Document:

INTERCOMPANY REVOLVING LOAN AGREEMENT

 

This INTERCOMPANY REVOLVING LOAN AGREEMENT
("Loan Agreement"), dated as of July 31, 2013, is entered into by and between:

 

(1) Apollo Medical Management, Inc. ("Lender");
and

 

(2) Apollomed Care Clinic, a Professional
Corporation ("Borrower").

 

In consideration of the covenants, conditions and agreements
set forth herein, the parties agree as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1 "Advance" shall have the
meaning given in Section 2.1 of the Loan Agreement.

 

1.2 "Business Day" shall mean
any day on which commercial banks are not authorized or required to close in the United States.

 

1.3 "Commitment" shall mean an
amount equal to One Million Dollars ($1,000,000.00).

 

1.4 "Default" shall mean any
event or circumstance not yet constituting an Event of Default but which, with the giving of any notice or the lapse of any period
of time or both, would become an Event of Default.

 

1.5 "Event of Default" shall
have the meaning given to that term in Section 5.01.

 

1.6 "GAAP" shall mean
generally accepted accounting principles and practices as promulgated by the Financial Accounting Standards Board and as in
effect in the United States from time to time, consistently applied. Unless otherwise indicated in this Loan Agreement, all
accounting terms used in this Loan Agreement shall be construed, and all accounting and financial computations hereunder or
thereunder shall be computed, in accordance with GAAP.

 

1.7 "Governmental Authority"
shall mean any domestic or foreign national, state or local government, any political subdivision thereof, any department, agency,
authority or bureau of any of the foregoing, or any other entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

 

1.8 "Indebtedness" of any
Person shall mean and include the aggregate amount of, without duplication (a) all obligations of such Person for borrowed
money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all
obligations of such Person to pay the deferred purchase price of property or services (other than accounts payable incurred
in the ordinary course of business determined in accordance with generally accepted accounting principles), (d) all
obligations under capital leases of such Person, (e) all obligations or liabilities of others secured by a lien on any asset
of such Person, whether or not such obligation or liability is assumed, (f) all guaranties of such Person of the obligations
of another Person; (g) all obligations created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even if the rights and remedies of the seller or lender under such agreement
upon an event of default are limited to repossession or sale of such property), (h) net exposure under any interest rate
swap, currency swap, forward, cap, floor or other similar contract that is not entered to in connection with a bona fide
hedging operation that provides offsetting benefits to such Person, which agreements shall be marked to market on a current
basis, (i) all reimbursement and other payment obligations, contingent or otherwise, in respect of letters of credit.

 

    	 

    	 

    

 

1.9 "LIBOR Rate" shall mean the
rate per annum, calculated to the nearest .01%, at which U.S. dollar deposits are offered in the London interbank market for one
month periods as quoted in the "Money Rates" column of The Wall Street Journal on the first Business Day of each calendar
month. All computations of such interest shall be based on a year of 360 days and actual days elapsed. Such LIBOR Rate shall remain
in effect until it is adjusted on the first Business Day of the following calendar month.

 

1.10 "Loan Agreement" shall have
the meaning set forth in the opening paragraph of this document.

 

1.11 "Loan Documents" shall mean
and include this Loan Agreement and any other documents, instruments and agreements delivered to Lender in connection with this
Loan Agreement.

 

1.12 "Obligations" shall
mean and include all Advances, debts, liabilities, and financial obligations, howsoever arising, owed by Borrower to Lender
of every kind and description (whether or not evidenced by any note or instrument), direct or indirect, absolute or
contingent, due or to become due, now existing or hereafter arising pursuant to the terms of any of the Loan Documents,
including, without limitation, all interest, fees, charges, expenses, reasonable attorneys' fees (and expenses) and
accountants' fees (and expenses) chargeable to Borrower or payable by Borrower hereunder or thereunder.

 

1.13 "Person" shall mean and
include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company,
an unincorporated association, a joint venture or other entity or a Governmental Authority.

 

1.14 "Termination Date" shall
mean the fifth anniversary of the date of this Loan Agreement.

