Document:

Exhibit 10.4

 

Trust Loan Contract

 

Between

 

China Minsheng Trust Co., Ltd.

 

And

 

Wuhan Kingold Jewelry Co., Ltd.

 

Contract No.: [2019-MSJH-129-2]

  

2019

   

     

     

    

 

Trust Loan Contract

 

Lender (Party A): China Minsheng Trust Co.,
Ltd.

 

Address: 19/F, Tower C, Minsheng Financial
Center, No. 28, Jianguo Mennei Road, Dongcheng District, Beijing

 

Zip Code: 100005

 

Legal Representative: Zhiqiang Lu

 

Fax Number: 010-85259080

 

Phone Number: 010-85259092

 

Borrower (Party B): Wuhan Kingold Jewelry
Co., Ltd.  

 

Address: Te 15, Huangpu Science & Technology
Garden, Jiangan District

 

Zip Code: 430023

 

Legal representative: Zhihong Jia 

 

Fax Number: 027-65694977

 

Phone Number: 027-65694977

 

Whereas:

 

1. Party A is a duly incorporated
trust company with good standing, and Party B is a duly incorporated limited liability company with good standing.

 

2. According to [2019-MSJH-129-1]
China Minsheng Trust – Zhixin No. 693 Kingold Jewelry Loan Assembled Fund Trust Plan Trust Contract (“Trust Contract”
or “Trust Document”), Party A sets up China Minsheng Trust – Zhixin No.693 Kingold Jewelry Loan Assembled Fund
Trust Plan (“Trust Plan”) and agrees the trust fund is used to issue loans to Party B.

 

3. According to the Trust
Document, Party A plans to sign this Contract with Party B and issue a trust loan to Party B.

 

The Contract is made in
line with relevant laws and regulations to specify the rights and obligations of both parties after reaching consensus through
consultation.

  

     

     

    

 

Article 1 Definitions

 

1. In the Contract (as defined
below), save where the context or text otherwise requires, the following words and expressions shall have the same meanings in
the Trust Document:

 

1.1 Contract:
the Contract [2019-MSJH-129-2] Trust Loan Contract between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. and
any other effective revisions and annexes.

 

1.2 Issuance Date
of Loan: for each allocation of trust loan, the date of issued loan by Party A to Party B, specified on the certificate
of indebtedness of loan regarding that allocation. If the first Issuance Date of Loan is inconsistent with the date of establishment
of the Trust Plan, or if any following Issuance Date of Loan is inconsistent with the date of successful funding of the fund corresponding
to this loan, the date of when the Trust Plan begins effective or the corresponding following date of actual usage of each fund
allocation is the Issuance Date of Loan.

 

1.3 Expiration
Date of Loan: for each allocation of the trust loan, the expected expiration date of each trust loan, or the date of advanced
expiration of loan of each trust loan, or the date when the extending period of this loan ends.

 

1.4 Interest Settlement
Date: March 15, June 15, September 15, December 15 of each natural year and each Expiration Date of Loan. The Interest
Settlement Date cannot be extended.

 

1.5 Interest Payment
Date: each Interest Settlement Date. If Interest Payment Date is not a business day, then it will be the next business day.

 

1.6 Month:
for each allocation of trust loan, the period from the Issuance Date of Loan or corresponding date of the Issuance Date of Loan
(including that date; if there is no corresponding date of that month, then to be the last date of that month) to the corresponding
date of the Issuance Date of Loan of next month (excluding that date; if there is no corresponding date of that month, then to
be the last date of that month) is a loan Month for that allocation. The specific starting date and ending date should be the dates
on the certificate of indebtedness of that allocation.

 

1.7 Year:
for each allocation of the trust loan, the 12 Month period since the Date of Loan is a loan Year for that allocation.

 

1.8 Pledgor:
Wuhan Kingold Jewelry Co., Ltd.

 

1.9 Pledge Date:
The date of delivering pledge and setting up the pledge right by the Pledgor under Gold Pledge Agreement.

 

1.10 Gold Pledge
Agreement: Gold Pledge Agreement between China Minsheng Trust Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd. signed
by Party A and Pledgor [2019-MSJH-129-3] and any amendments or supplements.

 

1.11 Guarantor Zhihong
Jia (ID: 420102196111133118)

 

     

     

    

 

1.12 Contract
of Guaranty: Contract of Guaranty between China Minsheng Trust Co., Ltd. and Zhihong Jia [2019-MSJH-167-5] signed by Party
A and guarantor and any amendments or supplements.

 

1.13 Warrantor:
Each of joint of the Pledgor, Gurantor, etc.

 

1.14 Contract
of Warranty: each of or the joint name of the Contract of Gold Pledge, Contract of Guaranty and other warranty transaction
documents.

 

1.15 Supervising
Bank: Bohai Bank Share Limited Co. Wuhan Brank.

 

1.16 Capital Supervision
Agreement: Fund Supervising Bank [2019-MSJH-129-6] signed between Party A, Party B and Supervising Bank and any amendments
or supplements.

 

1.17 Trust Protection
Fund: China Trust Industry Protection Fund.

 

1.18 Authorized
Subscription Contract of Trust Industry Security Fund: Authorized Subscription Contract of Trust Industry Security Fund [2019-MSJH-129-7]
signed by Party A and Party B.

 

1.19 Yuan:
refers to the monetary unit of China, the Reminbi or RMB.

 

1.20 China: Refers
to the People’s Republic of China excluding Hong Kong, Macau and Taiwan.

 

Article 2 Amount of Loan

 

The amount of loan under
the Contract is Six Hundred Million Yuan, or RMB 600,000,000.00, in multiple allocations. The specific amount of each allocation
of loan shall follow the amount specified on the certificate of indebtedness of loan. 

