Document:

Exhibit 10.35 

 

 

Loan Contract

 

(Contract No. (2013) HHL030)

 

(This Is a 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 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, has reached the agreement on the provisions set forth
below and entered into this contract.

  

		Article 1	Currency and Amount of the Loan

 

RMB One Hundred Fifty Million Yuan (¥150,000,000.00)
even.

  

		Article 2	Use of the Loan

 

This loan is liquid capital loan and can
only be used as for purchasing raw material and paying for labor expenditures. 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 November 13, 2013 to November 12, 2013. 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.

 

x 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
15% upward/ ̈ downward 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 Inner Mongolia Yongye Nongfeng Biotech Co., Ltd. and WU Zishen as designated
by Party B.

 

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;

 

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

 

               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.

 

7.2.7Party 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.

 

7.2.8Party 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;

 

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

 

		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.

 

               8.2Party A has the following obligations:

 

               8.2.1Has 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;

 

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

 

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

 

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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.

  

		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:               Inner Mongolia Yongye Nongfeng Biotech
Co., Ltd.

Account number:

Account Bank:             China Merchants
Bank, Ruyi Branch

 

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.

 

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Account title:              Shenzhen Tongxin Circuitry
Electronics Co., Ltd.

Account number:       755901669910802

Bank holding the account: Merchants
Bank Holdings Co., Ltd., Shenzhen Dongmen Branch

 

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 16	Acts 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;

 

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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;

 

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;

 

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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:

 

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

 

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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.

 

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:

 

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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.

 

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 three counterparts, with
one copy each to Party A and Party B, and one to certification agency, and all of them have the same legal effect.

 

    	13

    	 

    

 

		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:	November 11, 2013

 

Attachment:Promise Letter

 

[Not translated]

 

