Document:

Exhibit 10.5

  

 

THIS AGREEMENT is made on the 22nd day of December 2018

BETWEEN:-

 

	(1)	Ford Glory International Limited whose registered office
is situate at 19/F, Ford Glory Plaza, 37-39 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong (the "Landlord"); and
	 	 

		(2)	Treasure Success International Limited whose registered office is situate at 19/F, Ford Glory Plaza,
37-39 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong (the "Tenant").

 

RECITAL

 

	A.	Pursuant to a lease agreement entered into by the Landlord and the Tenant on October 2, 2016 with
a lease term expired on October 2, 2018 (the "Old Lease"), the Landlord and the Tenant both agreed to renew the Old Lease
with the terms below and the details in the First Schedule and the Second Schedule.
	 	 

		B.	Upon execution of this Lease Agreement, the Old Lease is deemed to be renewed on October 3, 2018,
the date the term of this Lease Agreement starts per the First Schedule and Second Schedule.

 

WHEREBY IT IS AGREED as follows

 

	1.	The Landlord lets and the Tenant takes ALL THAT the
premises more particularly described and set out in the First Schedule hereto (the "Property") which forms part of the
building more particularly described in the First Schedule hereto (the "Building") TOGETHER with all rights easements
and appurtenances thereto belonging or usually held and enjoyed therewith for the term (the "Term") and at the rent
(the "Rent") more particularly set out in the Second Schedule hereto.
	 	 

	2.	The Tenant to the intent that the obligations may continue
throughout the Term hereby created agrees with the Landlord as follows:-

 

		(a)	To pay the Landlord the Rent at the time and in manner
aforesaid, and to pay all charges for telephone in respect of the Property and to make all necessary deposits for the supply of
the said services when required.

 

    	 	1	 

     

    

  

		(b)	If any defects or want of repair shall be found and
if the Landlord shall give or leave a notice in writing at the Property requiring the Tenant to amend the same and if the Tenant
shall not within 7 days after the service of such notice proceed diligently with the execution of such repairs then to permit
the Landlord to enter upon the Property and execute such repairs and the cost thereof (the amount thereof in case of difference
to be determined by the Landlord's agent) shall be borne by the Landlord.
	 	 	 

		(c)	To use the Property for office/commercial purposes
only.
	 	 	 

		(d)	Not to do or permit to be done in or upon the Property
or any part thereof anything which may be or become a nuisance, annoyance, damage or disturbance to the Landlord or the Tenant
or occupiers of other property in the neighborhood or anywise against the law or regulations of Hong Kong.
	 	 	 

		(e)	Not to keep or store or cause or permit or suffer
to be kept or stored any arms ammunitions gun-powder saltpetres kerosene or hazardous goods in the Property or do or cause to
be done or suffer or permit any act deed matter or thing whatsoever which shall amount to a breach or non-observance of the terms
and conditions under which the Property is held from the Government.
	 	 	 

		(f)	Not to use the Property or allow the same to be used
for illegal or immoral purposes.
	 	 	 

		(g)	Quietly to yield up the Property at the expiration
or sooner determination of the tenancy in good clean and tenantable repair fair wear and tear excepted.
	 	 	 

		(h)	To observe and perform and not to contravene any of
the terms covenants and conditions contained in the Government Lease under which the Property is held from the Government.
	 	 	 

		(i)	Not to place any box dust bins articles or cause obstruction
in the corridor or passage way of the Building or in any place which is not hereby exclusively let to the Tenant.
	 	 	 

		(j)	Not to do anything which may render the insurance
of the Property or the Building void or voidable or which may render the premium for such insurance liable to increase and the
Tenant shall make payment of any such increased premium.

  

    	 	2	 

     

    

  

	3.	The Landlord hereby agrees with the Tenant as follows:-

  

		(a)	That the Tenant paying the Rent hereby stipulated and observing and performing the several stipulation
herein contained and on its part to be observed and performed shall peacefully hold and enjoy the Property during the Term without
any interruption by the Landlord or any person lawfully claiming through under or in trust for him.
	 	 	 

		(b)	To pay charges for water, gas and electricity in respect of the Property, costs of cleaning, maintenance
and repair in respect of any part of the Property, any government assessments, management fees, property taxes or similar charges
payable on the Property.

 

	4.	PROVIDED ALWAYS and IT IS HEREBY EXPRESSLY AGREED
as follows:-

 

 

		(a)	If the Rent hereby stipulated or any part thereof shall remain unpaid for 15 days after becoming
payable (whether legally demanded or not) or if the Tenant or other person in whom for the time being the term hereby created shall
be vested shall failed to observe or perform any of the conditions herein in any material respect or shall become bankrupt or enter
into any composition or arrangement with creditors or suffer any prosecution in respect of the non-payment of any money due to
the Government then and in any of the said cases it shall be lawful for the Landlord at any time thereafter to re-enter upon the
Property or any part thereof in the name of the whole and thereupon this Agreement shall absolutely determine but without prejudice
to any right of action of the Landlord in respect of any breach of the Tenant's terms and conditions herein contained and a written
notices served by the Landlord on the Tenant or left at the Property to the effect that the Landlord exercise the power of re-entry
hereinbefore contained shall be a full and sufficient exercise of such power notwithstanding any statutory or common law provisions
to the contrary.
	 	 	 

		(b)	Any notice required to be served hereunder shall be sufficiently served on the Tenant if delivered
to it at its registered office by registered mail. A notice sent by registered mail shall be deemed to be given at the time signed
by the receiving party.

