Document:

Exhibit 10.6

 

Credit
Facility Contract

 

(Contract No. (2014) HR009)

 

(This Is a Summary Translation for Reference
Only)

 

		Lender:	China Merchants Bank Holdings Co., Ltd., Hohhot Ruyi
Branch ("Party A")

			

		Responsible Person:	FENG Guiyong

 

		Borrower:	Inner Mongolia Yongye Nongfeng Biotech Co., Ltd. ("Party
B")

Legal Representative/Responsible Person:

 

Upon review of Party B’s application,
Party A agrees to grant a credit facility to Party B. Therefore, pursuant to the provisions of the relevant law, Party A and Party
B, after full consultation, have reached the agreement on the provisions set forth below and entered into this contract.

 

		Article 1	Amount of the Credit Facility

 

1.1          Party
A provides to Party B a credit facility in the amount of RMB Fifty Million Yuan (¥200,000,000.00) even. This amount can be
used on a revolving basis and this is the maximum amount of the sum of all the credit services (trade financing, acceptance note,
commercial letter of credit, domestic factorings, etc.) to be used Party B.

 

1.2          If
Party A agrees to provide domestic factoring financing to Party B, then the amount of accounts receivable accepted by Party A will
be counted toward the maximum amount.

 

1.3          The
amount of any letter of credit issued by any of Party A’s branches at Party A’s request will be counted toward the
maximum amount.

 

1.4          The
amount of the credit facility does not include any amount of guarantee or pledge provided by Party B or a third party as security
for any single credit service.

 

1.5          The
amount of any outstanding balance under the original credit facility contract between Party A and Party B (Contract No. (2014)
HR030) will be automatically counted toward the maximum amount.

 

		Article 2	Term of the Credit Facility

 

The term of this credit facility is 12 months,
starting from March 12, 2014 to March 11, 2015.

 

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		Article 3	User of the Credit Facility

 

3.1          Type
and Scope of the Credit Facility Amount

 

The type of service under this contract
is liquid capital loan.

 

3.2          During
the term of this contract, Party B may use the maximum amount on a revolving basis. Party B must submit application for each liquid
capital loan hereunder, specifying the amount, term and purpose, to Party A for review and approval.

 

3.3          The
term of use for each loan must be specified based on Party B’s operational needs and on Party A’s business management
policies.         

 

		Article 4	Interest and Fees

 

The loan, loan interest and service fees
for any loan hereunder will be specified in the specific loan contract.

 

		Article 5	Guarantee

 

5.1          All
the debts generated hereunder by Party B will be guaranteed by Inner Mongolia Yongye Nongfeng Biotech Co., Ltd. and WU Zishen as
several liability guarantors.

 

5.2          If
the guarantors fail to execute guarantee contracts and complete guarantee procedures, Party A shall have the right to refuse to
provide any credit to Party B.

 

		Article 6	Party B’s Rights and Responsibilities

 

6.1          Party
B has the following rights:

 

The right to demand that Party
A provide loans and other credit services within the maximum amount;

The right to use the amount in
accordance with the provisions herein;

The right to request that Party
A keep confidential all information on Party B’s production, operation, financial situation and accounts provided by Party
B, except in situation required by law or regulations;

The right to transfer the debt
to a third party after obtaining Party A’s consent.

 

6.2          Party
B has the following obligations:

 

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The obligation to provide documents
(including but not limited to periodic financial reports and major operation and production decisions and policy changes) requested
by Party A;

The obligation to accept Party
A’s oversight over its use of the credit facility and its operation and financial situation;

The obligation to use the loan
hereunder in accordance with the provisions herein;

The obligation to repay the principal
and pay the interest of the loan;

The obligation to obtain Party
A’s written consent if it desires to transfer the debt hereunder;

The obligation to notify Party
A immediately in the event of any of the following:

Material financial/asset losses
or other financial crisis;

Providing loan or guarantee to
a third party or use its assets as pledge;

Undertaking M&A, spin-off,
reorganization, joint venture, transfer of stocks or other restructuring;

Suspension or ceasing of operation
or revocation of licenses or permits, or filing for bankruptcy or dissolution;

Material crisis in the operation
or financial situation of its controlling shareholder(s) or other affiliates;

Major related party transactions
with its controlling shareholder(s) or other affiliates;

Any litigation, arbitration or
criminal/administrative sanctions that have material adverse effect on its financial situation or operation;

Other events that have material
adverse effect on its financial situation or operation.

The obligation not to be negligent
in managing its creditor’s claims and not to dispose of its major assets in any inappropriate means.

 

		Article 7	Party A’s Rights and Responsibilities

 

7.1          Party
A has the following rights:

The right to demand that Party
B repay the loan principal in full on time and pay other interest and fees hereunder;

The right to request Party B
to provide documents in connection with the credit facility;

The right to know Party B’s
operations and financial activities;

The right to supervise Party
B’s use of the loan or of any other credit facility;

The right to request its branch
office(s) to issue the letter of credit hereunder;

The right to deduct directly
such amount from Party B’s bank account(s) to repay the debt hereunder.