 

ARTICLE 2

ADVANCES

 

2.1 Terms. Subject to the terms and
conditions of this Loan Agreement, Lender agrees to advance to Borrower from time to time and until the Termination Date,
such sums as Borrower may request (the "Advances") but which shall not exceed, in the aggregate principal amount at
any one time outstanding, the Commitment. Advances shall be made in lawful currency of the United States of America and shall
be made in same day or immediately available funds. Each Advance shall be in an amount equal to at least $10,000 or any
integral multiple of $5,000 in excess thereof and shall be made three Business Days after written request (or telephonic
request confirmed in writing). Subject to the terms and conditions hereof, Borrower may borrow pursuant to this Section 2.1,
prepay the Advances and reborrow pursuant to this Section 2.1.

 

2.2 Payment of Outstanding Amounts.

 

    	 

    	 

    

 

(a) If not paid earlier, the outstanding
principal and interest balance of all Advances shall be due and payable to the Lender on the Termination Date.

 

(b) Not used.

 

2.3 Interest Payments. Interest on the
outstanding principal balance under the Advances shall accrue at the greater of 10% per annum or LIBOR Rate in effect. All computations
of such interest shall be based on a year of 360 days and actual days elapsed for each day on which any principal balance is outstanding
under the terms of the Loan Agreement.

 

2.4 Interest Payments. All accrued and
unpaid interest shall be due on the first Business Day of each month. If not paid earlier, all outstanding accrued interest hereunder
shall be due and payable to the Lender on the Termination Date.

 

2.5 Other Payment Terms.

 

(a) Manner. Borrower shall make all payments
due to Lender hereunder in lawful money of the United States and in same day or immediately available funds.

 

(b) Date. Whenever any payment due hereunder
shall fall due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension
of time shall be included in the computation of interest or fees, as the case may be.

 

(c) Default Rate. From and after the occurrence
of an Event of Default and during the continuance thereof, Borrower shall pay interest on all Obligations not paid when due, from
the date due thereof until such amounts are paid in full at a per annum rate equal to the three (3) percentage points in excess
of the rate otherwise applicable to Advances. All computations of such interest shall be based on a year of 360 days and actual
days elapsed.

 

2.6 Loan Account. The Obligations of Borrower
to Lender hereunder shall be evidenced by one or more accounts or records maintained by Lender in the ordinary course of business.
The accounts or records maintained by Lender shall be presumptive evidence of the amount of such Obligations, and the interest
and principal payments thereon. Any failure so to record or any error in so doing shall not, however, limit, increase or otherwise
affect the obligation of Borrower hereunder to pay any amount owning hereunder. Upon Lender's request, Borrower shall execute a
promissory note in favor of Lender.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF BORROWER

 

To induce Lender to enter into this Loan
Agreement and to make Advances hereunder, Borrower represents and warrants to Lender as follows:

 

3.1 Due Incorporation, etc. Borrower is
a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation.

 

3.2 Authority. The execution, delivery
and performance by Borrower of each Loan Document to be executed by Borrower and the consummation of the transactions contemplated
thereby (i) are within the power of Borrower and (ii) have been duly authorized by all necessary actions on the part of Borrower.

 

    	 

    	 

    

 

3.3 Enforceability. Each Loan Document
executed, or to be executed, by Borrower has been, or will be, duly executed and delivered by Borrower and constitutes, or will
constitute, a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors'
rights generally and general principles of equity.

 

ARTICLE 4

CONDITIONS TO MAKING ADVANCES

 

Lender's obligation to make the initial
Advance and each subsequent Advance is subject to the prior satisfaction or waiver of all the conditions set forth in this Article
4.

 

4.1 Principal Loan Documents. Borrower
shall have duly executed and delivered to Lender: (a) the Loan Agreement; and (b) such other documents, instruments and agreements
as Lender may reasonably request.

 

4.2 Representations and Warranties Correct.
The representations and warranties made by Borrower in Article 3 hereof shall be true and correct as of the date on which each
Advance is made and after giving effect to the making of the Advance. The submission by Borrower to Lender of a request for an
Advance shall be deemed to be a certification by the Borrower that as of the date of borrowing, the representations and warranties
made by Borrower in Article 3 hereof are true and correct.