 

    	 	3	 

     

    

  

		(c)	For the purposes of this Agreement any act default or
omission of the agents servants and customers of the Landlord or the Tenant shall be deemed to be the act default or omission
of the Landlord or the Tenant.

  

	5.	Within seven (7) days from the date of this Agreement,
the Tenant shall pay to the Landlord the Deposit as more particularly set out in the Second Schedule hereto to secure the due
observance and performance by the Tenant of the agreements stipulations and conditions contained in this Agreement and on the
part of the Tenant to be observed and performed. Upon mutual agreement of both the Landlord and the Tenant, the deposit paid by
the Tenant for the Old Lease shall be deemed part of the deposit of this Lease Agreement per the First Schedule. The Deposit shall
be retained by the Landlord throughout the Term and the currency of this Agreement without payment of any interest to the Tenant.
In the event of any breach or non-observance or non-performance by the Tenant of any of the agreements, stipulations, terms or
conditions of this Agreement in any material respect the Landlord shall be entitled (without prejudice to any other right or remedy
hereunder) to terminate this Agreement and to deduct from the Deposit the amount of any loss reasonably incurred by the Landlord
in consequence of the breach, non-observance or non-performance by the Tenant of this Agreement in which event the Tenant shall
as a condition precedent to the continuation of the tenancy hereby created within seven (7) days' written notice by the Landlord
or its agent deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith
be entitled to re-enter on and upon the Property or any part thereof in the name of the whole and to determine this Agreement
in which event the Deposit may be forfeited to the Landlord by way of liquidated damages without prejudice to any other right
or remedy hereunder. If any deduction is made by the Landlord from the Deposit during the Term the Tenant shall within seven (7)
days following demand by the Landlord make a further deposit equal to the amount deducted and failure by the Tenant so to do shall
entitle the Landlord to re-enter the Property and to terminate this Agreement. Subject as aforesaid the Deposit shall be refunded
to the Tenant by the Landlord without interest within thirty days after the expiration or termination of this Agreement and the
delivery of vacant possession to the Landlord and after the settlement of the last outstanding claim by the Landlord against the
Tenant in respect of any arrears of Rent and telephone charges and any material breach, non-observance or non-performance of any
of the agreements, stipulations, terms and conditions herein contained
and on the part of the Tenant to be observed and performed whichever shall be the later.

 

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	6.	The stamp duty on this Agreement and its counterpart
shall be borne by the Landlord and the Tenant in equal shares.

 

AS WITNESS the hands of the parties hereto the day and year
first above written.

  

 

	SIGNED   by	)	Ford Glory International Limited
	 	)	 
	 	)	 
	for and on behalf of the Landlord	)	/s/ Ng Tsze Lun
	 	 	 
	 	 	 
	SIGNED   by the Tenant	)	 
	 	)	 
	 	 	 
	OR	 	 
	SIGNED   by	)	Treasure Success International Limited
	 	)	 
	 	)	 
	for and on behalf of the Tenant	)	/s/ Choi Lin Hung

  

    	 	5	 

     

    

  

FIRST SCHEDULE

 

The Property:

approximate gross area of 5,977 square feet of 19/F, Ford Glory
Plaza, 37-39 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong

 

SECOND SCHEDULE

 

	Term:	1 year with 1 year option of unchanged rent
	 	 
	Period:	3 October 2018 to 2 October 2020
	 	 
	Rent:	HK$119,540 per month (payable on the first day of each and every month inclusive of management fees, rates and government rent) and without any set-off and/or deduction)
	 	 
	Deposit: 	HK$239,080

 

    	 	6Exhibit 10.22

 

 

 

	Commercial Banking - GP4 Major 1 

(CARM 180525)
	 
	
        CONFIDENTIAL

        Treasure Success International Limited /

        Jerash Garments and Fashions Manufacturing Company Limited

        19/F Ford Glory Plaza

        37-39 Wing Hong Street

        Cheung Sha Wan

        Kowloon

	19 June 2018
	 
	Attn: Mr Samuel Choi
	 
	Dear Sir

 

banking facilities

 

With reference to our recent discussions,
we are pleased to confirm our agreement to renewing the following facilities. The facilities will be made available subject to
(a) the specific terms and conditions outlined herein; (b) the Bank’s Terms and Conditions for Facilities; and (c) the general
terms and conditions governing your account(s) with the Bank or (as the case may be) the relationship terms of business. In case
of any conflict, the terms of this Facility Letter shall prevail. Definitions contained in the Bank’s Terms and Conditions
for Facilities apply to this Facility Letter. The Bank shall have an unrestricted discretion to reduce, cancel or suspend, or determine
whether or not to permit drawings in relations to, the facilities. The facilities are subject to review at any time and in any
event by 1 May 2019, and also subject to the Bank’s overriding right of repayment on demand including the right to call for
cash cover on demand for prospective and contingent liabilities.

 

In the event of a renewal of the facilities
next year or by 1 May 2019, whichever is earlier, the Bank will issue a renewal notification letter to confirm the continuation
of the latest available facilities. A review fee will be advised and this shall be debited automatically from the Borrower(s)’s
account within 1 month of the issuance of the renewal notification letter.

 

BORROWER(S)

 

	Treasure Success International Limited	[TSL]	[Customer No. 741-027148]
	Jerash Garments and Fashions Manufacturing Company Limited	[JGL]	[Customer No. 741-023774]

 

Facilities available to TSL and JGL

 

Utilization of the facilities below may
be made by, TSL and/or JGL.