 

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The right to transfer its creditor’s
claims and to enforce collection of debts through appropriate means;

Other right(s) hereunder.

 

7.2          Party
A has the following obligations:

The obligation to disburse the
loan or provide other credit hereunder in accordance with the provisions herein;

The obligation to maintain confidential
on the information regarding Party B’s assets, financial situation, operation and production, except as required by law or
regulation.

 

		Article 8	Party B Specific Warrants and Covenants as Follows:

 

8.1          Party
B is a duly incorporated and existing entity in accordance with the law of the PRC and has legal person qualification and full
authority to execute and perform this contract;

 

8.2          The
execution and performance of this contract has been approved by its board and other internal government bodies;

 

8.3          All
the documents Party B has provided regarding itself, its guarantor, pledgor or pledged property are true, accurate, complete and
valid with no material errors or omissions of major facts;

 

8.4          Party
B will strictly abide by the provisions of any specific loan contracts and other credit documents issued by Party A hereunder;

 

8.5          As
of the date of this contract, there is no litigation, arbitration or criminal/administrative sanction, nor will there be during
the term of this contract, that will have material adverse effect on Party B or its assets. If any of the above happens, Party
B will notify Party A immediately;

 

8.6          Party
B will strictly abide by all law and regulations and conduct its operation in accordance with the law and within the scope of its
license;

 

8.7          Party
B will maintain or improve its current management standard and ensure the preservation and appreciation of its assets, and will
not give up any its creditor claims or dispose of its assets inappropriately;

 

8.8          Prior
to Party A’s consent, Party B will not repay other long-term debts in advance;

 

8.9          At
the time of executing this contract, there is no any other major event that will affect Party B’s ability to perform its
obligations hereunder.

 

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		Article 9	Other Fees

 

Each party will be responsible for the certification
fees (except in the case of enforcement) and other fees and expenses in connection with this contract. If both parties act jointly
in engaging any service, each party will be responsible for 50%.

 

If Party B fails to repay the debts hereunder
on schedule, Party B shall be responsible for all attorney fees, litigation fees, travel and lodging expenses and other expenses
incurred by Party A in the course of realizing its creditor’s claims and Party B hereby authorizes Party A to deduct directly
such corresponding amounts from Party B’s bank account(s) to cover such fees and expenses.

 

		Article 10	Breaches and Handling of Breaches

 

10.1        The
occurrence of any of the following on Party B’s part constitutes a breach:

Providing false documents or
withholding material facts, refusal to cooperate with Party A’s investigation or review;

Refusal to accept, or attempt
to evade, Party A’s supervision of or monitor on its operation and financial activities;

Failure to use the loan hereunder
or other credit in accordance with the provisions herein or in any specific contracts hereunder;

Failure to repay loan principal
and pay loan interest and other fees hereunder;

Transfer of the debts hereunder
without Party A’s prior consent, or negligence in managing its own creditor’s claims or disposition of its major assets
inappropriately;

Failure to notify Party A immediately
upon the occurrence of any major events set forth herein;

Violation of the provision in
Article 8 and failure to take immediate remedial actions as Party A requested;

Other events that in Party A’s
opinion will harm Party A’s interests.

 

10.2        On
the occurrence of any of the following on the part of the guarantor that, in Party A’s opinion, will affect the guarantor’s
ability to provide guarantee and if Party B fails to provide additional or other guarantee at Party A’s request:

The occurrence of any event similar
to those set forth in Section 6.2 above of which Party B must notify Party A immediately;

Concealing its actual ability
to provide guarantee or failure to obtain qualification from government authorities at the time of providing the guarantee;

Failure to process annual inspection
procedures;

Negligence in managing and collecting
its own creditor’s claims or disposition of its assets in inappropriate manners.

 

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10.3        On
the occurrence of any of the following on the part of the pledgor that, in Party A’s opinion, will cause the pledged items
to be insufficient in value and if pledgor fails to take remedial actions or if Party B fails provide additional pledge or guarantee
at Party A’s request:

The pledgor having no right to
dispose of the pledged items or dispute about their ownership;

The pledged items being leased,
frozen, seized or taken into receivership;

Transfer, lease or re-pledge
of the pledged items without Party A’s prior written consent, or the proceeds from such disposition with Party A’s
consent is insufficient to be used in repaying Party B’s debts hereunder;

Failure to take proper care or
maintenance of, or to make repairs on, the pledged items, thus resulting in the decrease of value of the pledged items.

 

10.4        On
the occurrence of any of the events of breach set forth in Sections 10.1, 10.2 and 10.3 above, Party A has the right to take the
following measures:

Reduce the maximum amount of
the credit facility hereunder or suspend the use of the remaining balance thereof;

Declare due ahead of schedule
all loans already disbursed and the interests thereof;

Demand that Party B provide additional
security with regard to other credit services already provided (trade financing, acceptance note, commercial letter of credit,
domestic factorings, etc.), or transfer the deposit in Party B’s other accounts with Party A into Party B’s security
account as additional security for the repayment of debts hereunder;

Demand that Party B immediately
fulfill its buy-back obligation with regard to the outstanding accounts receivable accepted from Party B under any recourse domestic
factoring service or export factoring service, or pursue Party B immediately if such service is without recourse;

Deduct directly the deposits
in Party B’s settlement account or other accounts to be used as repayment of all the debts hereunder;

Pursue Party B in accordance
with Article 13 herein.

