Document:

Exhibit 10.3

 

MEZZANINE
B LOAN Forbearance Agreement

 

This Mezzanine B Loan
Forbearance Agreement (“Agreement”) is made on June 10, 2020 to be effective as of April 7, 2020
(the “Effective Date”), by and among HIT PORTFOLIO I MEZZ B, LLC (“Borrower”), and HIT PORTFOLIO
I TRS MEZZ B, LLC and HIT 2PK TRS MEZZ B, LLC (collectively, “Leasehold Pledgor”) and HOSPITALITY INVESTORS
TRUST OPERATING PARTNERSHIP, L.P. and HOSPITALITY INVESTORS TRUST, INC. (collectively, “Guarantor” and, with
Borrower and Leasehold Pledgor, the “Borrower Parties”) , and CC6 INVESTMENTS LTD. and NC GARNET FUND, L.P.
(collectively, and together with their successors and/or assigns, “Lender”). Borrower, Guarantor and Lender
are sometimes hereinafter collectively referred to in this Agreement as the “Parties” and each as a “Party.”

 

The following recitals are a material part
of this Agreement.

 

		A.	Lender is the owner and holder of that certain Mezzanine B Loan (“Loan”) evidenced
in part by that certain Mezzanine B Loan Agreement, dated as of May 1, 2019, by and between Morgan Stanley Mortgage Capital Holdings
LLC, Citigroup Global Markets Realty Corp., Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company and JPMorgan Chase
Bank, National Association (collectively, “Original Lender”), as predecessors-in-interest to Lender, and Borrower
(as anytime amended, restated, replaced, supplemented, or otherwise modified, the “Mezzanine B Loan Agreement”).

 

		B.	The Loan is further evidenced by one or more promissory notes, each dated as of May 1, 2019, executed
by Borrower in favor of Original Lender, in the aggregate original principal amount of $70,000,000.00 (as anytime amended, restated,
replaced, supplemented, or otherwise modified, the “Mezzanine B Note”).

 

		C.	The obligations owed under the Loan are secured by a first priority lien on and security interest
in, the Collateral described in Section 2.1 of that certain Mezzanine B Pledge and Security Agreement dated as of May 1, 2019 (the
 “Mezzanine B Pledge Agreement”), as assigned to Lender, including but not limited to, a first priority lien
on the Pledged Securities (as defined therein).

 

		D.	In connection with the Loan, Guarantor signed and delivered to Original Lender that certain Mezzanine
B Guaranty of Recourse Obligations, dated as of May 1, 2019 (as anytime amended, restated, replaced, supplemented, or otherwise
modified, the “Mezzanine B Guaranty”).

 

		E.	The Mezzanine B Loan Agreement, Mezzanine B Note, the Mezzanine B Pledge Agreement, the Mezzanine
B Guaranty, this Agreement, and all other existing or future documents evidencing, securing, or executed in connection with the
Loan, and all documents that modify, amend, extend, restate, replace, or otherwise affect the Loan or any of the foregoing documents,
are herein sometimes collectively referred to as the “Mezzanine B Loan Documents.” All capitalized terms used
in this Agreement that are not otherwise defined herein
shall have the meanings ascribed to them in the Mezzanine B Loan Documents, as in effect on the Effective Date.

 

Mezzanine B Loan Forbearance Agreement

 

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		F.	Lender is the owner and holder of the Loan, the Mezzanine B Note, and all of the Mezzanine B Loan
Documents.

 

		G.	Under Section 8.1(xxvi) of the Mezzanine B Loan Agreement if there is an event of default
(a “Mortgage Default”) under that certain Loan Agreement, dated as of May 1, 2019, executed by and between Morgan
Stanley Bank, N.A., Citi Real Estate Funding, Inc., Deutsche Bank AG, New York Branch, Goldman Sachs Mortgage Company and JPMorgan
Chase Bank, National Association (collectively, and together with their respective successors and or assigns, “Mortgage
Lender”) and the parties identified as “Borrowers” on the signature page attached thereto (the “Mortgage
Borrowers”) (as anytime amended, restated, replaced, supplemented, or otherwise modified, the “Mortgage Loan
Agreement”), then such Mortgage Default shall constitute an Event of Default under the Mezzanine B Loan Agreement.