 

	FACILITIES	 	Limit
	 	 	 
	(1)	Combined Limit for the following facilities within which the following sub-limits apply, provided that the aggregate amount outstanding of such facilities shall at no time exceed the stated combined limit:	 	USD8,000,00.-
	 	 	 	 
	 	(a)	Import Facilities	 	USD8,000,00.-
	 	 	(Usance period up to 120 days)	 	 

 

	
        The Hongkong and Shanghai Banking Corporation Limited

        HSBC Main Building 1 Queen’s Road Central, Hong Kong

        Tel: (852) 2822 1111

        Web: www.hsbc.com.hk

         

        Incorporated in the Hong Kong SAR with limited liability

        Registered at the Hong Kong Companies Registry No. 263876
	
        

 

    Page 1 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

	 	 	Within which	 	 
	 	 	(i)	Loan Against Import (“LAI”)	 	(USD8,000,00.-)
	 	 	 	(Maximum Tenor 120 days)	 	 
	 	 	 	 	 	 
	 	 	(ii)	Trust Receipts	 	(USD8,000,00.-)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 
	 	 	 	 	 
	 	(b)	Post-Shipment Buyer Loans

(Maximum tenor 120 days)	 	USD8,000,00.-
	 	 	 	 	 
	 	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 
	 	 	 	 	 
	 	(c)	Advance to Manufacturer against Purchase Order

(Maximum tenor 120 days)	 	USD8,000,00.-
	 	 	 	 	 
	 	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 

 

SECURITY AND OTHER DOCUMENTATION

 

The Bank will continue to hold the following
security document(s) and other document(s):

 

		1.	A Guarantee (Unlimited Amount) dated 27 July 2017 from JGL. This Guarantee is supported by an “Assignment
of Receivables - General” dated 27 July 2017 granted by JGL.

 

		2.	A Guarantee (Unlimited Amount) dated 27 July 2017 from Jerash Holdings (US) Inc together with:

 

		(a)	a certified copy of Board Resolution dated 27 July 2017;

 

		(b)	a Certificate of Incumbency; and

 

		(c)	a Counsel Opinion.

 

		3.	A Letter of Undertaking dated 27 July 2017 granted by JGL.

 

The Bank will continue to require to hold
the following security document(s) and other document(s):

 

		4.	A Guarantee (Unlimited Amount) from Jerash Holdings (US) Inc together with:

 

		(a)	a certified copy of a Board Resolution, signed sealed by the Secretary or Assistant Secretary of
Jill authorising a named person to execute the guarantee;

 

		(b)	a Certificate of Incumbency signed sealed by the Secretary or Assistant Secretary identifying the
individual authorized to issue the guarantee.

 

		(c)	a Counsel Opinion.

 

    Page 2 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

		5.	A Guarantee (Unlimited Amount) from TSL.

 

The Bank agrees to release the following
security document(s) and other document(s):

 

		6.	A Charge over Securities and Deposits (Unlimited Amount) dated 27 July 2017 granted by TSL.

 

A charge over TSL’s deposit(s)
for USD3,000,000.- or its equivalent in other foreign currencies placed with the Bank.

 

This “Charge over Securities
and Deposits (Unlimited Amount)” needs to be discharged with the Companies Registry. The related discharge fee (currently
HKD190.- per document) will be charged to the debit of the Borrower(s)’s account.

 

		7.	A Guarantee (Unlimited Amount) dated 7 September 2017 from Choi Lin Hung and Ng Tsze Lun. This
Guarantee(s) will be cancelled after a retention period considered by it (the Bank) to be reasonably appropriate, which is normally
six months.

 

The Bank confirms that the following security
document(s) and other document(s) as stated in previous letter dated 29 March 2018 has not yet been obtained and is no longer required:

 

		8.	A Guarantee (Unlimited Amount) from Choi Lin Hung and Ng Tsze Lun.

 

As JGL and Jerash Holdings (US) Inc are
incorporated in Jordan and United States of America respectively, the Bank also requires a legal opinion (in form and substance
satisfactory to the Bank) from a qualified lawyer in the jurisdiction of JCL’s and Jerash Holdings (US) Inc’s country
of incorporation, confirming the corporate capacity and authority of JGL and Jerash Holdings (US) Inc to enter into the facility(ies)/security,
and also confirming that all necessary documents have been or will be properly executed. The legal opinion, together with the properly
executed security documents, should be forwarded to the Bank directly by the solicitor.

 

FURTHER NOTES

 

Without prejudicing or affecting the Bank’s
right to suspend, withdraw or make demand in respect of the whole or any part of the facilities made available to the Borrower(s)
at any time or determine whether or not to permit drawings in relation to the facilities, the Borrower(s) will, as the case may
be:-

 

		1)	give the undertakings set out in the Schedule of Further Notes which will remain in full force
until the facilities have been repaid in full; and/or

 

		2)	make the representations and warranties set out in the Schedule of Further Notes which will be
deemed repeated daily until the facilities have been repaid in full; and/or

 

		3)	agree to the further conditions as set out in the Schedule of Further Notes.

 

    Page 3 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

SCHEDULE OF FACILITIES 

 

IMPORT FACILITIES WITH LOAN AGAINST
IMPORT (LAI)

 

DETAILS

 

		1.	For the issuance of Documentary Credits to the Borrower(s)’s suppliers and Import Loan Facilities
in either BK Dollars or Foreign Currency, less any usance I credit periods granted by the Borrower(s)’s suppliers.