 

4.3 No Event of Default or Default. No
Event of Default or Default has occurred or is continuing.

 

4.4 Total Outstanding Advances. The total
aggregate principal amount of outstanding Advances does not exceed the Commitment.

 

ARTICLE 5

EVENTS OF DEFAULT

 

5.1 Events of Default. The occurrence of
any of the following shall constitute an "Event of Default" under this Loan Agreement and the Note:

 

(a) Failure to Pay. Borrower shall
fail to pay (i) the principal amount of all outstanding Advances on the Termination Date hereunder; (ii) any interest,
Obligation or other payment required under the terms of this Loan Agreement or any other Loan Document on the date due and
such failure shall continue for five (5) Business Days after Borrower's receipt of Lender's written notice thereof to
Borrower; or (iii) any Indebtedness (excluding Obligations) owed by Borrower to Lender on the date due and such failure shall
continue for five (5) Business Days after Borrower's receipt of Lender's written notice thereof to Borrower.

 

(b) Breaches of Covenants. Borrower shall
fail to observe or perform any other covenant, obligation, condition or agreement contained in this Loan Agreement or any other
Loan Document and (i) such failure shall continue for ten (10) Business Days, or (ii) if such failure is not curable within such
ten (10) Business Day period, but is reasonably capable of cure within thirty (30) Business Days, either (A) such failure shall
continue for thirty (30) Business Days or (B) Borrower shall not have commenced a cure in a manner reasonably satisfactory to Lender
within the initial ten (10) Business Day period; or

 

    	 

    	 

    

 

(c) Representations and Warranties. Any
representation, warranty, certificate, or other statement (financial or otherwise) made or furnished by or on behalf of Borrower
to Lender in writing in connection with any of the Loan Documents, or as an inducement to Lender to enter into this Loan Agreement,
shall be false, incorrect, incomplete or misleading in any material respect when made or furnished; or

 

(d) Voluntary Bankruptcy or
Insolvency Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidation or
custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to
pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv)
be dissolved or liquidated in full or in part, (v) become insolvent (as such term is defined in 11 U.S.C. '101 (32), as
amended from time to time), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect
or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary
case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing;
or

 

(e) Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of Borrower or of all or a substantial
part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with
respect to Borrower or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall
be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) calendar
days of commencement.

 

5.2 Rights of Lender upon Default.

 

(a) Acceleration. Upon the
occurrence or existence of any Event of Default described in Sections 5.1(d) and 5.1(e), automatically and without notice or,
at the option of Lender, upon the occurrence of any other Event of Default, all outstanding Obligations payable by Borrower
hereunder shall become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the other Loan Documents to the contrary
notwithstanding.

 

(b) Cumulative Rights, etc. The
rights, powers and remedies of Lender under this Loan Agreement shall be in addition to all rights, powers and remedies given
to Lender by virtue of any applicable law, rule or regulation of any Governmental Authority, any transaction contemplated
thereby or any other agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised
successively or concurrently without impairing Lender's rights hereunder.

 

ARTICLE 6

MISCELLANEOUS

 

6.1 Notices. Except as otherwise
provided herein, all notices, requests, demands, consents, instructions or other communications to or upon Lender or Borrower
under this Agreement or the other Loan Documents shall be in writing and telecopied, mailed or delivered to each party at its
telecopier number or address set forth below (or to such other telecopier number or address for any party as indicated in any
notice given by that party to the other party). All such notices and communications shall be effective (a) when sent by
Federal Express or other overnight service of recognized standing, on the Business Day following the deposit with such
service; (b) when mailed by registered or certified mail, first class postage prepaid and addressed as aforesaid through the
United States Postal Service, upon receipt; (c) when delivered by hand, upon delivery; and (d) when telecopied, upon
confirmation of receipt; provided, however, that any notice delivered to Lender under Article 2 shall not be effective until
received by Lender.