    	14<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 10.36 &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>China Development Bank</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Domestic Factoring Financing Contract
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(With Recourse)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(No. 1510201301400078488)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(This Is a Selective and Summary Translation
for Reference Only)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factoring Financing Applicant:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Inner Mongolia Yongye Nongfeng
Biotech Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Representative:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">SUN Xiaofeng&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factoring Financing Provider:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">China Development Bank (Inner
Mongolia Branch)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Responsible Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">MA Jian</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whereas, the factoring financing applicant
Inner Mongolia Yongye Nongfeng Biotech Co., Ltd. (hereinafter, the &ldquo;Seller&rdquo;) proposes to adopt the sell-on-credit method
in selling goods and services to the Buyers (the Seller&rsquo;s trading partners) hereunder and agrees to transfer the corresponding
accounts receivable to China Development Bank (Inner Mongolia Branch) (hereinafter, &ldquo;CDB&rdquo;) for recourse factoring financing
from CDB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Therefore, pursuant to the relevant state
laws and regulations, the parties hereto have entered into the agreement as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 1</TD><TD STYLE="text-align: justify">Definitions</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">The following terms used herein shall have the following
meaning, unless otherwise specified.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Translation of definitions omitted].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 2</TD><TD STYLE="text-align: justify">Factoring Amount and the Amount of Factoring Financing
Credit Facility</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB, based on the Seller&rsquo;s application and the CDB&rsquo;s
review of the Seller&rsquo;s and Buyers&rsquo; credit, has determined the Seller&rsquo;s factoring amount and the amount of factoring
financing credit facility as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Seller&rsquo;s factoring amount is &yen;111,069,500.00, and the amount of factoring financing credit facility is &yen;80,000,000.00;
the effective term for both amounts is 12 months.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Buyers and their respective portions of factoring financing credit facility:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenyang Tailai Trading
Co. Ltd.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&yen;55,000,000.00;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anhui Danong Trading Co.
Ltd.:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&yen;25,000,000.00.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The effective term for such factoring financing credit facility determined by CDB starts on the effective date of this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The dates of accounts receivable transferred by the Seller and the dates of the Seller&rsquo;s application must be within the
effective term of the credit facility. Any unused portion of the credit facility will be automatically cancelled upon expiration
of the effective term.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The credit facility hereunder is non-revolving, and any amount of debt repaid thereunder cannot be applied for again.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>If the Seller violates any provisions hereunder, or there is any policy adjustment in the Seller/Buyers&rsquo; industry, or
there is material deterioration of Seller/Buyers&rsquo; operation or financial conditions or credit rating, CDB shall have the
right to make changes to the credit, including but not limited to reduction of credit, shortening the term thereof and cancellation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 3</TD><TD STYLE="text-align: justify">Factoring Financing Service Options and the Transfer
of Accounts Receivable</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&#9;Based on Seller&rsquo;s application, CDB provides the
following service to the Seller:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Factoring financing</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Management of the sales sub-accounts</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Collection of accounts receivable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the effective term of the credit facility, the
Seller must transfer all the accounts receivable under the base trading contracts to CDB in accordance with the provisions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounts receivable proposed to be transferred to
CDB must all be qualified and meet the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>They are generated from authentic and valid base trading contracts normal trading thereunder, which are encumbered by any restriction
or limitations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>They are expressed and to be pay in RMB;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>They are legally owned by the Seller and there are no defects on such ownership and have not already been transferred to any
third party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>They are not involved in any lawsuits, arbitration, disputes or claims;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>They are not generated from trials, redistributions and consignments, or from related party transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The Seller has performed, and will continue to perform, its obligations under base trading contracts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>There has been no breach on the part of the Buyers regarding their obligations under the Base Trading Contracts before the
Seller applies to transfer such Base Trading Contracts ;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>There have been on cases of insolvency, bankruptcy, dissolution or liquidation on the part of the Buyers before the Seller
applies to transfer any Base Trading Contracts ;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>The payment due dates for the accounts receivable transferred must not be less than 10 days but must not more than 270 days
and must not be past due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>Other conditions set by CDB.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of transfer, the Seller must provide to CDB
a &ldquo;List of Accounts Receivable to be Transferred&rdquo; (as Appendix 1) and other relevant documents and notes, including
but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Original or copy of the Base Trading Contracts , or proof of sales/service contracts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Original or copy of the terms and conditions of creditor&rsquo;s right transfer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Proof of delivery of goods or other documents evidencing the performance of the Base Trading Contracts ;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Original copy of &ldquo;Accounts Receivable Creditor&rsquo;s Right Transfer Notice&rdquo; (Appendix 2) signed by the Seller;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Other documents requested by CDB.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reviewing the documents mentioned above, if CDB