 

		2.	Subject to the Bank’s right at any time to demand immediate repayment of all sums owing by
the Borrower(s), advances may be made available:

 

		(a)	in respect of sight documentary credits, for a period up to the maximum tenor as stipulated under
the heading “Facilities”; and heading

 

		(b)	in respect of usance documentary credits, for a period up to the maximum tenor as stipulated under
the heading “Facilities” less the usance period (i.e. the supplier’s credit finance period) of the relevant documentary
credit, commencing from the date that import documents presented under the usance documentary credit are accepted.

 

		3.	The Bank may, on an exceptional basis, and subject to such conditions as it may impose from
time to time, accept applications for the issuance of documentary credits relating to goods already received by the Borrower(s)
but not paid for. Such conditions include (without limitation):

 

		(a)	evidence of delivery being supported by (i) a cargo receipt showing a date on which the goods are
actually received or (ii) transport document(s) showing a date of shipment, with such dates referred to in the cargo receipt or
transport document (where applicable) not exceeding 90 days before the issue date of the relevant documentary credit; and

 

		(b)	the maximum tenor of the import loan facilities drawn under the documentary credit shall be up
to 120 days, less any usance / credit periods granted by the Borrower(s)’s suppliers.

 

		4.	50% of the debts purchase services proceeds shall be utilized to repay outstanding pre-shipment
loans regardless of the due dates of the respective loans.

 

TRUST RECEIPTS

 

DETAILS

 

		1.	Advances may be made under this Trust Receipt to enable the Borrower(s) to pay import documentary
credit, with the associated title documents released to the Borrower(s) against Trust Receipt(s) signed by the Borrower(s).

 

		2.	50% of the debts purchase services proceeds shall be utilized to repay outstanding pre-shipment
loans regardless of the due dates of the respective loans.

 

    Page 4 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

COMMISSION / FEES

 

Documentary Credit opening commission for
each validity period of six months and Commission in lieu of exchange (to be charged if bills/loans are settled without foreign
currency conversion with HSBC) will continue to be charged as follows:

 

	- For the first USD50,000.- or its equivalent	0.25%
	- Balance in excess of USD50,000.- and up to USD100,000.- or its equivalent	0.125%
	- Balance in excess of USD100,000.- or its equivalent	0.0625%

 

PRICING

 

For drawings in HKD 

 

Interest will continue to be charged at
Hong Kong Interbank Offered Rate (HIBOR) + 1.5% p.a.

 

For drawings in USD/CHF/EUR/GBP/JPY

 

Interest will continue to be charged at
London Interbank Offered Rate (LIBOR) + 1.5% p.a.

 

For details of benchmark interest rates,
please refer to the attached Appendix.

 

POST-SHIPMENT BUYER LOANS

 

DETAILS

 

		1.	A Post-shipment Buyer Loans may be granted to the Borrower(s)’s suppliers for a period up
to the maximum tenor as stipulated under the heading “Facilities” (less any usance/credit periods granted by the Borrower(s)’s
suppliers), on the conditions that:

 

		(i)	the Bank receives an undertaking that the purchase of goods is a genuine trade transaction and
that no other financing has been or will be requested or obtained from the Bank or any other financial institution against the
suppliers’ invoices financed by the Bank,

 

		(ii)	the Bank receives the original or certified true copy of the pro-forma invoice, the accepted purchase
order or such other document acceptable to the Bank, and which clearly stipulates the advance payment terms,

 

		(iii)	the Bank receives written instruction from the Borrower to remit payment directly to the suppliers,

 

		(iv)	the Bank receives and the relevant transport documents acceptable to the Bank, which are marked
with the relevant Pre-Shipment Buyer Loan Reference Number and

 

		(v)	the aggregate outstanding amount outstanding is within the above specific limits.

 

		2.	The Bank will settle the invoices direct on the respective due dates and the proceeds will be remitted
or credited directly to the suppliers’ accounts. Notwithstanding the foregoing, the Bank’s overriding right to demand
repayment at any time shall not be affected.

 

		3.	50% of the debts purchase services proceeds shall be utilized to repay outstanding pre-shipment
loans regardless of the due dates of the respective loans.

 

    Page 5 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

COMMISSION / FEES 

 

Commission in lieu of exchange (to be charged
if bills/loans are settled without foreign currency conversion with HSBC) will continue to be charged as follows:

 

	- For the first USD50,000.- or its equivalent	0.25%
	- Balance in excess of USD50,000.- and up to USD100,000.- or its equivalent	0.125%
	- Balance in excess of USD100,000.- or its equivalent	0.0625%

 

A handling commission of 0.25% of the bill
amount will continue to be collected upon each drawdown of the Post-shipment Buyer Loans.

 

PRICING

 

For drawings in BIM 

 

Interest will continue to be charged at
Hong Kong Interbank Offered Rate (HIBOR) + 1.5% p.a.

 

For drawings in USD/CHF/EUR/GBP/JPY

 

Interest will continue to be charged at
London Interbank Offered Rate (LIBOR) + 1.5% p.a.

 

For details of benchmark interest rates,
please refer to the attached Appendix.

 

ADVANCE TO MANUFACTURER

 

DETAILS

 

		1.	Up to 70% of Purchase Order value in favour of the Borrower(s) and to be repaid within the maximum
tenor as stipulated under the heading “Facilities”. Drawdown of this facility is allowed against presentation of copies
of the relevant Purchase Order. Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time
shall not be affected.