 

    	 

    	 

    

 

	LENDER:	Apollo Medical Management, Inc.
	 	700 N. Brand Blvd. Suite 220
	 	Glendale, California 91203
	 	Attention: CFO
	 	 
	 	 
	BORROWER:	Apollomed Care Clinic, a Professional Corporation
	 	700 N. Brand Blvd. Suite 220
	 	Glendale, California 91203
	 	Attention: CEO

 

6.2 Waivers; Amendments. Any term, covenant,
agreement or condition of this Loan Agreement or any other Loan Document may be amended or waived if such amendment or waiver is
in writing and is signed by Borrower and Lender. No failure or delay by Lender in exercising any right hereunder shall operate
as a waiver thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further
exercise thereof or of any other right. A waiver or consent given hereunder shall be effective only if in writing and in the specific
instance and for the specific purpose for which given.

 

6.3 Successors and Assigns. This Loan Agreement
and the other Loan Documents shall be binding upon and inure to the benefit of Borrower, Lender and their respective successors
and permitted assigns, except that Borrower may not assign or transfer (and any such attempted assignment or transfer shall be
void) any of its rights or obligations under any Loan Document without the prior written consent of Lender.

 

6.4 Set-off. In addition to any rights
and remedies of Lender provided by law, Lender shall have the right, without prior notice to Borrower, any such notice being expressly
waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of a Default or

an Event of Default, to set-off and apply against any Indebtedness,
whether matured or unmatured, of Borrower to Lender (including, without limitation, the Obligations), any amount owing from Lender
to Borrower. The aforesaid right of set-off may be exercised by Lender against Borrower or against any trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of Borrower or against anyone else
claiming through or against Borrower or such trustee in bankruptcy, debtor-in- possession, assignee for the benefit of creditors,
receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off shall not have been
exercised by Lender prior to the occurrence of a Default or an Event of Default. Lender agrees promptly to notify Borrower after
any such set-off and application made by Lender, provided that the failure to give such notice shall not affect the validity of
such set-off and application.

 

6.5 No Third Party Rights. Nothing expressed
in or to be implied from this Agreement or any other Loan Document is intended to give, or shall be construed to give, any Person,
other than the parties hereto and thereto and their permitted successors and assigns, any benefit or legal or equitable right,
remedy or claim under or by virtue of this Agreement or any other Loan Document.

 

    	 

    	 

    

 

6.6 Partial Invalidity. If at any time
any provision of this Loan Agreement or any of the Loan Documents is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of the Loan Agreement
or such other Loan Documents, nor the legality, validity or enforceability of such provision under the law of any other jurisdiction,
shall in any way be affected or impaired thereby.

 

6.7 Governing Law. This Loan Agreement
and each of the other Loan Documents shall be governed by and construed in accordance with the laws of the State of California
without reference to conflicts of law rules.

 

6.8 Construction. Each of this Loan Agreement
and the other Loan Documents is the result of negotiations among, and has been reviewed by, Borrower, Lender and their respective
counsel. Accordingly, this Loan Agreement and the other Loan Documents shall be deemed to be the product of all parties hereto,
and no ambiguity shall be construed in favor of or against Borrower or Lender.

 

6.9 Entire Agreement. This Loan Agreement
and the other Loan Documents, taken together, constitute and contain the entire agreement of Borrower and Lender with respect to
the subject matter hereby and supersede any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.

 

IN WITNESS WHEREOF, the parties have executed
this Loan Agreement as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	APOLLOMED CARE CLINIC, A PROFESSIONAL CORPORATION
	 	 
	 	By: /s/ Warren Hosseinion, M.D.
	 	-----------------------------------
	 	Name: Warren Hosseinion, M.D.
	 	Title:Chief Executive Officer
	 	 
	 	LENDER:
	 	 
	 	APOLLO MEDICAL MANAGEMENT, INC.
	 	 
	 	By: /s/ Kyle Francis
	 	-----------------------------------
	 	Name:Kyle Francis
	 	Title: Chief Financial OfficerAssets Transfer Agreement for Pucheng
12000 KW Biomass Power Generation Project Phase II

 

This agreement is signed on September 5,
2013 in Xi’an, Shaanxi between Pucheng Xin Heng Yuan Biomass Power Generation Co., Ltd. and Xi’an TCH Energy Technology
Co., Ltd.