 

		H.	Under Section 8.1(xxvi) of the Mezzanine B Loan Agreement if there is an event of default
(a “Mezzanine A Default”) under that that certain Mezzanine A Loan Agreement, dated as of May 1, 2019, by and
between Morgan Stanley Mortgage Capital Holdings LLC, Citigroup Global Markets Realty Corp., Deutsche Bank AG, New York Branch,
Goldman Sachs Mortgage Company and JPMorgan Chase Bank, National Association (collectively, and together with their respective
successors and or assigns, “Mezzanine A Lender”) and the parties identified as “Borrowers” on the
signature page attached thereto (the “Mezzanine A Borrowers”) (as anytime amended, restated, replaced, supplemented,
or otherwise modified, the “Mezzanine A Loan Agreement”), then such Mezzanine A Default shall constitute an
Event of Default under the Mezzanine B Loan Agreement.

 

		I.	The Mortgage Borrowers have informed Mortgage Lender and Lender that the Mortgage Borrower will
be unable to make monthly deposits into the FF&E Reserve Account and Scheduled PIP Reserve Account (as such terms are defined
in the Mortgage Loan Agreement) during the Forbearance Period (as defined below) as and when required under the Mortgage Loan Agreement,
and, accordingly, an Event of Default currently exists or shall imminently occur (the “Existing Default”) under
the Mortgage Loan Agreement and the Mezzanine A Loan Agreement, and therefore, the Loan, and Lender does or shall have the right
to commence enforcement of any and all remedies available to it under the Mezzanine B Loan Documents, applicable law or in equity,
without any defense, offset or excuse on the part of Borrower Parties.

 

		J.	In connection with this Agreement, the Mortgage Borrowers are entering into a corresponding forbearance
agreement with respect to the Mortgage Loan (the “Mortgage Loan Forbearance Agreement”), on similar terms as
set forth herein.

 

		K.	In connection with this Agreement, the Mezzanine A Borrowers are entering into a corresponding
forbearance agreement with respect to the Mezzanine A Loan (the “Mezzanine A Loan Forbearance Agreement”), on
similar terms as set forth herein.

 

Mezzanine B Loan Forbearance Agreement

 

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		L.	The principal balance of the Loan, together with interest and all other amounts now or hereafter
owed under the Mezzanine B Loan Documents, is sometimes referred to herein collectively as the “Indebtedness.”

 

		M.	Borrower Parties have requested that, notwithstanding the Existing Default, Lender forbear in the
pursuit of certain remedies Lender may have by virtue of the Existing Default, and Lender is willing to do so, but only pursuant
to the terms and provisions set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows.

 

1.                 
Recitals; Acknowledgments. The Recitals set forth above are true and accurate, are a material part of this Agreement,
and are hereby incorporated by reference, and the Parties are entitled to rely thereon.

 

2.                 
Forbearance Period. (a) Subject to the terms of this Agreement, Lender agrees to forbear from exercising remedies
with respect to Pledged Securities under the terms of the Mezzanine B Pledge Agreement, from enforcing Lender’s other rights
and remedies under the terms and provisions of the Mezzanine B Loan Documents, and from enforcing Lender’s rights to prohibit
actions Borrower may, but for the Existing Default, otherwise take under the terms and provisions of the Mezzanine B Loan Documents
(“Lender’s Enforcement Rights”) as a result of the Existing Default (1) for a period of time beginning
on and including the Effective Date and ending on the earlier to occur of either (A) January 6, 2021 or (B) the date a Forbearance
Termination Event (as defined below) occurs (the “Forbearance Expiration Date,” and the time period between
the Effective Date and the Forbearance Expiration Date being herein referred to in this Agreement as the “Forbearance
Period”), and (2) during the Extended Forbearance Period (as defined below), so long as no Forbearance Termination Event
has occurred.