 

		Article 11	Contract Amendment and Dissolution

 

No amendment to or dissolution of the contract
can be effective without unanimous written consent from both parties.

 

		Article 12	Others

 

12.1        During
the effective period of this contract, any forgiveness, grace period or delay of exercise of Party A’s rights hereunder with
regard to Party B’s any breach shall not harm, affect or limit Party A’s rights and interests under the law or hereunder
and shall not be construed as approval of such breach or waiver of Party A’s rights to take actions in the future with regard
to such breach.

 

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12.2        If
this contract, or certain provisions herein, becomes invalid under the law for whatever reason, Party B shall still bear the responsibility
to repay all the debts hereunder.

 

12.3        Any
notice in connection with this contract must be issued in writing and delivered to Party A’s and Party B’s addresses.

Party A’s address:

Party B’s address:

 

Such notice shall be considered delivered
at the time of Party B signing the delivery receipt if delivered in person, 7 days after it is mailed if by registered mail, or
at the time of successful transmission if sent by fax.

 

12.4        The
parties hereto agree that for any application under trade financing service, it is sufficient that Party B may imprint reserved
chop in accordance with “Reserved Chop Authorization” it has provided to Party A and both parties accept the validity
of such chop.

 

12.5        Other
matters not covered herein may be provided in a written supplemental agreement, and all such supplemental agreements and specific
contracts hereunder are inseparable components of this contract.

 

12.6        [not
applicable]

 

12.7        If
Party B’s asset/debt ratio is lower than 65% for two consecutive months, or if Party B’s operation experiences losses
for two consecutive months, Party A shall have the right to declare all debts due ahead of schedule.

 

Article 13Applicable Law and Resolution of Dispute

 

13.1        The
execution and interpretation of this contract and the resolution of any dispute in connection herewith shall all be governed by
the law of the People’s Republic of China and the rights and interests of both Party A and Party B are protected by the law
of the People’s Republic of China.

 

13.2        Any
dispute arising from the course of performing this contract must be settled through consultation between the two parties; if such
consultation fails, either side may submit the dispute to legal proceedings at the people’s court where Party A is located.

 

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13.3        If
Party A and Party B complete the certification procedures for enforcement power, Party A may appeal directly to the people’s
court that has jurisdiction for enforcement in order to claim the debts due owed by Party B hereunder.

 

		Article 14	Effectuation of This Agreement

 

This contract will become effective after
it is signed and imprinted with the business seals or special contract seals by the respective legal representatives/major responsible
persons or the authorized agents of Party A and Party B; its legal effect shall automatically become void after the repayment in
full of all the debts hereunder and other related fees.

 

		Article 15	Others

 

This agreement has two counterparts, with
one copy to Party A and one copy to Party B, and both of them have the same legal effect.

 

		Party A:	/seal/ China Merchants Bank Holdings Co., Ltd., Hohhot
Ruyi Branch

Responsible Person: /s/ [signature not legible]

 

		Party B:	/seal/ Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.

Legal Representative: /s/ SUN Xiaofeng

 

		Date:	March 12, 2014

 

    	8Exhibit 10.7

 

Loan Contract

 

(Contract No. (2014) HR009-1)

 

(This Is a Brief Summary Translation
for Reference Only)

 

		Lender:	Merchants Bank Holdings Co., Ltd., Hohhot Ruyi Branch
("Party A")

		Responsible Person:	FENG Guiyong

 

		Borrower:	Inner Mongolia Yongye Nongfeng Biotech Co., Ltd. ("Party
B")

Legal Representative/Responsible Person:

 

To meet the need of its production operation,
Party B applies to Party A for a liquid capital loan. Upon review, Party A agrees to issue this loan. Therefore, pursuant to the
provisions of the relevant law, Party A and Party B, after full consultation, have reached the agreement on the provisions set
forth below and entered into this contract.

 

		Article 1	Currency and Amount of the Loan

 

RMB Fifty Million Yuan (¥50,000,000.00)
even.

 

		Article 2	Use of the Loan

 

This loan is a liquid capital loan and can
only be used as for purchasing raw material. It shall not be used for any other purpose without prior written consent from Party
A.

 

		Article 3	Term of the Loan

 

The term of the loan is 12 months, starting
from March 13, 2014 to March 11, 2015. If the actual date of issuing the loan is inconsistent with the above starting date, the
date of issuing the loan shall be based on the date specified on the loan note with the due date extended correspondingly; the
specific dates are to be based on the dates on the loan note.

 

[    ] During the term of the loan, Party A
may release the loan in installments according to Party B’s actual use of the loan; the specific amount of each installments
and the start/end dates are to be based on the records on the loan note (if this is applicable, check the [    ] with “X”).