  

Article 3 Purpose of Loan and Supervision

 

3.1 Party B shall use the
loan for supplementary liquidity needs.

 

Party B is not allowed to
change the purpose of loan without prior written consent of Party A. Party B is not allowed to use the loan for fixed investment
in assets and stock rights etc., securities market investment, land storage, and real estate development, projects prohibited by
any law, regulation, regulatory provision and national policy.

 

3.2 The trustor under the
trust or a third party designated by it supervises if Party uses the money according to this Contract. Both parties should comply
with Capital Supervision Agreement signed by party B and the supervision bank.

 

     

     

    

 

3.3 The content of Capital
Supervision Agreement should be confirmed with consents of each party.

 

Article 4 Length of Maturity

 

4.1 The loan under this
Contract is issued in allocations. The life of loan of each allocation of loan is 12 Months, calculated since its respective Issuance
Date of Loan. The period from issuance date of the first installment to the expiration date of the last installment shall not exceed
18 months.

 

4.2 Based on conditions
prescribed in the Contract, Party A shall have the right to announce that the loan or partial of the loan is due in advance.

 

4.3 If party B applies for
extension, the length of the loan under this contract may extend with the approval of party A, however the length of the extension
should be in six month after the maturity of the loan.

  

Article 5 Interest Rate, Interest Calculation,
Settlement of Interest, Payment of Interest and Penalty Interest

 

5.1 Interest Rate

 

The annual interest rate
of loan under the Contract is 11%.

 

5.2 Interest Calculation

 

Interest of each loan under
the Contract will calculated respectively starting from the Issuance Date of Loan. The interest of each loan is calculated by day,
with daily interest rate= monthly interest rate/30= yearly interest rate/360. For each loan, amount of loan interest due every
day = amount of loan balance on that date x [11]%/360.

 

5.3 Interest Settlement

 

Interest on the loan under
this Contract is calculated by using the Interest Settlement Date corresponding to each loan. The period is from loan issuance
date (inclusive) or the last Interest Settlement Date (inclusive) to this Interest Settlement Date (exclusive). The last interest
settlement date of each loan under this Contract is the Expiration Date of Loan. The principal should be paid off along with its
interest.

 

5.4 Interest Payment

 

Party B shall make full
interest payment to Party A for each loan on each Interest Payment Date. If the loan is issued by allocations, each allocation
is calculated in following way and the interest is paid accordingly.

 

     

     

    

 

Interest shall be paid by
Party B on every Interest Payment Date within first year after the issuance of the loan= Σ the loan interest every day from
the Issuance Date of Loan (inclusive) or last interest settlement date (inclusive) to the interest settlement date (exclusive)

 

5.5 Penalty Interest

 

(1) If Party B changes the
purpose of loan, Party B should pay additional 100% interest based on the original interest rate starting from the date of such
change regarding the changed part.

  

(2) If Party B fails to
make loan payments as scheduled, Party B shall pay additional 50% interest based on the original interest rate starting from the
date of such failure. If Party B fails to make interest payment as scheduled, Party B shall pay compound interest according to
the 50% penalty interest rate.

 

(3) Original interest rate
refers to the applicable rate used prior to the Expiration Date of Loan (including accelerated maturity date or expiration date
for extension).

 

(4) In case the payment
is overdue AND the purpose of loan has been changed, Party B shall pay the higher interest rate according to above provisions.

 

Article 6 Issuance of Loan

 

6.1 Only after satisfying
the following prerequisites, Party A is in duty bound to issue a loan to Party B.

 

 (1) To issue the first
loan, the trust plan has been set; to issue each of following loans, the subscription of that trust unit is successful;

 

(2) According to currently
effective laws, regulations, certificate of incorporations and other organizational documents, Party B, each Warrantor and others
have provided all necessary legal documents and legally valid internal/external approval and authorization documents, and submit
the list of persons with signature rights and the signature specimen of these persons;

 

(3) The Contract, Contract
of Warranty, Capital Supervision Agreement, Safekeeping Contract, Authorized Subscription Contract of Trust Industry Security Fund
and other transaction documents have been signed and taken affect;

 

(4) Notarization of compulsory
execution of the Contract and Gold Pledge Agreement has been transacted;

 

(5) Contract of Entrust
Subscription has been signed and taken affect;

 

(6) The balance pledge rate
calculated under Gold Pledge Agreement Pledged is not higher than 70%, the above mentioned pledge procedure has been processed,
the pledge gold has been secured in the safe of China Industry and Commerce Bank Hubei Branch Wuhan Shuiguohu site, the property
insurance of the pledge gold with Party A as the first beneficiary has been bought (mainly theft and robbery insurance, insurance
term is not shorter than the last loan maturity date, and the insurance company should specify in the special agreement list of
the insurance slip that it bears insurance responsibility of the quality and weight of the pledge gold);

 

     

     

    

 

(7) Until the issuance date
of the loan, all the statements and guarantees provided by Party B in Article 10 of this Contract are true, accurate and effective.
Party B’s financial situation is basically similar with it when signs this Contract without any major adverse change;

 

(8) Until the issuance date
of the loan, the issuance of the trust loan of Party A to Party B under the Contract does not violate all the laws and regulations;

 

(9) Party B’s business
operation status (including but not limited to its financial status) does not have any substantial changes which cause any major
adverse influence on the transaction under the Contrac;.

