement.

Holder. Means a holder in whose name a share of Series C Preferred Stock is registered.

Holder. A holder of any Registrable Shares.

Holder. Shall mean each Preferred Holder and each Common Holder and any transferee of Registrable Securities from a Preferred Holder or Common Holder who, pursuant to Section 15 below, is entitled to registration rights hereunder.

Holder. Shall mean any Buyer who holds Registrable Securities and any holder of Registrable Securities to whom the rights conferred by this Agreement have been transferred in compliance with Section 5(b) of the Securities Purchase Agreement.

Holder. Shall mean a holder of restricted common shares of BMB Munai, Inc., purchased in the Private Placement or anyone to whom the registration rights conferred by this Agreement have been transferred in compliance with this Agreement.

Holder. Means any Series A Investor, DVA Shareholder or Lender owning ------ or having the right to acquire Registerable Securities or any assignee thereof.

Holder. Means any holder (including Investor, its assigns or any assigns of a Holder) of Registrable Securities, the Foundation A Option, the Foundation B Option, the Trust Option or the Warrant.