 

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[    ] During the term of the loan, Party A
has the right to demand Party B to repay the loan in installments in the amount according to the following schedule (if this is
applicable, check the [    ] with “X”).

 

		Article 4	Preconditions for the Release of the Loan

 

The release of the loan hereunder (including
each release, if in installments) is predicated on the following preconditions; Party A has the right to refuse the release of
the loan if any of the following is not satisfied:

 

4.1           Party
B has provided relevant material according to the requests of this contract;

 

4.2           Party
B has provided assistance with Party A’s supervision and review according to the requests of this contract;

 

4.3           Party
B has fulfilled its repayment obligations on time and in full regarding the loan already issued;

 

4.4           Party
B has committed no acts of breach specified herein;

 

4.5           Party
B has conducted no other activities in violations of other provisions herein.         

 

The preconditions for the release of the
loan are established to protect Party A’s rights and interests and Party A has the right to unilaterally lower the requirements
of the preconditions for the release of the loan.

 

		Article 5	 Loan Interest Rate and Interest

 

5.1          Interest
rate:

 

5.1.1        The
interest on this loan is based on (choose one of the two below by “X”):

xFixed rate ̈
Adjustable rate

5.1.2        If
the loan is in RMB, the rate is that adjusted 20% upward from the applicable benchmark rate for 12-month loans in RMB published
by People’s Bank of China on the pricing date.

The pricing date refers to the date on which
base interest rate is determined for the term or the adjustable cycle of the loan. If the interest rate for this loan fixed, the
pricing date is the date on which the loan is actually issued; If the interest rate for this loan adjustable, the pricing date
is the date is determined in accordance with 5.1.3 herein.

 

5.1.3        If
the interest rate on this loan is adjustable ... [Not applicable]

 

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5.1.4       If
Party B fails to use the loan in accordance with the provisions herein, the interest on that portion of the loan which is not used
for the purpose specified herein shall be the original interest rate plus an additional 100% thereof starting on the day when the
purpose of use is changed.

If Party B fails to pay off the loan on
time, there interest on the portion that is past due shall be the original interest rate plus an additional 50% thereof starting
on the due date of that portion.

The original rater refers to the applicable
rate prior to the due date (including early due date) (if the rate is adjustable, then the original rate is the applicable rate
for the last adjustment cycle prior to the due date (including early due date)) of the loan.

If the loan is past due and at the same
time is not used for the purpose specified herein, then the interest shall be charged at the higher of the two mentioned above.

 

5.1.5       During
the term of the loan, if People’s Bank of China adjusts the policy of the loan rate, it will be handled in accordance with
the relevant policy of People’s Bank of China.

 

5.2           Interest
calculation: the calculation of the interest on the loan is based on the actual amount of the loan and the number of the days the
loan is used starting on the day when the loan is released into Party B’s account, and the interest is charged quarterly
and the calculation date is the 20th of each month. The conversion method for daily rates will be implemented in accordance
with the relevant policy of People’s Bank of China or with international customary practices.

 

5.3           Interest
payment: Party B must pay the interest on each interest calculation date, and Party A may directly deduct interest payment from
Party B’s deposit account. If Party B fails to pay interest on time, Party A has the right to charge compounded interest
on the interest past due at the loan interest rate for the corresponding period.

 

		Article 6	Guarantee

 

The loan principal and interest hereunder
and the associated fees and charges are guaranteed by ______________________________________________.

If the guarantors fail to execute guarantee
documents hand complete guarantee procedures pursuant to relevant provisions, Party A has the right to refuse to release the loan
to Party B.

 

		Article 7	Party B’s Rights and Obligations

 

7.1           Party
B has the following rights:

7.1.1        Has
the right to withdraw and use all the loan pursuant to the provisions herein;

7.1.2        Has
the right to transfer the loan obligations to a third party upon obtaining Party A’s consent.

 

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7.2           Party
B has the following obligations:

7.2.1        Must
truthfully provide documents and material requested by Party A and all bank accounts, account numbers and balances of loans and
deposits, and assist Party A in its investigation, review and inspection;

7.2.2        Must
accept Party A’s supervision over Party B’s use of the loan and over its production operation and financial activities
and promptly take reasonable measures at Party A’s recommendation or request;

7.2.3        Must
use the loan and/or other credit for purposes specified herein and comply with Party A’s requirements regarding loan payment
management;

7.2.4        Must
pay off the loans principal balances and interests hereunder on time and in full;

7.2.5        Must
obtain Party A’s prior consent if Party B transfers the loan obligations hereunder to a third party;

7.2.6        Must
immediately notify Party A, upon the occurrence of the following, and actively assist Party A in making arrangements for protective
measures ensuring the security and repayment of the loans principal and interest hereunder on time and in full and all the related
fees:

7.2.6.1     Major
financial loss, asset loss and damage or other financial crisis;

7.2.6.2     Providing
loan or guarantee/assurance to a third party for that party’s interest or for preventing that party from any loss, or using
assets (rights) owned as pledge (mortgage) guarantee;