agrees to accept the accounts receivable to be transferred, CDB must send to the Seller an &ldquo;Accounts Receivable Transfer
Confirmation&rdquo; (Appendix 3), which specifies those accounts receivable accepted and those accounts receivable not accepted,
and the transfer shall become effective on the dates specified in such confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must assist CDB in the registration procedures
with People&rsquo;s Bank of China Credit Information Center regarding the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of accounts receivable must be calculated
after the deduction from such amount any portion that must be deducted (such as prepayment, deposit, rebate and discount as well
as any withholding of taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After CDB has paid the factoring financing amount to
the Buyers, if the amount repaid by the Buyers is, for whatever reason, less than that specified in the &ldquo;Accounts Receivable
Transfer Confirmation&rdquo;, CDB shall have the resource to pursue the Seller for any shortage and the associated interest and
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the accounts receivable are transferred to CDB,
CDB shall have all the rights thereunder before they have been transferred, including but not limited to all associated interest,
penalty interest and compound interest, as well as all other fees and expenses in connection with the collection of such accounts
receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under no circumstance is it to be construed that CDB
has assumed all of the Seller&rsquo;s obligations and responsibilities under the Base Trading Contracts, and the Seller must continue
to perform them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">18.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must perform the obligation of sending a &ldquo;Accounts
Receivable Creditor&rsquo;s Right Transfer Notice&rdquo; with regard to each accounts receivable at its own cost and must obtain
the original receipt for the notice signed by the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Seller fails to perform the obligation for sending
notices and provide receipt and other documents, or if for any reason on the Seller&rsquo;s part that CDB is unable to complete
the registration procedures regarding the transfer, CDB shall have no obligation to accept the transfer and provide factoring financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 4</TD><TD STYLE="text-align: justify">Management of Accounts Receivable and Collection of Debts</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB will adopt appropriate method for recording each
transaction and provide periodic statement to the Seller or the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must establish corresponding record accounts
to assist CDB in account verification and raise any objection to the statement from CDB within 5 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">22.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB shall have the right to adopt appropriate method
for the collection of such accounts receivable already transferred by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 5</TD><TD STYLE="text-align: justify">Factoring Financing</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller will submit application for factoring financing
based on such amount calculated from verified accounts receivable transferred to CDB within the limit of factoring financing credit
facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">24.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio of each financing hereunder must not exceed
75%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">25.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller promises that the proceeds from the financing
will only be used for such accounts receivable factoring financing under &ldquo;Yongye Life Series Products Exclusive Distribution
Contract and Supplement&rdquo; entered into between Shenyang Tailai Trading Co. Ltd. and Anhui Danong Trading Co. Ltd. and will
not be used for investment in stocks and commodities and other area prohibited by the State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Violation of the above provision shall constitute
a breach by the Seller and CDB will charge a penalty interest for misuse of financing proceeds and exercise other rights hereunder.
The penalty interest is: financing interest X 200%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB will release the proceeds of factoring financing
to the Seller on the basis of the verified accounts receivable at the specified ratio and the review of the Seller&rsquo;s application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">27.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must provide the following documents along
with each application:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>&ldquo;Application for Use of Factoring Financing Credit Facility&rdquo; (Appendix 4) signed by the Seller;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Relevant Base Trading Contracts , copies of proof of goods delivery and a written statement regarding performance of the relevant
accounts receivable and such Base Trading Contracts requested by CDB;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The Seller&rsquo;s most recent quarterly financial reports and monthly financial reports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Rights certificates regarding the accounts receivable, invoices, notes and other relevant documents as reasonably requested
by CDB;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>If there are any material changes to or in the Seller&rsquo;s business license, articles of association or business/financial
conditions, the Seller must provide documents of proof regarding such changes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">28.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon approval of the application submitted by the Seller,
CDB sign promptly &ldquo;Confirmation for Use of Factoring Financing Credit Facility&rdquo; (Appendix 5) and factoring financing
certificate, and deposit the proceeds of factoring financing into the Seller&rsquo;s the account set up with CDB (account no.:
15101560009399610000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount, term and interest of each factoring financing
will be based on the factoring financing certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must pay interest at the time of repaying
the principal of the amount of factoring financing. CDB will charge compound interest on any past-due interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31.&#9;The Seller must repay the principal of the factoring
financing and pay interest thereof on time in accordance with the provisions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When CDB receives any dispute notice, CDB
shall have the right to deduct directly any amount from the Seller&rsquo;s account with CDB to repay the principal of the factoring
financing and pay interest thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">32.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Seller fails to repay the principal of the factoring
financing and pay interest thereof and other relevant fees, or if the Seller fails to buy back the reverse-transfer made by CDB
in accordance with the provisions herein, the Seller must pay past-due interest to CDB starting from such past-due date. The calculation
method for past-due interest is: amount past-due X past-due interest rate X actual number of past-due days; and the past-due interest
rate is financing interest rate X 150%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of any of the following, CDB shall