 

		2.	50% of the debts purchase services proceeds shall be utilized to repay outstanding pre-shipment
loans regardless of the due dates of the respective loans.

 

COMMISSION / FEES

 

Handling fee will continue to be charged
at 0.25% at all amounts.

 

PRICING

 

For drawings in HKD 

 

Interest will continue to be charged at
Hong Kong Interbank Offered Rate (HIBOR) + 1.5% p.a.

 

For drawings in USD/CHF/EUR/GBP/JPY

 

Interest will continue to be charged at
London Interbank Offered Rate (LIBOR) + 1.5% p.a.

 

For details of benchmark interest rates,
please refer to the attached Appendix.

 

    Page 6 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

SCHEDULE OF FURTHER NOTES 

 

This schedule sets out the further points
to note for the Borrower(s).

 

The Borrower(s)’s compliance or otherwise
with the following condition(s) precedent, representations, warranties, undertakings or further conditions (as the case may be)
will not in any way prejudice or affect the Bank’s right to suspend, withdraw or make demand in respect of the whole or any
part of the facilities made available to the Borrower(s) at any time or determine whether or not to permit drawings in relation
to the facilities. By signing this letter, the Borrower(s) expressly acknowledge that the Bank may suspend, withdraw or make demand
for repayment of the whole or any part of the facilities at any time or determine whether or not to permit drawings in relation
to the facilities, notwithstanding the fact that the following conditions precedent, representations, warranties, undertakings
and further conditions (as the case may be) are included in this letter and whether or not the Borrower(s) have complied with any
of them.

 

Representation and Warranties

 

None of the Borrower(s), any of its subsidiaries,
any director or officer or any employee, agent, or affiliate of the Borrower or any of its subsidiaries is an individual or entity
(“Person”) that is, or is owned or controlled by Persons that are, (i) the subject of any sanctions administered
or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State, the United
Nations Security Council, the European Union, Her Majesty’s Treasury, or the Hong Kong Monetary Authority (collectively,
“Sanctions”), or (ii) located, organised or resident in a country or territory that is, or whose government
is, the subject of Sanctions, including, without limitation, the Crimea region, Cuba, Iran, North Korea, Sudan and Syria.

 

Undertakings

 

		1.	The Borrower(s) will promptly provide to the Bank any financial or other information that the Bank
may, from time to time, reasonably request for the purposes of understanding such Borrower’s financial position, business
and operations and assessing such Borrower’s ability to meet its obligations and liabilities under this Facility Letter.

 

		2.	TSL undertakes that Choi Lin Hung and Ng Tsze Lun should maintain no less than 40% [previously
50%] of shareholding of TSL.

 

		3.	In respect of the Advance to Manufacturer facilities, the Borrower(s) shall (i) procure the purchaser(s)
of all goods financed by the Facilities to pay all sale proceeds into the Borrower(s)’s account with the Bank and the Bank
shall be entitled to apply such sale proceeds towards any sum due to the Bank from the Borrower(s); and (ii) upon request by the
Bank, provide such evidence as may be required by the Bank from time to time to show that the Borrower(s) has/have complied with
condition (i).

 

		4.	Sanctions: The Borrower(s) will not, directly or indirectly, use the proceeds of the facilities
set out in this letter, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time
of such funding, is, or whose government is, the subject of Sanctions or (ii) in any other manner that would result in a violation
of Sanctions by any Person (including any Person participating in the facilities, whether as underwriter, advisor, investor or
otherwise).

 

		5.	Anti-bribery and corruption: None of the Borrower(s), nor to the knowledge of the Borrower(s),
any director, officer, agent, employee, affiliate or other person acting on behalf of the Borrower(s) or any of its/their subsidiaries
is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable
anti-bribery law, including but not limited to, the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and
the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”). Furthermore, the Borrower(s) and, to the knowledge
of the Borrower(s), its/their affiliates have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar
laws, rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith. No part of the proceeds of the facilities set out in this letter
will be used, directly or indirectly, for any payments that could constitute a violation of any applicable anti-bribery law.

 

    Page 7 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

Further Conditions

 

Compliance activity: The Bank and other
members of the HSBC Group are required to act in accordance with the laws and regulations and comply with requests of public and
regulatory authorities operating in various jurisdictions which relate to, amongst other things: (i) the prevention of money laundering,
terrorist financing, corruption, tax evasion and the provision of financial and other services to any persons or entities which
may be subject to economic or trade sanctions; or (ii) the investigation or prosecution of, or the enforcement against, any person
for an offence against any laws or regulations.

 

The Bank may take, and may instruct members
of the HSBC Group to take, any action which the Bank in its sole and absolute discretion considers appropriate to prevent or investigate
crime or the potential breach of sanctions regimes or to act in accordance with relevant laws, regulations, sanctions regimes,
international guidance, relevant HSBC Group procedures and/or the direction of any public, regulatory or industry body relevant
to any member of the HSBC Group. This includes the interception and investigation of any payment, communication or instruction,
and the making of further enquiries as to whether a person or entity is subject to any sanctions regime (“Compliance Activity”).

 

Neither the Bank nor any member of the
HSBC Group will be liable to the Borrowers in respect of any loss (whether direct, consequential or loss of profit, data or interest)
or delay, suffered or incurred by any party, caused in whole or in part by (i) actions taken, or delays or failure in performing
any obligations under this letter by the Bank, or (ii) any steps taken by the Bank or any member of the HSBC Group, pursuant to
Compliance Activity.

 

“HSBC Group” means HSBC
Holdings plc, its subsidiaries, related bodies corporate, associated entities and undertakings and any of their branches and member
or office of the HSBC Group shall be construed accordingly.