7.2.6.3     Deterioration
of credit, or weakening of the profitability of its major business;

7.2.6.4     Ceasing
operation, revocation or cancellation of business permit, applying for or being forced into bankruptcy, dissolution or other similar
circumstances;

7.2.6.5     Major
crisis in the operation or financial situation of its controlling shareholder and other affiliates, thus affecting its normal operation;

7.2.6.6     Entering
into major related party transactions with its controlling shareholder and other affiliates, thus affecting its normal operation;

7.2.6.7     Involvement
in any litigation, arbitration or criminal and administrative sanctions that have material adverse consequences to its operation
or financial situation;

7.2.6.8     Major
personnel changes involving the borrower’s legal representative, directors or important management officers or restrictions
on the personal freedom of such persons placed by the competent State authorities due to their actions in violation of the law
or disciplines, thus potentially affecting the its normal operation;

7.2.6.9     Other
major events that can affect its ability to pay off debts.

7.2.7        Party
B shall not be negligent in the management of and follow-up on its creditor’s claims for debts due or dispose of its current
major assets without compensation or in other inappropriate manner.

7.2.8        Party
B must obtain Party A’s prior written consent before engaging in any major transaction event such as merger and acquisition,
spin-off, reorganization, capital combination (joint operation), asset (equity) transfer, equity share restructuring, overseas
investment and any financing that substantial increases its debts;

7.2.9        At
Party A’s request, Party B must ... [Not applicable]

 

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		Article 8	Party A’s Rights and Obligations

8.1           Party
A has the following rights:

8.1.1        Has
the right to demand Party B to repay on time and in full all the loan and interest hereunder;

8.1.2        Has
the right to demand Party B to provide all the relevant material in connection with the loan;

8.1.3        Has
the right to know Party B’s production operation and financial activities;

8.1.4        Has
the right to supervise Party B’s use of the loan in accordance with the provisions herein;

8.1.5        Has
the right to have oversight over Party B’s accounts with Party A and entrust other organizations outside Merchants Bank with
the oversight of Party B’s accounts, and exercise control the release of the loan according to the purpose of the loan and
within the scope of payment agreed upon by both parties;

8.1.6        Has
the right to directly deduct from Party B’s accounts necessary to pay off Party B’s debt and interest hereunder and
other related fees;

8.1.7        Has
the right to transfer its claims against Party B and to notify Party B of such transfer in the manner that it deems to be appropriate,
including but not limited to fax, postal mail, courier delivery, announcement in the public media, and has the right to pursue
Party B for repayment;

8.1.8        Has
the right to refuse to release the loan to Party B before receiving “Interest Payment Commitment Letter” issued by
the seller/buyer in loan business under which either the buyer issues credit and the seller pays interest or the sell issues credit
and the buyer pays interest;

8.1.9        Has
the right to recall the loan in advance based on the situation of Party B’s capital return.

8.2           Party
A has the following obligations:

8.2.1        Has
the obligation to issue loan in accordance with the provisions herein;

8.2.2       Has the obligation to keep confidential
all information regarding on Party B’s assets, financial reports, operation and production situation, unless otherwise provided
as required by law and statutes and by regulatory authorities.

 

		Article 9	Party B Expressly Warrants the Following:

 

9.1           Party
B is an entity with legal person status duly incorporated and in legally in existence in accordance with the Chinese law and has
the complete capacity for civil conduct to execute and perform this agreement;

 

9.2           Party
B has already obtained full authorization from its board of directors or other power organ for the execution and performance of
this agreement, and this contract is legally and effectively binding to Party B starting from the date of its execution;

 

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9.3           The
project for which the loan is requested and the application for the loan comply with the requirements of the law and statutes,
and the loan proceeds will not be used for investment in fixed assets or stocks nor will be used for trading marketable securities,
futures contracts and real estates; the loan proceeds will not be used in cross-lending for illegal profits; the loan proceeds
will not be used in any area or for any purpose forbidden by the State; the loan proceeds will not be used will not be used for
any purposes other than specified herein;

 

9.4           If
the payment of the loan funds adopts the method of the borrower independent payment, Party B must periodically (at a minimum, quarterly)
provide summary report on the situation of the payment of the loan funds to Party A, and Party A has the right to verify, by conducting
account analysis, notes and certificates review and on-site investigation, if the payment of the loan funds is in compliance with
the purpose specified herein;

 

The method of the borrower independent payment
refers to that by which Party A releases the loan proceeds into Party B’s account and Party B independently pay the amount
to Party B’s trading partner for purposes that comply with those specified in the contract;

 

9.5           Upon
Party A’s approval, if Party B needs to use online banking to make payments, Party B has the obligation to accept the restrictive
measures set by Party A, including a pre-established list of recipients, limit of each payment and limit of payment for any time
period;

 

9.6           All
the document, material, certificates provided by Party B about Party B, its guarantors, pledgor/mortgagor and the pledged/mortgaged
items are authentic, accurate, complete and valid and contain no major error contrary to facts or no major omission of facts;

 

9.7           At
the time of executing this contract, there is no litigation, arbitration or criminal or administrative sanction that may have material
adverse consequences to Party B or Party B’s current major assets and there will not be such litigation, arbitration or criminal
or administrative sanction during the course of performing this contract. If any of such events occurs, Party B will immediately
notify Party A;