 

(10) Any laws, regulations,
regulatory provisions, other regulatory documents or regulatory agencies do not limit or prohibit Party A to issue a loan to Party
B as described in the Contract;

 

(12) Other requirements
by Party A.

 

6.2 Within three days since
all conditions under Article 6.1 are met (unless Party A waives any or more of them), Party A should transfer each loan to the
following loan account opened by Party B.

 

Bank Name: Bohai Bank, Wuhan
Guanggu Branch

Account Number: 2002127680000763

Account Name: Wuhan Kingold
Jewelry Co., Ltd

  

Article 7 Repayment

 

7.1 Principal of Repayment

 

As for the loan under the
Contract, Party B shall repay interest first and then principal. Party A is entitled to use the payment of Party B to first pay
off all expenses which should be undertaken by Party B but are paid by Party A for Party B and expenses for Party A realizing creditor’s
right.

 

If the payment of Party
B is insufficient to pay off the payable amount of Party A (including but not limited to loan principal, interest, liquidated damages,
compensation for damage, expense for achieving the creditor’s right and other expenses payable) under the Contract, Party
A is entitled to decide the sequence of refunding principal, interest and other expenses.

 

7.2 Repayment of Principal
and Interest

 

     

     

    

 

Party B shall pay the interest
according to the Article 5.4 in the Contract on each Interest Payment Date. The last Interest Payment Date of every loan is the
Expiration Date of Loan for such loan under the Contract and the principal should be paid along with the interest.

 

7.3 Prepayment

 

(1) Party B could request
prepayment, but only after sending request in writing 30 days in advance to Party A and getting Party A’s approval. If the
life of the loan of that month is less than 30 days, the loan interest is calculated basing on 30 days.

 

(2) The interest of prepayment
is calculated according to this Contract.

 

7.4 Party B shall transfer
the payment of principals and interests to the following account appointed by Party A:

 

Bank name: China Merchants
Bank, Beijing Shijicheng Branch

Account number: 755900002810225

Account name: China Minsheng
Trust Co., Ltd 

 

Article 8 Warrant of Loan

 

8.1 All debts under the
Contract (including but not limited to all principals, interests, default interests, compound interests, liquidated damages, compensation,
all payments for creditor to realize the creditor’s rights and other payments that Party B shall pay) are guaranteed by the
Pledgor in the following manners:

 

(1) Pledge: Party B provides
pledge guarantee with its inventory of gold with standard not lower than Au9995. Under the presumption of principal pledge rate
no higher than 70%, the gold amount that should be pledged is calculated basing on the Au9995 closing price of Shanghai Gold Exchange
on the day prior to pledgor date. The details are specified in the Gold Pledge Agreement.

 

(2)Warrant: the warrantor
should provide joint liability guaranty for party B. The details are specified in the Warrant Agreement.

 

8.2 For the details about
all warrant ways under Article 8.1, the provisions of the warrant agreements such as Guaranty Agreement and Gold Pledge Agreement
prevails.

 

Article 9 Rights, Obligations, Representations
and Warranties of Party A

 

9.1 Rights of Party A

 

(1) Party A is entitled
to require Party B to repay the principals, interests and expenses of the loan;

  

     

     

    

 

(2). Party A is entitled
to require Party B to provide the most recent audited financial statements and all other relevant documents related to the loan
under the Contract;

 

(3) Party A is entitled
to understand the production and management, financial activity of Party B;

 

(4) Party A is entitled
to report to the authorities if Party B evades Party A’s supervision, delays payment of loan principal and interest and conducts
other actions of breach of Contract;

 

(5) Party A or its authorized
third party is entitled to collect payments that are not fully paid or timely paid by Party B via various communication channels.
The expenses resulted from such collection acts will be borne by Party B;

 

(6) Party A or its authorized
third party is entitled to perform regular inspections on Party B’s purchase agreements to check the matching status of the
actual purchase agreements and actual fund usage;

 

(7) If any situation happens
as prescribed in Article 11 and Party A believes it may endanger creditor’s rights under the Contract, or Party B defaults
under this Contract in any way, Party A is entitled to announce the loan is due in advance and require Party B to pay all due principals
and interests of the loan;

 

(8) Party A’s other
rights entitled by law, regulations and the Contract.

 

9.2 Obligations of Party
A

 

(1) Issue the loan on schedule
based on the Contract, save the delay due to reason of Party B or other reasons not concerned about Party A;

 

(2) Keep the financial information
and the commercial secrets about production and management provided by Party B in confidentiality, save the laws and regulations
otherwise require, or disclose according to regulatory department and administrative supervision department or disclose to engaged
third parties.

 

9.3 Representations and
Warranties of Party A

 

Representations and Warranties
of Party A are as follows:

 

(1) It is a registered trust
company approved by China Banking Regulatory Commission and has the qualification to sign this Contract;

 

(2) It is its real intention to sign and
perform the Contract. It has legally performed all necessary formalities for signing and performing the Contract. All the procedures
to sign and fulfill the Contract have been legally performed and are legally effective.

 

     

     

    

 

(3) It issues trust loan
to Party B under the Trust Contract and its execution and enforcement of this Contract does not violate any of its obligations
under the Trust Contract.

 

Article 10 Rights and Obligations of Party
B

 

10.1 Rights of Party B

 

(1) Entitled to get and
use the loan according to the stipulated terms and loan usages of the Contract.