 

    Page 8 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

APPENDIX DETAILS OF BENCHMARK RATES

 

	Benchmark	 	Applicable

Currency	 	Definition of Benchmark
	
        Hong Kong Interbank Offered Rate

        (HIBOR) * and 1
	 	HKD	 	
        “HIBOR” means, in relation
        to any advance, the applicable Screen Rate at or around 11.00 am Hong Kong time on the proposed date of advance (or such other
        time or day if the market practice differs in the Hong Kong interbank market, as determined by the Bank), if any such rate is below
        zero, HIBOR will be deemed to be zero.

         

        “Screen Rate” means the Relevant
        Administrator’s Interest Settlement Rate for Hong Kong dollars and for the relevant period displayed on the appropriate page
        of the Reuters screen provided that (a) if in the Bank’s sole determination its funding cost is in excess of HIBOR, the Bank
        may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced, not available or
        such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.

         

        “Relevant Administrator” means
        the Hong Kong Association of Banks or any other person to whom the administrator function of the HIBOR fixing process is transferred
        from time to time.

	 	 	 	 	 
	
        London Interbank

        Offered Rate

        (LIBOR) * and 1
	 	
        Chf

        Eur

        Gbp

        Jpy

        usd
	 	
        “LIBOR” means, in relation
        to any advance, the applicable Screen Rate at or around 11:00 am London time two Business Days (or such other time or day as determined
        by the Bank if the market practice differs) before the proposed date of advance and, if any such rate is below zero, LIBOR will
        be deemed to be zero.

         

        “Business Day” means
        a day other than a Saturday or Sunday on which banks are open for general business in London.

         

        “Screen Rate” means
        the Relevant Administrator’s Interest Settlement Rate for the relevant currency and period displayed on the appropriate page
        of the Reuters screen provided that (a) if in the Bank’s sole determination its funding cost is in excess of LIBOR, the Bank
        may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced, not available or
        such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.

         

        “Relevant Administrator”
        means ICE Benchmark Administration Limited or any other person to whom the administrator function of the LIBOR fixing process
        is transferred from time to time.

 

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	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

  

Note:

 

		1.	Interpolated rates, which refers to rate calculated using linear interpolation method as recommended
by the International Swaps and Derivatives Association (ISDA) for a situation where there is no current quote available for below
maturities:-

 

		·	LIBOR: 2 weeks, 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months

		·	HIBOR: 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months

 

* For tenors where fixing is not published
by the relevant administrator and the interpolated rate does not apply, the benchmark rate shall be the rate as specified by the
Bank in its sole discretion as its cost of funding the relevant facility or financial arrangement.

 

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	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

TERMS AND CONDITIONS FOR FACILITIES

 

		1.	Interpretation

 

These terms and conditions are
applicable to banking/credit facilities made available by The Hongkong and Shanghai Banking Corporation Limited (the “Bank”
“HSBC” or “we”, which expression shall include its successors and assigns) to the Borrower(s)
and shall be read in conjunction with the facility letter, as may be amended from time to time, applicable to the Borrower(s) (together,
the “Facility Letter”).

 

		2.	Accrual of Interest & Other Sums

 

All interest and any other amount
accruing under the Facility Letter will accrue daily and in each case is calculated on the basis of the actual numbers of days
elapsed and a year of 360 days or 365 days, depending on the market practice for the currency (and as may be adjusted in case of
a leap year). Notwithstanding any other provision in the Facility Letter, any interest or other amount accruing under the Facility
Letter shall be payable on demand.

 

		3.	Availability and Utilisation

 

With respect to trade facilities,
documents presented to the Bank for drawings must reflect and relate to a genuine transaction. Where documents presented are not
in the original form, copies of such documents presented must strictly conform to the original. Please note that drawings without
an underlying transaction, or presentation of forged or fraudulent documentation can render companies and/or persons involved liable
to prosecution. The Bank may, at its sole and absolute discretion, refuse to allow drawings under a facility if :

 

		(a)	the drawee is considered to be unacceptable to the Bank, or

 

		(b)	the drawee is not on the Bank’s approved list, or

 

		(c)	the transaction in question does not meet the Bank’s operational requirements in respect
of the facilities.

 

		4.	Default Interest

 

Interest will be payable on
sums which are overdue, drawings which are in excess of agreed limits and amounts demanded and not paid, at the maximum rate stipulated
in the Bank’s tariff book which is accessible at https://www.commercial.hsbc.com.hk/1/2/commercial/customer-service/tariffs.
The Bank will provide the Borrower or such relevant guarantor and/or security provider with a hard copy of the tariff book upon
request. Interest at the applicable rate will be payable monthly in arrears to the debit of the Borrower(s)’s current account.

 

		5.	Payment

 

All payments shall be made by
the Borrower(s), the guarantor(s) and/or the security provider(s) to the Bank without set-off, counterclaim, withholding or condition
of any kind. If the Borrower(s), the guarantor(s) or such security provider (where applicable) is compelled by law to make such
withholding, the sum payable shall be increased so that the amount actually received by the Bank is the amount it would have received
if there had been no withholding.