 

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Assets Transfer Agreement for Pucheng
12000 KW Biomass Power Generation Project Phase II

 

Transferor: Pucheng Xin Heng Yuan Biomass
Power Generation Co., Ltd. (hereinafter referred to as Transferor)

 

Legal Representative: Xueyi Dong

 

Transferee: Xi’an TCH Energy Technology
Co., Ltd (hereinafter referred to as Transferee)

 

Legal Representative: Guohua Ku

 

This agreement is the final official agreement
based on the Letter of Intent for Technical Transformation signed on May 18, 2013 between two parties.

 

Whereas

 

1. The Transferor is a limited liability
company established and existed under the laws of People’s Republic of China.

 

2. The Transferee is a limited liability
company established and existed under the laws of People’s Republic of China.

 

3. Through amicable negotiation, Parties
entered the Letter of Intent for Technical Transformation on May 18, 2013. The Transferor owns a thermal power plant and
agrees to cooperate with the Transferee to reform the thermal power plant into a biomass power plant. After transformation, the
biomass power plant will be transferred to the Transferee. Both parties will complete the asset transfer according to the letter
of intent.

 

4. Parties have completed the transformation
in accordance with the technical plan provided by the Transferee. The power plant has met requirements for a biomass power generation
plant and equipment runs properly.

 

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Item One Definition

 

Unless otherwise specified in this agreement,
the terms are defined as follows:

 

1. Transferred assets: all assets stipulated
in Exhibit A of this agreement—Assets Transfer List.

 

2. Working Days: Monday to Friday of every
week, excluding public holidays of China.

 

3. Effective Day: the date when this agreement
comes into legal force.

 

4. Signature Date: the date when Parties
sign or seal the agreement.

 

5. Closing Day: the day on which the Transferor
transfers the assets and ownership to the Transferee, that is, the effective date of this agreement.

 

6. Chinese Law: applicable laws, regulations,
orders, notices, and rules that are promulgated by the Chinese government and its agencies on or before the effective date of this
agreement.

 

Item Two Asset Transfer

 

1. The Transferor agrees to transfer all
assets stipulated on Exhibit A of this agreement—Assets Transfer List to the Transferee.

 

2. The Transferee agrees to accept the
transferred assets from the Transferor according to this agreement.

 

3. All assets under this agreement shall
be transferred to the Transferee on the Closing Day.

 

4. The Transferee will become the only
legal owner of the transferred assets and assumes all rights and obligations from the Closing Day, unless otherwise specified.

 

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Item Three Transfer of Assets

 

Parties agreed that the assets and their
ownership to be transferred are all listed on the exhibit of this agreement. Any contracts, agreements, rights and responsibilities
in the agreements between Transferor and any third parties that relate to the transfer assets and their debt and credit relationship
are not included. The Transferor shall assume such responsibilities to the third party by itself and protect and ensure Transferee
is free from these liabilities and responsibilities. Parties agree, the Transferee will not assume any debt, liability, account
receivable, bank loan, government tax or fee or any other mortgages on the transfer assets.

 

Item Four Others

 

1. If Transferor has purchased any type
of insurance for the transfer assets, and such insurance is still valid upon the closing date, then Transferor shall change the
insurer and beneficiary person on the insurance policy to Transferee within 5 working days of the Closing Date, and provide the
original insurance policy to Transferee. The Transferee shall receive all the benefit and income from the insurance policy from
the closing date.

 

2. Transferor promise, upon and after the
closing date, if Transferor acknowledges any business information directly relates to the business that Transferee is operating,
Transferor shall first and immediately provide such business information to the Transferee.

 

Item Five Price, Time and Method of
Payment

 

Based on the construction and transfer
price for biomass power plants with the same capacity on the current market, and the assets condition and transformation cost for
the original thermal power plant of the Transferor, Parties agreed that the transfer price is RMB 100 million in total (including
RMB 32 million for transformation cost prepaid by the Transferor as described in the letter of intent). Parties agreed that the
payment shall be made by issuing common stock shares by the parent company of Transferee, China Recycling Energy Corporation (CREG)
to the Transferor at the price of $1.87 per share as the payment for assets transfer.

 

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1. The Transferee shall issue 8,766,547
common stock shares of CREG (the "Shares") as payment to the Transferor within ten working days upon the Closing Date
when the assets are transferred to the Transferee. Both parties agree that the exchange rate for USD to RMB for the agreement and
the payment is 1:6.1.