 

(2) Entitled to require
Party A to keep the relevant financial information and commercial secrets about production and management provided by Party B in
confidentiality, save where laws, regulations or this Contract otherwise require or necessary disclosure to principals and beneficiaries
because Party A sets up the trust .

 

 10.2 Obligations of
Party B

  

(1) Get the loan according
to stipulations of the Contract;

 

(2) Per Party A’s
requests, provide materials quarterly (within 20 business days at the beginning of each quarter) to Party A about financial accounting
and production and operation, including but not limited to the balance sheet, profit and loss statement, cash flow statement and
financing situation (all the banks with its accounts, accounts, balance situation, etc.), usage situation of loan fund, etc.; per
Party A’s request, provide operation situation introduction to Party A quarterly (within 20 business days at the beginning
of each quarter), including but not limited to the operation situation of the main business of last quarter, constitution of revenue
and profit source, material investment and financing outside of the company, deposition of material assets, and other information
with material impact on the operation; submit the financial statements of last year by the end of every April; and takes responsibility
of the authenticity, legality, completeness and validity of the foregoing provided documents;

  

(3) Use the loan for the
purpose agreed in the Contract and do not forcibly occupy and misappropriate it or use it in any project that violates the laws
and regulations;

 

(4) Actively cooperate and
consciously accept the investigation and supervision of Party A or its engaged third party on its production and management, financial
activity and loan utilization under the Contract;

 

(5) Pay off principals and
interests of loan on schedule and pay other amounts due (if any) in accordance with the stipulations of the Contract;

 

(6) Bear related expenses
under this Contract, including but not limited to insurance, evaluation, registration, safekeeping, appraisal, notarization and
other matters;

 

     

     

    

 

(7) Party B and its investors
are not allowed to secretly withdraw funds or transfer assets to evade debts to Party A;

 

(8) Before paying off the
principals and interests, it shall not, without Party A’s consent, use the assets resulted from the loan to warrant for a
third party;

 

(9) During the duration
of the Contract, it shall not provide any warrant to a third party without Party A’s consent, shall not allocate its profits;
repayment of loans of Party A’s shareholders shall not be done before the repayment of principal and interest of the loan
under this Contract;

 

(10) Before any full or
partial transfer of debt to a third party, it shall get prior written consent of Party A;

 

(11) During the duration
of the Contract, if Party B alters its name, legal representative, address, business scope and registered capital, it should notify
Party A in writing;

 

(12) During the duration
of the Contract, in case Party B engages in contracting out business operation, lease, shareholding system transformation, joint
venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, transfer of material assets
or other acts of disposition which will impact the realization of Party A’s credit, Party B shall notify Party A in writing
at least 30 days in advance for its consent and address the matters of payment and guaranty of the debt under the Contract according
to Party A’s requirements;

 

(13) In case Party B suffers
business halts, bankruptcy, dissolution, closure of business, cancellation of business license, and revocation, the Contract is
deemed to reach its expiration. Party B shall send a written notice to Party A within three days since the date of its occurrence
and repay all principals and interests immediately;

 

(14) If any incident causes
danger to Party B’s normal business or materially and adversely affect Party B’s ability to fulfill its payment obligation
under the Contract, including but not limited to, material financial disputes, litigation, deterioration of financial situation,
serious hardship of production and operation, dissolution, closure of business, cancellation of business license, and revocation,
etc., Party B shall send a written notice to Party A within three days since the date of its occurrence and address the matters
of payment and guaranty of the debt under the Contract according to Party A’s requirements;

 

(15) Ensure all Warrantors
(if any) to work with Party A to sign Contracts of Warranty (if any) and go through relevant notarization and registration procedures;

  

(16) In case the Warrantors
under the Contract suffers business halts, bankruptcy, dissolution, closure of business, cancellation of business license, revocation
or similar situations, and partly or fully loses the warrant ability corresponding to this loan, Party B shall promptly provide
Party A other warrant recognized by Party A;

 

     

     

    

 

(17) Party B, without any
consent from Party A, shall not incur any kind of debt, investment or financing, including but not limited to, bank loan, trust
loan, merger loan, setting property trust, setting special asset earning right, share or share beneficiary investment and financing,
and other kinds of investment and financing activities;

 

(18) During the term of
this Contract, Party B does not distribute dividends to shareholders;

 

(19) Party A is allowed
to refer to China Bank about the credit data of Party B

 

(20) Party B should provide
evident materials to prove the loan capital is used as signed in this contract. Such capital includes but not limited purchase
contract, receipt, or others.

 

(21) Party B shall take
responsibility to Party A for the loss caused by breaching the Contract.

 

10.3 Representations and Warranties of Party
B

 

Representations and warranties
of Party B are as follows:

 

(1) It is a legally registered
and validly existing business entity. Until the Issuance Date of Loan, it is in normal operation, and does not have any current
or reasonably expected factor which may cause it to be unable to keep the normal operation during the loan term;

 

(2) It is its real intention
to sign and perform the Contract. It has legally performed all necessary formalities for signing and performing the Contract. These
conducts do not violate the certificate of incorporation or other organizational documents or any laws, regulations, charters and
other regulatory documents, judgments, contracts, commitments, or arrangements. All the procedures to sign and fulfill the Contract
have been legally performed and are legally effective;

 

(3) All the documents, materials,
relevant financial statements and certificates provided to Party A for the loan under the Contract are true, correct, complete,
legally valid, and do not have any misleading statements, false record or material omission;

 

(4) It does not conceal
any past actions or actions that may happen which might prevent the issuance of the loan under the Contract, including but not
limited to,

 

1) serious illegal actions,
discipline incidents or material claims related to it or its person in charge;

3) any breach actions related
to contracts with other creditors;

2) litigations, arbitrations
and other disputes;

4) its debt and debt guarantees;

5) other situations that
might influence its financial status or repayment ability.