 

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	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

		6.	Security and Disclosure

 

		6.1	The Bank shall proceed to register (where applicable) in Hong Kong, security provided to the Bank
in connection with facilities made available to the Borrower(s) or at the request of the Borrower(s). The costs and expenses, if
any, will be charged to the account of the Borrower(s). Where the security provided to the Bank requires registration or filing
outside Hong Kong, the Borrower undertakes that it shall, and where applicable, shall procure that such registration or filing
of security is attended to and completed in a timely way so as to preserve the security interest of the Bank. The Bank shall be
entitled to demand that evidence of such filing and/or registration be provided to it. All costs in connection with the
aforesaid overseas filing and/or registration (as the case may be) shall be for the account of the Borrower(s).

 

		6.2	By accepting the Facility Letter, the Borrower(s) is deemed to have consented to the Bank providing
a copy of the Facility Letter, related security documents, the Borrower’s latest statement of account, related documents
evidencing the obligations to be guaranteed or secured by a guarantor or third party security provider, information on the outstanding
liabilities (whether actual or contingent) or such other information to (a) a guarantor or third party security provider, such
guarantor or third party security provider’s solicitors and other professional advisers; and (b) whom the bank assigns or
transfers (or may potentially assign or transfer) all or part of its rights and obligations under the Facility Letter.

 

		6.3	Without prejudicing the rights of the Bank under other agreements with the Borrower(s), the Bank
is entitled to provide any information relating to any of the account(s) of the Borrower(s) held with the Bank and any facilities
which the Bank may provide to the Borrower(s) from time to time or the conduct of such account and/or facilities and/or other information
concerning the Borrower(s) relationship with the Bank to any other company or office which belongs to or is part of the HSBC Group.

 

		6.4	The Bank shall be entitled to have solicitors of its choice appointed to prepare the necessary
documentation relating to the Facility Letter and/or the security to be provided. All their charges and disbursements incurred
in this respect will be for the Borrower(s)’s account. Any filing fees and fees incurred in obtaining a legal opinion will
also be for Borrower(s)’s account.

 

		6.5	If the Bank is satisfied that all liabilities owed by the Borrower(s) to the Bank have been irrevocably
paid in full and that all facilities which might give rise to such liabilities have terminated, subject to the Bank’s right
to retain any guarantee or security provided to it for such period as the Bank considers (in its sole discretion) necessary, the
Bank may, at the request and cost of the Borrower(s) or the relevant guarantor and/or security provider, release, reassign or discharge
(as appropriate) such guarantee or security.

 

		7.	Costs and Expenses

 

		7.1	The Borrower(s) shall promptly on demand pay the Bank the amount of all costs and expenses (including
legal fees), stamp duties, taxes, other charges and registration costs incurred by the Bank in connection with the negotiation,
preparation and execution of the Facility Letter, security document(s) and/or any documentation relating to the facilities.

 

		7.2	If the Borrower(s) requests an amendment, waiver or consent, the Borrower(s) shall, within three
business days of demand, reimburse the Bank for the amount of all costs and expenses (including legal fees) incurred by the Bank
in responding to, evaluating, negotiating or complying with that request or amendment.

 

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	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

		7.3	The Borrower(s) shall, within three business days of demand, pay to the Bank the amount of all
costs and expenses (including legal fees), stamp duties, taxes, other charges and registration costs incurred by the Bank in connection
with the enforcement of, or the preservation of any rights under the Facility Letter, security document(s) and/or any documentation
relating to the facilities.

 

		7.4	If the effect of or a change in any law or regulation is to increase the cost to the Bank of advancing,
maintaining or funding the facility(ies) or to reduce the effective return to the Bank, the Bank may require payment on demand
of such amounts as the Bank consider necessary as compensation therefor.

 

		8.	Indemnity

 

		8.1	Any amount received or recovered by the Bank in respect of any sum expressed to be due to the Bank
from the Borrower in a currency other than the currency of denomination in which payment is due (the “Intended Currency”)
shall only constitute a discharge to it to the extent of the amount in the Intended Currency which the Bank is able, in accordance
with its usual practice, to purchase with the amount so received or recovered in such other currency on the date of that receipt.

 

		8.2	The Borrower(s) shall pay and, within three business days of demand, indemnify the Bank against
any cost, loss or liability that the Bank incurs in relation to or as a result of:

 

		(a)	a failure by the Borrower(s) to pay any amount due under this Facility Letter on its due date;
or

 

		(b)	if this Facility Letter allows prepayment, such loan not being prepaid in accordance with a notice
of prepayment given by the Borrower.

 

		9.	Assignment

 

The Bank may assign its rights
and transfer all or any part of its rights and obligations hereunder or under any Facility Letter to any person by delivering to
the Borrower(s) a notice in writing. Such transfer shall take effect as from the effective date as specified in the notice and
the Bank shall thereafter be released from such obligations. No assignment or transfer of any right, benefit or obligation in the
Facility Letter shall be made by the Borrower(s) in any way.

 

		10.	Pari Passu

 

The Borrower(s), the guarantor(s)
and security provider(s) (where applicable) shall ensure that at all times the claims of the Bank under the facilities rank at
least pari passu with the claims of all other unsecured creditors, except for claims preferred by mandatory provisions of law.

 

		11.	Prima facie

 

Any certification or determination
by the Bank of a rate or amount under this Facility Letter is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.

 

    Page 13 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

		12.	Section 83 of the Banking Ordinance

 

Section 83 of the Banking Ordinance
and the related regulations in Hong Kong have imposed on the Bank certain limitations on advances to persons related to HSBC Group.
In accepting the Facility Letter, the Borrower(s) should, to the best of its (their) knowledge, advise the Bank whether it is in
any way related or connected to the HSBC Group. In the absence of such advice, the Bank will assume that the Borrower(s) is not
so related or connected. The Bank would also ask, that if the Borrower(s) become aware that it (they) becomes so related or connected
in future, that the Borrower(s) immediately advises the Bank in writing. You may refer to the reference page for information on
whether you may be considered as related or connected to the HSBC Group.