 

9.8           Party
B will strictly comply with all the State laws and statutes in is operational activities, conduct its various businesses strictly
within the scope of operation specified in its “Enterprise Legal Person Business Permit” and process annual registration
inspection procedures on time;

 

9.9           Party
B will maintain or improve its current operation management standards, ensure the stability or increase of its current assets,
and will not waive its creditor’s claims for debts due or dispose of its current major assets without compensation or in
other inappropriate manner;

 

9.10         Party
B must ensure that, during the term of the loan, its various financial indices will not be lower than listed below:_______

 

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9.11         At
the time of executing this agreement, there is no occurrence of other major events that can affect Party B’s fulfillment
of its obligations hereunder.

 

		Article 10	Withdrawal and Use of the Loan

 

10.1        The
method for Party B to use the loan hereunder includes independent disbursement and entrusted disbursement.

 

10.1.1      Independent disbursement

Independent disbursement: after Party A
releases the loan and deposits it into Party B’s account, Party B independently pay its trading partners in accordance with
the purpose provided herein.

10.1.2      Entrustment
disbursement: after Party A releases the loan and deposits it into Party B’s account, Party A pays Party’s B’s
trading partners directly through Party B’s account based on Party B’s loan withdrawal application partners in accordance
with the purpose provided herein.

 

10.2         At
the time of withdrawing the loan, Party B must provide to Party A “Loan Withdrawal Application”, loan notes and other
documents requested by Party A based on the different requirements of the independent payment method and entrustment payment method.
Otherwise, Party A has the right to refuse Party B’s application.

 

10.3         If,
after receiving and reviewing the documents mentioned above, Party A approves the release of the loan, the actual release date,
term and amount of each withdrawal will continue to be recorded specifically on the loan notes.

With regard to the loan fund that adopts
entrustment payment method, Party B authorizes Party A to make payment to Party B’s trading partner through Party B’s
account on the loan release date (or the next business day thereafter).

 

		Article 11	Advance Repayment

 

11.1         Party
B may request advance repayment of the loan but such request must be approved by Party A;

 

11.2         If
Party B repays the loan in advance, the interest will still be calculated in accordance with the provisions herein.

 

		Article 12	Extension of the Loan

 

If Party B is not able to repay the loan
hereunder and needs to extend the term of the loan, Party B must submit to Party B written application one month prior to the due
date of the loan; if Party A agrees to the extension upon review, Party A and Party B must execute separate extension agreement.
If Party A does not agree, this contract shall still remain valid and effective. The loan already used by Party B and its corresponding
interest must be paid off pursuant to the provisions herein.

 

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		Article 13	Fees and Expenses

 

If any certification is or any other service
from a third party is required for this loan, the party that engages the third party for such service will be responsible for the
relevant fees. If both parties engage the third party for such service, then each party is responsible for 50%.

 

Party B shall be responsible for the credit
investigation , inspection and certification fees in connection with this agreement and, when Party B fails to repay the debts
owed to Party A hereunder on time, for all the attorney fees, litigation expenses, traveling expenses, public announcement expenses,
delivery expenses paid by Party A in order to realize its creditor’s claims; Party B authorizes Party A to deduct the amount
of such fees and expenses directly from Party B’s accounts with Party A. If the amount deducted is insufficient, Party B
promises to pay back in full upon receiving Party A’s notification with no need for Party A to provide any documents of proof.

 

		Article 14	Special Loan Account

 

14.1         The
release of the loan funds hereunder and the payment to an outside party must be done though the account listed below.

 

Specific information on the aforesaid account
is as follows:

Account title:

Account number:

Account Bank:

 

14.2         If
the entrustment payment method is adopted, Party A has the right, when necessary, to set restrictions in the account mentioned
above on online payment, telephone payment and other functions of payment and exchange not conducted over the counter.

 

		Article 15	Oversight on Party B’s Capital Return Account

 

15.1         After
this contract becomes effective and before Party B pays off all the financing hereunder, Party A and Party B agree to designate
the following account as Party B’s capital return account.

 

Account title:

Account number:

Bank holding the account:

 

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15.2       The
requirements of the oversight on this account are as follows:

 

Party A has the right to recall the loan
in advance based on the situation of Party B’s capital return, i.e., when there is return of capital in this account, the
amount of the loan equal to the amount of the capital return may be considered due in advance and Party A has the right to deduct
directly from this account that amount as repayment of that portion of the loan;

 

15.3         If
the entrustment payment method is adopted, Party A has the right, when necessary, to set restrictions in the account mentioned
above on online payment, telephone payment and other functions of payment and exchange not conducted over the counter.

 

15.4         Party
B must provide quarterly information on the inflow/outflow of funds in the account mentioned above and assist Party A with the
exercise of oversight on the relevant account and the capital return.