 

2. The Transferee shall complete all procedures
for the issuance of shares, and the Transferor shall provide required documents.

 

3. The Transferee agrees to urge its U.S.
parent company CREG to register all the Shares with SEC in the Form S-3 in a reasonable amount of time. If Transferee’s parent
company is not eligible for Form S-3 registration for any reason, then it shall provide the Transferor the piggy back registration
rights for Form S-1 registration statement.

 

Item Six Representation, Warrant and
Covenants of the Transferor

 

Transferor represents
and warrants to the Transferee:

 

1. The Transferor is a Chinese legal business
entity with good standing.

 

2. Transferor has lawful and full ownership
rights to the transfer assets and has the rights to execute this agreement and transfer the assets. The transfer assets or their
related rights and beneficiaries are free of any mortgage, lien, pledge, restrictions or claims from any third parties as well
as free from any court judgment or verdict by arbitration commissions or any other defects. Transferee shall have all the lawful
ownership rights of the transfer assets upon the effective date of this Agreement, including but not limited to possession, use,
beneficial and disposal rights of the transfer assets. The transfer assets are not to be confiscated or detained under Chinese
law or by any third person or be imposed with any mortgage, lien, pledge or any other forms of obligations.

 

3. Transferor warrants, as to the effective
date of this Agreement, Transferor has not infringed any third party’s patents, copy rights, trademark intellectual property
rights or any other property rights with regard to the transfer assets, and there is no third party has made any claims for these
rights. Upon and after the closing date, the exercise of the transfer assets rights by Transferee will not infringe any third party’s
patents, copy rights, trademark intellectual property rights or any other property rights.

 

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4. As to the effective date of this Agreement,
Transferor has notified all third parties that are related to the transfer assets with regard to the transfer.

 

5. Transferor didn’t make any promises,
agreements or arrangements that could create or cause any mortgage, lien, pledge or any other rights on the transfer assets which
will benefit any third party on or after the closing date,.

 

6. As to the closing date of this Agreement,
Transferor hasn’t acknowledged any claims or requests from any third party regarding to any part of the transfer assets which
could have negative impact on Transferee’s rights, nor has it had any direct or indirect disputes, litigation or arbitration
related to the transfer assets.

 

7. Transferor has disclosed to Transferee
all the information related to the transfer assets that Transferee needs to know for the daily operation of the transfer assets,
and hasn’t withheld any information the disclosure of which might affect the execution of this Agreement.

 

8. Transferor shall deliver the transfer
assets list to Transferee on the date of signature date of this Agreement.

 

The above representations, warrants and
covenants have the effect of tracing to the effective date of this Agreement and will keep effect after the signature date of this
Agreement.

 

Item Seven Representations, Warrants
and Covenants of the Transferee

 

1. Transferee is a legally incorporated
and existing legal entity under Chinese Laws.

 

2. Transferee has the full rights to conduct
the assets transfer under this Agreement and has obtained any authorization to execute and perform this Agreement. Transferee’s
board of directors have approved the assets transfer under this Agreement by its resolution.

 

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3. Make the payments to Transferor according
to the terms of this Agreement.

 

Item Eight Other Items

 

1. Parties agree, based upon the principle
of honesty and trust, Transferor shall complete the assets transfer process within three working days of the signature date of
this Agreement.

 

2. Transferor agrees to complete any other
matters, including but not limited to sign or have any third party to sign any documents or application, or obtain any approval
consent or permit, or complete any registration or filing before the closing date. Parties further agree, upon the execution of
this Agreement, to make supplement agreements before the closing date, so the transaction could be completed. The supplement agreement
shall be an integrated part of this Agreement.

 

Item Nine Liabilities for Breach

 

1. Any party’s breach of its representation,
warrants and covenants or any other terms of this Agreement will be consider as a breach of the Agreement. The breaching party
shall pay full and adequate compensation to the other party, including but not limited to the legal fees of another party due the
breach (including but not limited to the professional consulting fees) and lawsuits with any third party or compensation to any
third party (including but not limited to the professional consulting fees).