 

		13.	Governing Law and Third Party Rights

 

		13.1	The Facility Letter (including the schedule(s), where applicable), and these terms and conditions
shall be governed and construed in accordance with the laws of the Hong Kong Special Administrative Region.

 

		13.2	The Borrower(s) submits to the non-exclusive jurisdiction of the Hong Kong courts.

 

		13.3	No person other than the Bank and the Borrower(s) will have any right under the Contracts (Rights
of Third Party) Ordinance to enforce or enjoy the benefit of any of the provisions of the terms and conditions of the Facility
Letter.

 

		14.	Process Agent

 

Without prejudice to any other
mode of service allowed under any relevant law, each Borrower (other than a Borrower incorporated in Hong Kong (if the Borrower
is a company) and a Borrower who is domiciled in Hong Kong (if the Borrower is an individual)):

 

		(a)	irrevocably appoints the company stated after the Borrower’s signature below as its agent
for service of process in relation to any proceedings before the Hong Kong courts in connection with the Facility Letter, security
document(s) and /or documentation relating to the facilities; and

 

		(b)	agrees that failure by a process agent to notify the relevant Borrower of the process will not
invalidate the proceedings concerned.

 

    Page 14 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

ACCEPTANCE

 

Please arrange for the authorised signatories
of TSL and JGL, in accordance with the terms of the mandates given to the Bank, to sign and return the duplicate copy of this letter
with Appendix to signify the Borrower(s)’s understanding and acceptance of the terms and conditions under which these facilities
are granted.

 

A review fee of HKD15,000.- will be charged
to the debit of TSL’s account and JCL’s account respectively upon receipt of acceptance of this Facility Letter whether
or not the facilities are drawn or cancelled by the Borrower(s).

 

The facilities will remain open for acceptance
until the close of business on 10 July 2018 and if not accepted by that date will be deemed to have lapsed.

 

Yours faithfully

 

For and on behalf of

The Hongkong and Shanghai Banking Corporation Limited

 

	/s/ Chris Lam	 
	Chris Lam	 
	Senior Vice President	 

 

/abz

 

Encl.

 

Acceptance and Confirmation

 

We, Treasure Success International Limited
and Jerash Garments and Fashions Manufacturing Company Limited, confirm our acceptance of the offer and all terms and conditions
contained above (including the Schedules, Appendix and Terms and Conditions for Facilities attached thereto).

 

For and on behalf of

Treasure Success International Limited

 

	Signature:	/s/ Choi Lin Hung	 	Signature:	/s/ Ng Tsze Lun

 

	Name:	Choi Lin Hung	 	Name:	Ng Tsze Lun

 

	Title:	Director	 	Title:	Director

 

	Date:	27 June 2018	 	Date:	27 June 2018

 

    Page 15 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

For and on behalf of

Jerash Garments and Fashions Manufacturing Company Limited

 

	Signature:	/s/ Choi Lin Hung	 	Signature:	/s/ Ng Tsze Lun

 

	Name:	Choi Lin Hung	 	Name:	Ng Tsze Lun

 

	Title:	Director	 	Title:	Director

 

	Date:	27 June 2019	 	Date:	27 June 2018

 

	Process Agent Name:	 	 

 

	Process Agent Address:	 	 

 

    Page 16 of 17 

     

    

 

	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	19 June 2018

 

Reference Page

 

For the purposes of paragraph 12 (section
83 of the Banking Ordinance) of the Terms and Conditions for Facilities, you may be considered as related or connected to the HSBC
Group if you are:

 

		(a)	a director or employee of a member of the HSBC Group;

 

		(b)	a relative of a director or employee of a member of the HSBC Group;

 

		(c)	a firm, partnership or non-listed company in which a member of HSBC Group or director of HSBC Group
(or such director’s relative) is interested as director, partner, manager or agent;

 

		(d)	an individual, firm, partnership or non-listed company of which any director of HSBC Group (or
such director’s relative) is a guarantor;

 

		(e)	a firm, partnership or non-listed company which any of the persons listed above is able to control
and a person has “control” if such person is:

 

		(i)	an indirect controller, that is, in relation to a company, any person in accordance with whose
directions or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act,
or

 

		(ii)	a majority shareholder controller, that is, in relation to a company, any person who, either alone
or with any associate or associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power at
any general meeting of the company or of another company of which it is a subsidiary.

 

“HSBC Group” means HSBC
Holdings plc, its subsidiaries, related bodies corporate, associated entities and undertakings and any of their branches and member
or office of the HSBC Group shall be construed accordingly.

 

“Relative” means:

 

		(i)	any immediate ascendant, any spouse or former spouse of any such ascendant, and any brother or
sister of any such spouse or former spouse;

 

		(ii)	any immediate descendant, and any spouse or former spouse of any such descendant;

 

		(iii)	any brother or sister, aunt or uncle and any nephew or niece and any first cousin;

 

		(iv)	any spouse or former spouse, any immediate ascendant of any such spouse or former spouse, and any
brother or sister of any such spouse or former spouse,

 

and, for the purposes of this definition,
any step-child shall be deemed to be the child of both its natural parent and of its step-parent and any adopted child to be the
child of the adopting parent, and a spouse shall include anyone living as such.

 

    Page 17 of 17

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