 

Article 16Acts of Breach and Handling of Acts of Breach

 

16.1         If
Party B commits any of the following, it shall be considered an act of breach:

 

16.1.1     Providing
false information to or withholding true material information from Party A in violation of the obligation provided in 7.2.1 herein
and refusal to assist Party A with Party A’s investigation, inspection and review; Party B still fails to remedy the situation
within a reasonable period of time specified by Party A when Party A demands such remedy;

16.1.2     Refusal
to accept or evade Party A’s supervision over Party B’s use of the proceeds from the credit facility and over its production
operation and financial activities in violation of the obligation provided in 7.2.2 herein;

16.1.3     Use
of the loan for purposes other than those specified hereunder in violation of the obligation provided in 7.2.3 herein, or failure
to comply with Party A’s requirements regarding funds payment management and report;

16.1.4     Failure
to pay off on time and in full the loan and interest hereunder in accordance with the provisions herein in violation of the obligation
provided in 7.2.4 herein;

16.1.5     Transfer
of the debts hereunder unilaterally without authorization to a third party in violation of the obligation provided in 7.2.5 herein;
negligence in the management of and follow-up on its creditor’s claims for debts due or disposition of its current major
assets without compensation or in other inappropriate manner in violation of the obligation provided in 7.2.7 herein;

16.1.6     Failure
to notify Party A promptly upon the occurrence of situations specified in this provision in violation of the obligation provided
in 7.2.6 herein, or to provide assistance when Party A, after obtaining knowledge of the occurrence of situations specified in
this provision, demands Party B to increase the protective measures ensuring the repayment of the debts hereunder, or such measures
provided are deemed by Party A to be adverse to the repayment of the principal and interests under this credit facility;

 

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16.1.7     Failure
to obtain Party A’s consent prior to the occurrence of such events in violation of the obligation provided in 7.2.8 herein;

16.1.8     Failure
to remedy immediately the situations as requested by Party A that violate the provisions 9.1, 9.2 and 9.6 or provisions 9.3, 9.4,
9.5, 9.7, 9.8, 9.9, 9.10 and 9.11 herein;

16.1.9     Failure
to withdraw or use the loan in accordance with Article 10 herein, or failure to use the funds in the capital return account as
Party A requested in violation of the provisions in Article 15, or refusal to accept Party A’s oversight and failure to remedy
the situation immediately as demanded by Party A;

16.1.10 Occurrence of major acts of breach
under other legal and effective contracts entered into by Party B with Party B’s other creditors and such situation is not
satisfactorily resolved within 3 months after the occurrence of such breach.

The major breach mentioned above refers
to the breach by Party B that results in the amount claimed by Party B’s other creditors exceeding RMB __________.

16.1.11 Violation of other obligations hereunder,
which, in Party A’s reasonable judgment, causes deterioration of Party B’s credit or other situation affecting the
realization of Party A’s claims;

16.1.12 Occurrence of other situations that
Party A deems to be harmful to Party A’s legitimate rights and interests.

 

16.2         Upon
the occurrence of any of the following on the part of the guarantors, which in Party A opinion may affect the guarantors’
ability to provide guarantee, and failure by the guarantors and Party B to comply when Party A demands the guarantors to remove
the resulting adverse impact or demands Party B to increase and replace the terms of the guarantee, it shall be considered an act
of breach:

 

16.2.1      The
occurrence of any of the situations similar to those specified in 7.2.6, 7.2.7 and 7.2.8 herein;

16.2.2      Withholding
information on its actual ability to assume its responsibility for guarantee at the time of issuing the irrevocable guarantee documents
or failure to obtain authorization from the competent power organ;

16.2.3      Failure
to complete on time annual registration inspection procedures;

16.2.4      Negligence
in the management of and follow-up on its creditor’s claims for debts due or disposition of its current major assets without
compensation or in other inappropriate manner;

 

16.3         Upon
the occurrence of any of the following on the part of the mortgagor/pledgor, which in Party A opinion may cause the mortgage/pledge
to become void or the mortgaged/pledged items to be insufficient; failure by the guarantors and Party B to comply when Party A
demands the guarantors to remove the resulting adverse impact or demands Party B to increase and replace the terms of the guarantee:

 

    	10

    	 

    

 

16.3.1     No
ownership or disposal right to the pledged/mortgaged items or there is dispute on the ownership thereof;

16.3.2     Withholding
information when the pledged/mortgaged items are jointly owned, have already been leased, sealed, seized or have any preferred
rights senior to the pledgee’s right;

16.3.3     Transfer,
lease, re-mortgage or dispose of the mortgaged items in other inappropriate manner without obtaining prior written consent from
Party A;

16.3.4     Failure
by the mortgagor to maintain, take care of and repair the mortgaged items, causing significant damage or loss to the value thereof;
or the mortgagor’s actions jeopardizing the mortgaged items, causing decrease of the value thereof; failure to insure the
mortgaged items at Party A’s request during the term of the mortgage;

16.3.5     The
mortgaged items are, or are likely to be, expropriated or demolished, or other events affecting the value of the mortgaged items
or the mortgagee’s rights.