have the right to suspend the factoring financing service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Any occurrence of past-due repayment and payment of interest of the factoring financing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Inability to collect accounts receivable on time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The ratio of accounts receivable due exceeds 10%;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Two consecutive failures to buy back on time the reverse-transfer in full;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Indirect payment by the Buyers to the Seller or any third party without CDB&rsquo;s prior written consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Other situations that, in CDB&rsquo;s determination, should lead to a suspension of factoring financing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 6</TD><TD STYLE="text-align: justify">Collection of Accounts Receivable and Payment by CDB</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">34.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must ask the Buyers in writing, in accordance
with provisions herein, to pay the full amount under the accounts receivable transfer into the bank account designated by CDB.
And the Seller shall not ask the Buyers to pay such amount to the Seller or any third party without CDB&rsquo;s written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any payment of such amount is made to
the Seller or any third party, the Seller must immediately notify CDB and transfer such amount to the bank account designated by
CDB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">35.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount under the Base Trading Contracts paid by the
Buyers to CDB must all be applied to the accounts receivable transferred to CDB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">36.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 3 business days upon receiving the payment toward
the accounts receivable from the Buyers, CDB must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>With regard to such accounts receivable based on which the factoring financing has already been provided to the Seller, CDB
must, after deducting any repayment of factoring financing principal and interest and any associated fees, transfer the remaining
amount to the Seller&rsquo;s account set up with CDB; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>With regard to such accounts receivable based on which the factoring financing has not yet been provided to the Seller, CDB
must, after any factoring financing fees, transfer the remaining amount to the Seller&rsquo;s account set up with CDB.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article 7&#9;Reverse-Transfer of Accounts Receivable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">37.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of any of the following, CDB shall
have the right to transfer back to the Seller all accounts receivable involved and the Seller much unconditionally buy back such
accounts receivable at CDB&rsquo;s request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Buyers fails to pay, or pay in full, the accounts receivable when they are due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Buyers raises any dispute about the accounts receivable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The Buyers fails to provide, obtain or delivery any documents in accordance with the provisions herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The accounts receivable accepted by CDB are determined to be not qualified accounts receivable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The Seller receives indirect payment from the Buyers but fails to notify CDB and transfer such payment to the Seller;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>All or some of the accounts receivable are withheld, frozen or otherwise enforced by any judicial or government organization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>The Seller makes any offsets to its debts without CDB&rsquo;s approval, provide valid documents of confirmation or evidence
or disagree with CDB&rsquo;s collection method or arrangement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>The Seller or the Buyers represents that it will not perform any material obligation under Base Trading Contracts ;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Other situations set forth in Section 64 herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>The Seller&rsquo;s financial situation deteriorates, or there is substantial change in its major business or source of income,
or it has potential insolvency; or it engages in merger, spin-off, restructuring or reorganization, or its assets are or will be
frozen or seized;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD>Any insurance company refuses to handle, or rejects, its claims under its credit insurance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(12)</TD><TD>If there is any third party guarantee, such third party refuses to perform its obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(13)</TD><TD>CDB believes that there is fraud;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(14)</TD><TD>Other situations with regard to which CDB believes that reverse transfer is warranted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the aforementioned situations, CDB
shall have the right to transfer all accounts receivable back to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">38.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If CDB receives any dispute from a Buyer 3 times or more,
CDB shall have the right to transfer all accounts receivable from such Buyer back to the Seller and terminates new factoring financing
service with regard to such Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">39.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When CDB reverse transfers accounts receivable, the Seller
has the obligation to repay all principal and interest on any factoring financing already provided and pay all the associated outstanding
factoring financing fees, default damages and other expenses and fees in connection with such reverse transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 8</TD><TD STYLE="text-align: justify">Factoring Financing Fees</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the type of factoring financing service, CDB
charges a factoring financing management fee and processing fee at the following rate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Management fee = book amount of factoring financing
X management fee&#9;rate.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The management fee rate hereunder is 0.3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Processing fee = book amount of factoring financing X processing
fee&#9;rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The processing fee rate hereunder is 0.3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">41.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above fees must be paid before any proceeds of factoring
financing is released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 9</TD><TD STYLE="text-align: justify">Taxes and Tax Withholding and Payment</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">42.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except the taxes that CDB must pay in connection with
the factoring financing service hereunder, the Seller must be responsible for all relevant taxes, including those generated from
producing, selling goods or providing services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">43.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, pursuant to the provisions of law and regulations,