 

     

     

    

 

(5) It allows Party A to
investigate its credits from the credit data center approved and set up by People's Bank of China and its credit supervisor department
or relevant agencies, agrees Party A to disclose its information to the credit data center approved and set up by People's Bank
of China and its credit supervisor department, or reasonably use or disclose those credit information out of business needs;

 

(6) Any existing legal documents
relevant to financing and/or guarantee (if any) do not include any terms that limit Party B’s refinancing or providing guarantee
and do not affect Party B’s application of trust loan to Party A under the Contract.

 

(7) Party B is not a non-residential
company, and the real controller of Party B is not a non-residential company.

 

The Representations and
Warranties of Party B is consecutively effective. When the agreement is revised, supplemented or amended, Party B is deemed making
the above Representations and Warranties repeatedly.

 

Article 11 Responsibility of Default

 

11.1 Default Situations

 

(1) Party B shall take the
responsibility of default by law if any situation as follow happens:

 

1) Fail to provide true,
complete and valid financial, accounting, operation status and other materials; conceal information that may affect its ability
to repay the loan;

  

2) Fail to use the loan
for the purpose agreed in the Contract, refuse Party A’s or its authorized third party’s supervision over the usage
of the loan;

 

3) Fail to pay interests
or any term of interest under the Contract on schedule, or fail to pay other amount payable (if any);

 

4) Fail to pay for Trust
Secure Fund timely under Trust Subscription Agreement;

 

5) Regarding other projects
between Party B, its Guarantor, their related parties and Party A (current or future, including but not limited to China Minsheng
Trust – Zhixin No. 439 Kingold Jewelry Loan Assembled Fund Trust Plan), Party B does not pay for loan balance or interest
of any allocation or other payables or perform warrant obligations (if any), or reach the fill-up line of pledge under such project
and the debtor/pledgee hasn’t supplemented corresponding gold or cash, or there is any other violation of agreements under
such project;

 

6) Transfer assets or withdraw
funds to evade debt;

 

     

     

    

 

7) Deterioration of operation
and financial conditions, failure to pay off due debt, involvement in serious litigation, arbitration or other legal disputes or
undertaking other debts happens and Party A believes it may affect or threaten its rights and benefits under the Contract;

 

8) During the duration of
the Contract, conducting transactions such as contracting out business operation, lease, shareholding system transformation, joint
venture, merger, acquisition, separation, increase and decrease of capital, alternation of stock rights, and other actions changing
operating way or system which Party A believes may impact or have impacted Party A’s rights under the Contract;

 

9) Its other debts may or
have affected the fulfillment of obligations to Party A;

 

10) Distribute dividend
without any consent from Party A during the duration of the Contract;

 

11) Enter into legal proceedings
of custody, taken over, consolidation, settlement, reorganization, bankruptcy, or dissolution, or being cancelled business license,
or being ordered business closure, stop, revocation or dissolution;

 

12) If Party B and/or Guarantor
has any situation that Party A believes material and disadvantageous, or violates any other project or contract with Party A or
other financial institution, Party A has the right to adopt the remedies under Article 11.2 under this Contract. If the violation
is serious, Party A has the right to terminate all projects cooperated with Party B;

 

13) Other breaches of the
Contract or other circumstances that Party A believes may affect or threaten or have affected or threatened the realization of
Party A’s rights and benefits under the Contract.

 

(2) If any following circumstances
happens to the Pledgor that Party A believes may affect the warrant ability of the mortgagor (or the Pledgor) and requires the
mortgagor (or the Pledgor) to remove the adverse implication caused by it, but the Pledgor and Party B do not cooperate, or Party
B refuses to provide new warrant and/or other remedies approved by Party A, Party B is deemed to violate the contract :

 

1) Upon signing the Gold
Pledge Agreement, the Pledgor concealed any situation that the rights associated with the pledge has been addressed, including
but not limited to, that the pledge has been rented, sold, the beneficial rights, operation rights or other rights have been transferred
by the Pledgor, the Pledgor/lessor has obtained long term rent in a lump-sum, or the Pledgor has already set up warrant, pledge
and other rights;

 

2) The behavior of a third
party resulted in the damage, lost, or devaluation of the pledge, and the Pledgor fails to address the damages under the mortgage
agreement;

 

3) The Pledgor’s behavior
will decrease the value of the pledge but refuses or fails to stop the action, restore its original situation or provide any warrant
upon Party A’s request;

 

     

     

    

 

4) Without any written consent
from Party A, the Pledgor gives, transfer, leases, repledges, transfer-pledges, moves the pledge, or addresses the pledge in any
other way or sets up other rights on the pledge;

 

5) The Pledgor addresses
the pledge with Party A’s consent, but fails to follow the Gold Pledge Agreement when handling the disposal price of the
pledge;

  

6) The pledge is damaged,
lost or its value is reduced which affects the repayment of the debt under the Contract, and the pledgor does not restore its value
promptly, or provides other warrants recognized by Party A;

 

7) Does not process mandatory
notary in accordance with this Contract and Gold Pledge Agreement;

 

8) Does not supplement corresponding
gold or cash in accordance with the warning line and closing line in accordance with Gold Pledge Agreement;

 

9) Other breach scenarios
under the Gold Pledge Agreement.