 

(b) With respect to
the Mortgage Loan and the Mezzanine A Loan, Lender shall have no obligation to forbear under this Agreement unless and until (i) the
Mortgage Loan Forbearance Agreement is executed, (ii) the Mezzanine A Loan Forbearance Agreement is executed, (iii) each
of the Mortgage Lender and the Mezzanine A Lender shall have approved, in writing, this Agreement, and (iv) the Mortgage Loan
Forbearance Agreement and the Mezzanine A Loan Forbearance Agreement each shall have been, prior to such execution, approved in
writing by Lender.

 

(c) Subject to Borrower’s
compliance with the terms hereof, Lender hereby consents to the execution and provisions of the Mortgage Loan Forbearance Agreement
and the Mezzanine A Loan Forbearance Agreement.

 

3.                  Reimbursement
Payment to Lender for Lender Fees and Costs Incurred in Connection With Forbearance; Costs and Expenses. Upon their
execution of this Agreement, Borrower shall owe Lender an amount equal to $50,000.00 (the “Reimbursement
Payment”) in order to reimburse Lender for all or part of the fees and costs incurred by Lender in connection with
administering the Loan and with the negotiation and drafting of this Agreement, including legal fees and costs, and fees and
costs incurred by Lender to third-party providers, advisors, or consultants. The Reimbursement Payment shall be paid to
Lender together with the execution and delivery of this Agreement by Borrower Parties to Lender, shall not be applied to the
Indebtedness, and shall be a prerequisite to the effectiveness of this Agreement. In addition to the Reimbursement Payment,
Borrower acknowledges and agrees that all additional fees and costs related to a default by Borrower under this Agreement
incurred by Lender from the Effective Date of this Agreement through the Forbearance Expiration Date shall be payable to
Lender upon demand delivered to Borrower.

 

Mezzanine B Loan Forbearance Agreement

 

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4.                 
Borrower Covenants.

 

(a)              
Borrower covenants and agrees that Borrower will, during the Forbearance Period: (i) cause Mezzanine A Borrower to
cause Mortgage Borrower to maintain all insurance coverage (and pay all premiums in connection therewith) for the Properties in
accordance with, and as required by, the terms and provisions of the Mortgage Loan Documents; (ii) cause Mezzanine A Borrower
to cause Mortgage Borrower to pay all taxes affecting the Properties, including real estate taxes, on or before the date the same
become delinquent; (iii) cause Mezzanine A Borrower to cause Mortgage Borrower to pay all operating expenses necessary to
protect and maintain the Properties, (iv) cause Mezzanine A Borrower to cause Mortgage Borrower to comply with the terms and
conditions of the Mortgage Loan Forbearance Agreement, and (v) cause Mezzanine A Borrower to comply with the terms and conditions
of the Mezzanine A Loan Forbearance Agreement.

 

(b)              
Borrower Parties shall, during the Forbearance Period, upon Lender’s written request, immediately provide to Lender
copies of any and all material written correspondence, notices and communications, of any type whatsoever, affecting or relating
in any way to the Properties that are addressed to or delivered by any one or more of the Borrower Parties, Mezzanine A Borrowers,
and/or Mortgage Borrowers, including (i) any material written communications (if applicable) to or by Borrower Parties, Mezzanine
A Borrowers, and/or Mortgage Borrowers (or on which any Borrower Party, Mezzanine A Borrower and/or Mortgage Borrower is copied),
made by, addressed to, received from, or affecting Manager or Brand Manager (as defined in the Mortgage Loan Agreement) or any
ground lessor of the Properties or any portion thereof (including notices of default, if any), (ii) any written communications
with respect to any ground lease or property management agreement affecting the Properties (including notice of default, if any),
(iii) any written material communications or notices (if applicable) to, from or with respect to Manager, Brand Manager, Mortgage
Lender, or Mezzanine A Lender, and (iv) any written communications or notices with respect to any payments made (and copies of
evidences of such payments) affecting the Properties, including payments in connection with any such franchise, ground lease, Manager,
Brand Manager, Mortgage Lender, or Mezzanine A Lender.