CDB has the obligation to pay any taxes on behalf of the Seller in connection with any relevant amount that is due to the Seller
but received by CDB, CDB may deduct any corresponding taxes from such amount but CDB must provide the relevant documents of proof
to the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 10</TD><TD STYLE="text-align: justify">The Seller&rsquo;s Representations and Warranties</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Seller represents and warrants to CDB
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">44.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller is an legal and existing entity duly incorporated
with the law of the People&rsquo;s Republic of China and has all the rights, power and authorization necessary for the execution
and performance of the obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">45.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution and performance of this agreement has not
violated any law, regulation or other applicable rules, the Seller&rsquo;s organization documents or other contracts to which the
Seller is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">46.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the documents and material provided to CDB by the
Seller are authentic, valid, complete and effective, and the Seller has disclosed all known facts that may have an effect on the
performance of this agreement; there are no fraud, willful omission or material errors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">47.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the accounts receivable transferred hereunder are
qualified accounts receivable that meet the requirements hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller will provide other invoices or notes involving
such accounts receivable at any time at CDB&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">49.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller warrants that there is no affiliate relationship
with the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Seller warrants that the Buyers will
make payment in connection with the accounts receivable hereunder directly to CDB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 11</TD><TD STYLE="text-align: justify">The Seller&rsquo;s Covenants</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">50.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller will not, before obtaining CDB&rsquo;s written
consent, terminate, dissolve or modify Base Trading Contracts and transfer all the rights hereunder. With regard to accounts receivable
already transferred, the Seller has not right do dispose of them by any method before obtaining CDB&rsquo;s written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">51.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If CDB is pursued by any third party as a result of accepting
the transfer of accounts receivable, the Seller agrees to bear all responsibility and compensate CDB for all the consequent losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">52.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller promises to pay promptly the relevant factoring
financing fees with regard to the accounts receivable already transferred, regardless of the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">53.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Seller receives any payment in connection to the
accounts receivable already transferred in whatever form at whatever time, the Seller will guarantee that such payment will be
the assets entrusted by CDB with CDB as beneficial and will transfer such payment unconditionally to the bank account designated
by CDB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">54.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If CDB pursues the Buyers in whatever manner (including
litigation or arbitration), the Seller must provide all necessary assistance and bear the fees and expenses incurred as a result
of any fault on the Seller&rsquo;s part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">55.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starting from the date of any dispute from any Buyer,
the Seller will provide monthly written reports to CDB regarding the progress of any negotiation, litigation or arbitration between
the Buyers and the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">56.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must immediately notify CDB if it becomes
aware of any (or likely) insolvency, dissolution, suspension of business, revocation of business license or permit, M&amp;A, going
out of business on the part of the Buyers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">57.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must actively cooperate with and accept CDB&rsquo;s
supervision and examination of its production and operation and financial conditions, and provide period financial reports at CDB&rsquo;s
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">58.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must unconditionally cooperate with CDB in
any reverse transfer procedures, should such transfer occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">59.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must notify CDB in writing 20 business days
prior to any change of its name, legal representative, address, scope of operation and contact person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is any occurrence of insolvency, dissolution,
suspension of business, revocation of business license or permit, M&amp;A, going out of business on the part of the Seller, the
Seller must notify CDB in writing 20 business days prior to any such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 12</TD><TD STYLE="text-align: justify">Withholding and Offsetting</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">61.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to any factoring financing principal and
interest, default damages, factoring financing fees and other fees arising from realization of the creditor&rsquo;s rights, CDB
shall have the right to deduct the corresponding amount directly from the Seller&rsquo;s accounts set up with CDB until all the
debts hereunder have been repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">62.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller agrees that CDB shall have the right use its
creditor&rsquo;s right with regard to the Seller to offset any equal amount of debt toward the Seller arising from accepting the
transfer of accounts receivable from the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">63.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller must repay the debt to CDB in the following
order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Fees and expenses incurred by CDB for the purpose of realizing its creditor&rsquo;s rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The factoring financing fees;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Compensation for damages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Default damages;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The factoring financing interest</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The factoring financing principal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Other amounts payable by the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And CDB shall have the right to change the above order of repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article 13&#9;Breaches and the Handling Thereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">64.&#9;The occurrence of any of the following shall be considered