 

2. On and after the closing date, if there
are any disputes or debts related to the transfer assets which Transferor didn’t disclose to Transferee on or before the
closing date, Transferor shall try its best to solve it to avoid any damages to the Transferee and the transfer assets. If such
disputes or debts cause any loss to the Transferee or the transfer assets, Transferor shall compensate Transferee for all losses.

 

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Item Ten Dispute Resolution

 

1. Disputes arising from the execution
of this agreement or in connection with this agreement shall be settled by both parties through amicable negotiation. If consensus
cannot be resolved, either party may, according to the agreement, submit a complaint to China International Economic and Trade
Arbitration Commission Beijing Branch, which will arbitrate the compliant in accordance with its current effective rules. The arbitration
award shall be final and binding in both parties.

 

2. During the arbitration, except the matters
or obligations in dispute submitted to arbitration, both parties shall continue to fulfill the other undisputed liabilities of
this agreement.

 

Item Eleven
Entire Agreement

 

According to Chinese law, if any terms
are considered invalid by Arbitration Commission, the validity of other terms of this Agreement shall not be affected.

 

Item Twelve Applicable Law

 

Any issues relating to the execution, effectiveness,
interpretation, performance and disputes of this Agreement shall be governed by Chinese laws.

 

Item Thirteen Agreement Rights

 

Without written consent by another party,
no party shall transfer its rights and obligations under this Agreement to any other party.

 

Item Fourteen Taxes

 

Parties agree any taxes or fees required
for each party by the Chinese laws due to its performance of this Agreement shall be assumed by such party itself. If the taxes
or fees are required to be assumed by both parties, the parties shall split it equally.

 

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Item Fifteen Force Majeure

 

1. Force Majeure is the event that could
not be controlled, foreseen or even is foreseen but could not be avoided, and such event prevents, delays or affects any party
of the Agreement to perform all or part of its obligation. Such event includes but not limited to earthquake, typhoon, flood, fire
or any other natural disaster, war, riot, strike or serious epidemic decease or other similar events.

 

2. If there is a force majeure event, the
party suffering such event shall notify the other party by the fastest possible measure, and it shall provide supporting evidences
within 15 days with details and reasons why such party cannot perform all or part of its obligation or needs to delay its performance,
then the Parties shall consult whether to delay the performance of this Agreement or terminate this Agreement.

 

Item Sixteen Exhibits

 

All the exhibits of this Agreement are
integrated parts of this Agreement and have same legal effect.

 

Item Seventeen Copies

 

This Agreement is written in Chinese. There
are two original copies and each party holds one copy. Each original copy has same legal effect.

 

Item Eighteen Others

 

1. Any notice from one party to another
in connection with this Agreement shall be in written format and sent by personal delivery, fax, telex or mail. If the notice is
sent by personal delivery, it is considered as delivered when it is sent to the other party’s mailing address and signature
demonstrating receipt has been obtained. If it is sent by fax or telex, it is considered as delivered when the sender received
the sent answer report from the machine; if it is sent by registered mail, it is considered as delivered on the 5th working days
after the mailing out date.

 

2. Any change to this agreement shall be
agreed upon in writing by both parties before it could take effect. Any change and supplement to this Agreement is an integrated
part of this Agreement.

 

3. Any party fails to or delays to exercise
its rights or benefits under this Agreement should not be considered as the waiver of such rights. Also, the partial non-exercise
of such rights should not prevent such party from exercising such rights or benefits in the future.

 

    	9

    	 

    

 

4. The rights or remedies under this Agreement
are cumulative and don’t eliminate other rights and remedies provided by Chinese Laws or provided by laws, regulations or
other legally enforceable measures and documents from Chinese government after the closing date.

 

5. Parties confirm that this Agreement
will take effect upon the Parties or their representatives’ execution of this Agreement.

 

Parties have signed this assets transfer
agreement for the 12000 KW biomass power generation project of Pucheng II and acknowledge holding a fully executed copy of this
agreement.

 

Transferor: Pucheng Xin Heng Yuan Biomass
Power Generation Co., Ltd.

 

Authorized Representative: __________________

 

Transferee: Xi’an TCH Energy Technology
Co., Ltd.

 

Authorized Representative: ___________________

 

    	10

    	 

    

 

Exhibit A

Assets Transfer List

 

    	11

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