 

(c)               Notwithstanding
anything herein to the contrary, all monthly payment obligations of Borrower owed during the Forbearance Period and during
the 14-month period during which Mortgage Borrower is obligated to make certain forbearance payments to Mortgage Lender under
the Mortgage Loan Forbearance Agreement (or sooner, if paid sooner by Mortgage Borrower in Mortgage Borrower’s
discretion) and all other monetary and non-monetary obligations of Borrower under the Mezzanine B Loan Documents shall remain
in full force and effect, unmodified by this Agreement, and the Existing Default shall continue in full force and effect.
Lender, however, shall, so long as Borrower fully and timely performs its obligations under this Agreement and the Mezzanine
B Loan Documents (and so long as Mezzanine A Borrower fully and timely performs its obligations under the Mezzanine A Loan
Forbearance Agreement and the Mezzanine A Loan Documents, and Mortgage Borrower fully and timely performs its obligations
under the Mortgage Loan Forbearance Agreement and the Mortgage Loan Documents), continue to forbear, even after the initial
Forbearance Period, solely with respect to the Existing Default, from enforcement of its rights and remedies as set forth and
to the same extent called for in this Agreement until the earlier of either the expiration of said 14-month period or, in the
alternative, such period after the initial Forbearance Period that continues through the occurrence of a Forbearance
Termination Event (collectively, the “Extended Forbearance Period”).

 

Mezzanine B Loan Forbearance Agreement

 

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(d)              
The Existing Default shall cease to exist when the following conditions have been satisfied in full: Borrower Parties, Mezzanine
A Borrowers and Mortgage Borrowers, have fully performed each of their respective obligations under this Agreement, the Mortgage
Loan Forbearance Agreement, and the Mezzanine A Loan Forbearance Agreement; and no Forbearance Termination Event exists hereunder
and no Event of Default otherwise exists under the Mortgage Loan Documents, the Mezzanine A Loan Documents, or the Mezzanine B
Loan Documents.

 

(e)              
Borrower Parties acknowledge and agree that their obligations set forth in this Section 4 shall apply and remain
in full force and effect during the Forbearance Period and the Extended Forbearance Period.

 

5.                 
Individual Property Releases. Borrower may after the Effective Date of this Agreement request from Lender a release
pursuant to Section 2.5.2 of the Mezzanine B Loan Agreement, notwithstanding Borrower’s inability to satisfy the Release
Conditions under the Mezzanine B Loan Agreement by virtue of the Existing Default (the “No EOD Release Condition”).
In the event of such request made by Borrower to Lender in the event all other Release Conditions are satisfied by Borrower, as
determined in Lender’s reasonable discretion (or are subject to a separate forbearance agreement executed by Lender in Lender’s
discretion), (a) Lender shall release its lien on the affected Individual Property, (b) Lender shall forbear from enforcement of
its rights and remedies arising by virtue of Borrower’s failure to satisfy the No EOD Release Condition and (c) the proceeds
generated in connection with each of the Individual Property Releases shall be applied as set forth in the Mezzanine B Loan Agreement
(including, for avoidance of doubt, amounts owed to Mortgage Lender, Mezzanine A Lender, and Lender); provided, however, no such
proceeds shall be delivered to Borrower, and any proceeds that would otherwise be delivered to Borrower or deposited into an account
for Borrower’s benefit shall be deposited into the Scheduled PIP Reserve Account pursuant to the terms of the Mortgage Loan
Forbearance Agreement.

 

6.                  Nature
of Agreement: Forbearance; Not Modification. Notwithstanding any provision of this Agreement, the Parties acknowledge and
agree that the provisions of this Agreement set forth agreements on the part of Lender to forbear from the enforcement of
certain rights and remedies and that such agreements to forbear are limited to the specific events, terms and conditions
addressed and set forth herein. All payment obligations and non-payment obligations of Borrower, and all obligations of
Leaseholder Pledgor and Guarantor, as set forth in the Mezzanine B Loan Documents remain in full force and effect.
Lender’s forbearance from enforcement of rights and remedies with respect to any of the Release Conditions in no manner
constitutes a course of dealing by Lender, and in no manner constitutes an agreement on the part of Lender to forbear with
respect to the Release Conditions as they apply to other Individual Properties that may be subject to lien releases after the
Forbearance Expiration Date.