an event of breach by the Seller hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Seller violates the provisions of Article 3 herein regarding the transfer of accounts receivable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Seller refuses to perform its obligations regarding reverse transfer in accordance with Article 7 herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Any representation or warranty by the Seller in Article 10 herein is untrue or violates its promises in Article 11 herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The Seller violates the provisions herein regarding the collection of accounts receivable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The Seller fails to pay, or pay in full, the factoring financing fees, default damages, factoring financing interest and factoring
financing principal and other amounts payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The Seller engages in the following events without CDB&rsquo;s written consent and such events cause material deterioration
of the Seller&rsquo;s credit: spin-off, merger, contract operation and other corporate restructuring; disposition of its assets
through leasing, sale, transfer or pledge; reduction of its registered capital or reorganization, change of shareholder or affiliate
relationship; providing pledge or guarantee on any third party&rsquo;s debts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Any of the following on the part of the Seller: insolvency, dissolution, external breaches, failure to repay other debts; complete
or partial loss of its assets, or freeze, seizure, confiscation, auction, appropriation of such assets; being sued, pursued for
any claims or sanctioned or having its debts declared due in advance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>Any of the following on the part of the Seller: material deterioration of its operation; transfer or withdrawal of assets to
avoid debts; loss of business reputation; other events that may cause it to lose its ability to repay debts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Violation by the Seller of any other obligations hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">65.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by the Seller, CDB shall have
the right to take any one or several of the following remedial measures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Demand the Seller to rectify its breaches;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Reduce or cancel the amount of the factoring financing credit facility;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Transfer back (reverse transfer) to the Seller the accounts receivable with regard to which the Buyers have not made payments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Suspend or terminate in advance this agreement, declare all the debts under the factoring financing due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Exercise its deduction and offsetting rights in accordance with the provisions herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Realize the guarantee rights under the Base Trading Contracts ;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Other measures available under the law or provided herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">66.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either party must be responsible for compensating the
other party for all actual losses resulting from such party&rsquo;s violation of the provisions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 14</TD><TD STYLE="text-align: justify">Notices and Delivery</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">67.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices from one party to the other in connection
with this agreement must be in writing and be delivered to the receiving party&rsquo;s contact address. And either party must notify
the other party immediately if there is any changes in contact information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 15</TD><TD STYLE="text-align: justify">Effectuation and Termination</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This agreement will become effective on the date when
it is signed by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">69.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This agreement terminates when all the debts and interest
and other associated fees have been repaid and paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">70.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDB shall have the right to terminate this agreement
in advance if there is any event of breach set forth herein and to pursue the Seller for its liabilities in accordance with the
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">71.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The termination of this agreement is not retroactive
with regard to the handling of the accounts receivable transferred before such termination, except when there is occurrence of
any event of breach set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 16</TD><TD STYLE="text-align: justify">Dispute Resolution and the Applicable Law</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">72.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dispute arising from the performance of this agreement
must be resolved through consolation between the two parties; if such consultation fails, such dispute must be submitted to the
competent court at CDB&rsquo;s location for resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">73.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable law is the law of the People&rsquo;s Republic
of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Article 17</TD><TD STYLE="text-align: justify">Others</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">74.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without prior written consent from CDB, the Seller shall
not transfer any of its rights and obligations hereunder, but CDB may transfer its rights and obligations hereunder without requiring
the Seller&rsquo;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">75.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, neither party shall have
the right to amend any provision herein with the other party&rsquo;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">76.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without mutual consent, neither party may disclose the
contents herein to any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">77.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All lists, attachments, invoices and notices in connection
with this agreement are the inseparable parts hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">78.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other matters not covered herein may be provided in a
supplement between the two parties and any such supplement signed by the two parties are part of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">79.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This agreement is in six counterparts, with three each
to the Seller and CDB, and all have the same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factoring Financing Applicant:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">/seal/ Inner Mongolia Yongye Nongfeng
Biotech Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Representative:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">/s/ [signature not legible]&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factoring Financing Provider:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">/seal/ China Development Bank
(Inner Mongolia Branch)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Responsible Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">/s/ [signature not legible]&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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