 

(3) If any following circumstances
happens to the Grantor that Party A believes may affect the guaranty ability of the Grantor and requires Grantor to remove the
adverse implication caused by it, but the Grantor and Party B do not cooperate, or Party B refuses to provide new guaranty and/or
other remedies approved by Party A, Party B is deemed to violate the contract:

 

1) At the time of signing
Guaranty Agreement, hides that he does not have the qualification or ability to take the guaranty responsibility, or hides the
foreign citizenship of the actual controller, or does not get the authorization and approval of the authorities;

 

2) Entity guarantor suffers
business halts, bankruptcy, dissolution, closure of business, cancellation of business license, revocation and business loss and
litigation, etc., natural person guarantor suffers death, loss, becoming person with limited or no civil liabilities, deteriorating
economic situation;

 

3) Guarantor fails to exercise
his rights to a third party so his guaranty ability is destroyed; these rights include but not limited to contract credit, undue
interest returning demand, repayment demand of management without cause, damage compensation demand, cancellation right, liquidation
request right, applying mandatory enforcement right, etc.

 

4) Activities of Guarantor
damage his guaranty ability; such abilities include but not limited to guarantor gives up credit, transfer his assets for free
or with unreasonable low price, setting warrant, pledge, deposit payment, being guarantor of other debts, etc.

 

5) Does not process mandatory
notary in accordance with this Contract and Guaranty Agreement;

 

     

     

    

 

6) Other breach scenarios
under the Guaranty Agreement.

  

11.2 Default Remedies

 

Party A is entitled to take
one or more of the following measures if and of the abovementioned defaults happen:

 

1) Stop issuing the rest
of the loan that has not been issued yet;

 

2) Announce the payment
is due immediately, collect in advance those loans issued, and require Party B to repay all the loan principals, interests and
other payments under the Contract;

 

3) Charge Party B the liquidated
damage which is 20% of the principal;

 

4) Exercise guarantee rights;

 

5) Regarding other projects
between Party B, its Guarantor, their related parties and Party A (current or future, including but not limited to China Minsheng
Trust – Zhixin No. 439 Kingold Jewelry Loan Assembled Fund Trust Plan), declare the debt under such project is due immediately,
and address, exercise the pledge or other guaranty rights under such project, the balance after paying the debt due under such
project (if any) can be used to pay for the balance, interest and related payments under the Contract. The Gurantor recognizes
and agrees with this matter under Guaranty Agreement, and Guaranty Agreement prevails;

 

6) Terminate the Contract
and other Contracts of Warranty (if needed);

 

7) Other measures provided
by regulations, regulatory provisions and the Contract.

 

11.3 Special Agreement

 

Within 5 days since the
Loan Trust is set up, if Party B fails to fulfill relevant borrowing obligations under this Contract without any reasons, it shall
pay Party A liquidated damages of 3,000,000 Yuan and Party A has the right to terminate this Contract unilaterally.

 

Article 12 Amendment
and Termination of Contract

 

Upon the effectiveness of
the Contract, any party shall not alter or terminate the Contract unilaterally unless the Contract provides otherwise. Any amendments
or alterations shall be agreed by both parties in a written agreement.

 

Article 13 Applicable Laws and Dispute Resolutions

 

13.1 Both parties shall
solve disputes arising from the Contract or related to the Contract by negotiation or settlement. In case no settlement can be
reached through negotiation, the parties shall submit the dispute to the people’s court with jurisdiction in the domicile
of Party A. Unless otherwise specified in the judgment, the actual cost of the parties related to the suit (including but not limited
to court fees and reasonable attorneys' fees) shall be borne by the losing party.

 

     

     

    

 

13.2 The agreement, interpretation,
performance and dispute resolution under the Contract are subject to laws and regulations of People’s Republic of China.

 

13.3 During the period of
dispute resolution, Party A and Party B shall still perform the terms without disputes under the Contract. No party could refuse
to perform any of its obligations under the Contract.

 

Article 14 Notarization of Compulsory Execution

 

14.1 Party A and Party B
confirm that, within three days of execution of the Contract, both parties will transact compulsory notarization of the Contract
at Beijing Fangzheng Notary Office.

  

14.2 Party B hereby commits
that if it fails to fulfill or incompletely fulfills any of its obligations under the Contract, it is willing to receive judiciary
compulsory execution, without any judicial proceeding. Party A can directly apply for compulsory execution to people’s court
with jurisdiction according to Article 238 of Civil Procedure. Party B waives right of defense for such application.

 

14.3 Party A and Party B
confirm that both parties fully understand the meaning, content, procedure and effect of notarization of compulsory execution proscribed
by relevant laws, regulations and regulatory documents.

 

14.4 If Party B fails to
perform or inappropriately performs debt documents which has been notarized and have the compulsory execution effect, Party A can
apply for issuance of compulsory execution document to the notary office. Party B shall cooperate with the notary office to complete
the verification procedure. Party B commits to cooperate fully with the application by Party A (including but not limited to the
verification procedure with the completion of the notary office). If Party B fails to fulfill such obligation timely, Party B hereby
confirms: in the case of absence of Party B, after the notary, based on the notary application by Party A and its internal procedure,
completes the verification process, it deems to finish the verification process. Party B fully recognizes its legal consequences.

 

14.5 This Article has priority
to the Article 13.1. Party B shall bear the expense arising from application of compulsory notarization.