 

16.4         Upon
the occurrence of any of the acts of breach mentioned in 16.1, 16.2 and 16.3 above, Party A has the right to take the following
measures all at the same time or separately:

 

16.4.1     Change
the terms of the entrustment payment method for loan funds and cancel the independent payment method used by Party B;

16.4.2     Suspend
the release of the unused portion of the loan;

16.4.3     Recall
in advance the loan principal and interest already released and the related fees;

16.4.4     Deduct
directly from the deposit in Party B’s settlement account or other accounts and ask Merchants Bank’s other organizations
to deduct from the deposits with them so as to pay off all the debts hereunder;

16.4.5     Pursue
claims in accordance with Article 19 herein.

 

		Article 17	Amendment and Dissolution of the Contract

 

This contract may be amended and dissolved
after consultation between and entering into written agreement by the two parties. Before entering into written agreement, this
contract shall remain effective. Neither party may amend, revise or dissolve this contract unilaterally without authorization.

 

		Article 18	Others

 

18.1       Change
of Circumstances and Force Majeure

 

18.1.1     If
there is any change of the applicable law or policy that causes Party A’s lending activity hereunder to be in violation of
the law, Party A has the right to terminate this contract and declare all the loan already released due in advance, and Party B
must immediately pay off such loan as requested by Party A.

 

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18.1.2     If
there is any change of the applicable law or policy requirements that adds additional cost for Party A to fulfill the lending obligation
hereunder, Party B must compensate Party A for such additional cost as requested by Party A.

18.1.3     If,
during the course of performing this contract, one party or both parties is/are impacted by Force Majeure, the impacted party shall
bear no responsibility to compensate the other party for the resulting loss, but the impacted party shall have the obligation to
notify the other party promptly and take all reasonable measure to prevent the spread of loss; otherwise the impacted party shall
have the responsibility to compensate the other party for the additional loss.

 

18.2        Reservation
of rights

During the effective period of this contract,
any leniency and tolerance shown by Party A toward Party B’s acts of breach or delay, or Party A’s postponement of
exercising the rights hereunder to which Party A is entitled shall not harm, affect or restrict all the interests and rights to
which Party A is entitled as a creditor pursuant to this contract and to the provisions of the relevant law, shall not be considered
acquiescence or approval of any breach of this contract, and shall not be considered Party A’s waiver of the right to take
actions against any breach already committed or any future breach.

 

18.3        Partial
Invalidity

If this contract, for whatever reason, becomes
legally invalid, or some of the provisions become invalid, Party B shall still fulfill the responsibility to repay all the debts.
Upon the occurrence of the situation mentioned above, Party A has the right to terminate this contract and can immediately pursue
Party B for the repayment of all the loan principal and interest hereunder and other relevant amounts.

 

18.4        Notice

All the notices and requests between Party
A and Party B in connection with this contract must be delivered in written format. If sent by courier, the signed receipt of the
recipient constitutes proof of delivery (if the recipient refuses the delivery, the date of refusal will be considered effective
delivery); if sent by postal mail, such notice will be considered effectively delivered 7 days after it is mailed; if sent by fax,
the acknowledgement of the recipient’s fax system will be considered proof of delivery. If Party A notifies Party B of the
transfer of the creditor’s claims or pursue Party B for repayment by means of making announcements in the public media, the
announcement date will be the date of delivery.

 

Party A’s address:

 

Party B’s address:

 

If Party A or Party B changes the contact
address, it must notify the other party immediately; otherwise, it must bear sole responsibility for any potential loss.

 

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18.5         The
loan notes hereunder and any written supplemental agreement entered into by the two parties after consultation regarding any matters
not covered herein or any revised matters shall all be attachments hereto and constitute the inseparable part of this contract.

 

18.6         _____

 

18.7         _____

 

18.8         _____

 

		Article 19	Applicable Law and Resolution of Dispute

 

19.1         The
execution and interpretation of this contract and the resolution of any dispute in connection herewith shall all be governed by
the law of the People’s Republic of China and the rights and interests of both Party A and Party B are protected by the law
of the People’s Republic of China.

 

19.2         Any
dispute arising from the course of performing this contract must be settled through consultation between the two parties; if such
consultation fails, either side may submit the dispute to legal proceedings at the people’s court where Party A is located.

 

19.3         If
Party A and Party B complete the certification procedures for enforcement power, Party A may appeal directly to the people’s
court that has jurisdiction for enforcement in order to claim the debts due owed by Party B hereunder.

 

		Article 20	Effectuation of This Agreement

 

This contract will become effective after
it is signed and imprinted with the business seals or special contract seals by the respective legal representatives/major responsible
persons or the authorized agents of Party A and Party B; its legal effect shall automatically become void after the repayment in
full of all the debts hereunder and other related fees.

 

		Article 21	Others

 

This agreement has two counterparts, with
one copy to Party A and one copy to Party B, and both of them have the same legal effect.

 

Party A:            /seal/ China Merchants Bank Holdings Co., Ltd.,
Hohhot Ruyi Branch

Responsible Person: /s/ [signature not legible]

 

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		Party B:	/seal/ Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.

Legal Representative: /s/ SUN Xiaofeng

 

		Date:	March 12, 2014

 

    	14

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