 

Article 15 Notification and Delivery

 

15.1 All the notifications,
documents and materials sent or provided to each party because of execution of the Contract shall be delivered according to the
contact in the cover page. If the contact information of one party changes, it shall notify the other party in writing (fax or
express mail) within three workdays since the date of change. Otherwise, the notification from he party which does not change the
contact information to the other party by fax or express mail according to the contact information in this Contract is deemed to
be delivered.

 

     

     

    

 

15.2 Contact information
of both parties:

 

Party A: China Minsheng
Trust Co., Ltd.

Mailing Address: 18/F, Tower
C, Fanhai City Plaza, No.198, Yuncai Road, Jianghan District, Wuhan

Zip Code: 430023

Contact Person: Tian Dayuan

Phone Number: 18571667765    
010-85403091

Fax Number: 010-85259080

Email: tiandayuan@msxt.com

 

Party B: Wuhan Kingold Jewelry
Co., Ltd.

Mailing Address: Te 15,
Huangpu Science & Technology Garden, Jiangan District

Zip Code:430014

Contact Person: Qiao Hu

Phone Number: 13317109760

Fax Number: 027-65694977

Email: webmaster@kingold.com.cn

 

15.3 Notification is deemed
to be delivered to the other party on the following date:

 

(1) Personal delivery: effectively
delivered on the date when the designated person delivers it;

 

(2) Registered letter service:
the third day after the mailing day (postmark as the proof) ;

 

(3) Fax: when the confirmation
of successful delivery is created by the fax machine;

 

(4) Express mail service:
the second day after postmark date;

  

(5) Email: date stated in
the email system of successful delivery.

 

15.4 The contact address
filled in this agreement is deemed effective. Upon confirmation by both parties, the contact address filled in this agreement would
be the consignee address for judicial documents relate to this contract and the email address filled in this agreement would be
the inbox for electronic documents relate to this contract. Upon the judicial documents are sent to the address filled in this
contract, the documents would be deemed as delivered on the delivery date under Article 15.3.

 

Article 16 Supplementary Provisions

 

16.1 Any amendment of the
Contract as the attachment of the Contract has the equal legal effect with the Contract.

 

     

     

    

 

16.2 The Certificate of
Indebtedness under the Contract and other relevant documents confirmed by both parties are indivisible component of the Contract.

 

16.3 Party B has read all
the terms of this Contract. Per Party B’s requirements, Party A has explained the relevant provisions under this Contract.
Party B has acknowledged and fully understood on the meaning of the Contract terms and the corresponding legal consequences.

 

16.4 In the course of performing
this Contract, if Party A does not exercise or timely exercise any of its rights under this Contract, it shall not be deemed to
have waived such rights, and it does not affect the exercise of Party A’s other rights and fulfillment of Party B’s
obligations under this Contract. All waiver of rights shall be made in writing.

 

16.5 Representations and
Warranties in the Contract are set out separately and independently. Except as otherwise expressly agreed in this Contract or the
parties otherwise agreed in writing, they will not be restricted by other terms in the Contract that may contain contrary meanings.
If a provision of this Contract or any part of a provision becomes invalid at present or in the future, this invalid provision
or the invalid part of the terms of the Contract does not affect the other terms of the Contract or the validity of other content
in the term.

 

16.7 The agreements in the
Contract include Representations and Warranties specified in this Contract, and any violation of these Representations and Warranties
are treated as breach of Contract.

 

16.8 Both parties shall
ensure that the Contract is fully executed by conducting and signing any further actions, incidents, documents, so the expected
purpose of this Contract could be fully achieved.

 

16.9 The titles in the Contract
only serve as easy access to all the terms. Under no circumstances they shall be construed as an integral part of this Contract,
or as limitation of its terms of indication.

 

16.10 The Contract is the
complete document on the matters covered by it agreed by both parties. This Contract, together with any attachments to this Contract
constitutes the entire agreement between the parties of this Contract. If any previously signed letter of intent, other legal documents
or other written and oral agreements are inconsistent with this Contract, this Contract shall prevail.

 

16.11 The Contract is effective
on the day when it is signed and stamped by the legal representative or an authorized representative of each party and shall terminate
when all loan principals, interests, penalty interests, liquidated damages, damages compensation and all other sums due (if any)
are paid off.

 

16.12 All six copies of
the original Contract has the same legal effect; three copies are possessed by Party A and three copies are possessed by Party
B; the remaining copies are for handling enforcement of notarization, pledge registration procedures, etc.

 

     

     

    

 

Both parties have read
all terms of the Contract and have completely understood the meaning of Contract terms and corresponding legal consequences. No
party shall challenge any terms under the Contract on the any basis such as material misunderstanding or unconscionability.

 

(Signature page follows)

  

(This is the signature page
of Trust Loan Contract of No. 2019-MSJH-129-2 and has no content of contract)

 

 

Party A: /s/ China Minsheng
Trust Co., Ltd.

Legal Representative/Authorized
Representative:

 

 

Party B: /s/ Kingold Jewelry
Co., Ltd.

Legal Representative/Authorized
Representative:

  

Contract signed on: May 24,2019

Contract signed in: Dongcheng
District of Beijing CityExhibit 10.1

    

    

      EXECUTION VERSION

    

  

   

  

    
     

    
      AMENDMENT NO. 3 dated as of August 6, 2019 (this “Amendment”), to
        the CREDIT AGREEMENT dated as of June 16, 2017 (as amended by Amendment No. 1, dated as of August 2, 2018, as further amended by Amendment No. 2, dated as of February 8, 2019, and as further amended, supplemented or otherwise modified prior to the
        date hereof, the “Credit Agreement”), among FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, a Delaware limited liability company (the “Borrower”), each
        lender from time to time party thereto (each individually referred to therein as a “Lender” and collectively as “Lenders”)
        and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”).

    

     

    

    A.  The Borrower has requested that the Credit Agreement be amended as set forth herein.

     

    B.  The Lenders party hereto are willing to so amend the Credit Agreement, in each case on the terms and subject to the conditions set forth
      herein.

     

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

     

    SECTION 1.  Defined Terms.  Capitalized
      terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

     

    SECTION 2.  Amendments.  Effective as
      of the Third Amendment Effective Date, Section 6.10(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

     

    “(b)   Debt to Total Equity.  The Borrower shall not permit the Debt to Total Equity Ratio for the Borrower and the Restricted Subsidiaries as of the
          last day of any Test Period to exceed 3.00 to 1.00.”

     

    SECTION 3.   Representations and Warranties. 
      To induce the other parties hereto to enter into this Agreement, the Borrower hereby represents and warrants to the Administrative Agent and each of the other parties hereto that:

     

    (a)    As of the Third Amendment Effective Date, each Loan Party has duly executed and delivered and authorized this Amendment and this Amendment constitutes the legal, valid and binding obligation of such Loan
          Party enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity
          (whether considered in a proceeding in equity or law).

     

    
      
        

    

    
    (b)    As of the Third Amendment Effective Date, (i) the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects except to the
          extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier is not applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof
          and (ii) no Default or Event of Default has occurred and is continuing.

     

    SECTION 4.  Conditions to Effectiveness. 
      The effectiveness of this Amendment is subject to the satisfaction or waiver, on or prior to August 6, 2019, of the following conditions precedent (the date on which all such conditions are satisfied or waived, the “Third Amendment Effective Date”):

     

    (a)     The Administrative Agent shall have received from the Borrower and the Required Lenders either (i) a counterpart of this Amendment signed on behalf of such parties or (ii) written evidence satisfactory to
          the Administrative Agent (which may include facsimile or other electronic transmission of a signed signature page of this Amendment) that such parties have signed a counterpart of this Amendment.

     

    (b)    The Borrower shall have paid all fees due and payable as of the Third Amendment Effective Date and all expenses for which reasonably detailed invoices have been presented prior to the Third Amendment
          Effective Date that are due to the Administrative Agent and the Lenders and required to be paid on the Third Amendment Effective Date in connection with the transactions contemplated hereby.

     

    (c)     The representations and warranties set forth in Section 3 shall be true and correct.

     

    The Administrative Agent shall notify the Borrower and the Lenders of the Third Amendment Effective Date, and such
      notice shall be conclusive and binding.

     

    SECTION 5.  Consent and Reaffirmation. 
      Each of the Loan Parties hereby (i) consents to this Amendment and the transactions contemplated hereby and (ii) agrees that, notwithstanding the effectiveness of this Amendment, its Obligations under each of the Loan Documents to which it is a party
      continues to be in full force and effect. The parties hereto expressly acknowledge that it is not their intention that this Amendment or any of the other Loan Documents executed or delivered pursuant hereto constitute a novation of any of the
      obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, but a modification thereof pursuant to the terms contained herein.

     

    
      2

      
        

    

    SECTION 6.   Loan Documents.  This
      Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

     

    SECTION 7.  Counterparts.  This
      Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed
      counterpart of a signature page of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of an original executed counterpart of this Amendment.

     

    SECTION 8.  Governing Law.  THIS
      AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     

    SECTION 9.   Headings.  Section
      headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

     

    [Remainder of page intentionally left blank] 

     

      

    
      3

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers or
      representatives as of the day and year first above written.

     

    	 	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC,
	 	 
	 	
            as the Borrower

          
	 	 
	 	
            By:

          	
            /s/ Joseph P. Adams Jr.

          
	 	 	
            Name: Joseph P. Adams Jr.

          
	 	 	
            Title: Chief Executive Officer

          

    

    

    	 	
            FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP,

          
	 	 
	 	 BY ITS FORTRESS PARTNER FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE MASTER GP LLC,
	 	 
	 	
            

            as a Grantor

          
	 	 
	 	
            By:

          	
            /s/ Demetrios Tserpelis

          
	 	 	
            Name: Demetrios Tserpelis

          
	 	 	
            Title: Authorized Signatory

          

    

    

    
      [Signature Page to Amendment No. 3]

       

      

    

    
      
        

    

    	 	
            JPMORGAN CHASE BANK, N.A.,

            as Administrative Agent, a Lender and Issuing Bank

          
	 	 
	 	
            By:

          	
            /s/ Cristina Caviness

          
	 	 	
            Name: Cristina Caviness

          
	 	 	
            Title:   Vice President

          

    
       

      

      [Signature Page to Amendment No. 3]

       

      

    

    
      
        

    

    	 	
            BARCLAYS BANK PLC,

            as a Lender and Issuing Bank

          
	 	 
	 	
            By:

          	
            /s/ Craig Malloy

          
	 	 	
            Name: Craig Malloy

          
	 	 	
            Title:   Director

          

    
       

      

      [Signature Page to Amendment No. 3]

       

      

    

    
      
        

    

    	 	
            MORGAN STANLEY SENIOR FUNDING, INC.,

            as a Lender and Issuing Bank

          
	 	 
	 	
            By:

          	
            /s/ Megan Kushner

          
	 	 	
            Name: Megan Kushner

          
	 	 	
            Title:   Vice President

          

    

    

    
      [Signature Page to Amendment No. 3]

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