 

Mezzanine B Loan Forbearance Agreement

 

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7.                 
Forbearance Termination Events. Each of the Borrower Parties agrees that the occurrence of any of the following events
shall constitute a “Forbearance Termination Event” under this Agreement, regardless of the reason or reasons
for the occurrence of any such event, whether or not such occurrence is voluntary or involuntary, and whether or not such event
occurs by operation of law or from some other cause that is not within the control of the Borrower Parties:

 

(a)              
Any failure by any of the Borrower Parties, Mezzanine A Borrowers, and/or Mortgage Borrowers, to perform when due or required
any of the covenants, agreements, or obligations to be performed under the Mortgage Loan Documents, Mezzanine A Loan Documents,
or the Mezzanine B Loan Documents, except as expressly stated otherwise in this Agreement with respect to the Existing Default,
or any failure by any of the Borrower Parties to perform when due or required any of the covenants, agreements, or obligations
to be performed this Agreement;

 

(b)              
Any of the representations or warranties made by any of the Borrower Parties in this Agreement or in any report, statement,
or information provided by any of the Borrower Parties, Mezzanine A Borrowers, and/or Mortgage Borrowers, to Lender in accordance
with the terms of this Agreement shall have been false or misleading in any material respect when made.

 

(c)              
Any default under, or any termination, of the Mortgage Loan Forbearance Agreement or the Mezzanine A Loan Forbearance Agreement.

 

(d)              
Any of the Borrower Parties, Mezzanine A Borrowers, and/or Mortgage Borrowers: (i) institutes or has instituted against
it or any of its property, including the Properties, any bankruptcy, reorganization, receivership, conservatorship, custodianship,
sequestration, or other similar judicial or nonjudicial proceedings; (ii) makes, permits or agrees to make or permit an assignment
or abandonment, whether or not conditional, of some or all of its property for the benefit of some or all of its creditors; (iii) ceases
doing business in the ordinary course (except for pandemic-related closures, subject to the conditions in the next sentence); or
(iv) has commenced against it or its property, including the Properties, a foreclosure or other action for the collection
of any indebtedness. Notwithstanding the foregoing, a temporary closure of any hotels on the Properties shall not constitute a
Forbearance Termination Event, so long as (x) Borrower reasonably maintains or causes Mezzanine A Borrower to cause Mortgage
Borrower to reasonably maintain the security of the Properties in connection with such closure, and (y) Borrower complies
with or causes Mezzanine A Borrower to cause Mortgage Borrower to comply with all Legal Requirements in connection with such closure.

 

Mezzanine B Loan Forbearance Agreement

 

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(e)              
 Any Forbearance Termination Event shall also constitute an additional default, Default, and Event of Default under all
of the Mezzanine B Loan Documents, for which no notice shall be required and with respect to which no grace or cure period shall
apply.

 

8.                 
Conditional Forbearance From Collection of Default Interest, Late Charges, Workout Fees and Liquidation Fees. Lender
will not seek, and will forbear from, collection from Borrower of interest on the Loan at the Default Rate (hereinafter, “Default
Interest”), any Late Payment Charge (hereinafter, “Late Charges”), any workout fee that Lender may
owe to any Servicer (the “Workout Fee”), and any liquidation fee that Lender may owe to any Servicer (the “Liquidation
Fee”) if (i) Borrower fully and timely performs all of its obligations under this Agreement and (ii) no Forbearance
Termination Event occurs, provided, however, that if at any time prior to the Maturity Date, including during the Forbearance Period,
Borrower fails to fully and timely perform all of its obligations, whether under this Agreement or any of the Mezzanine B Loan
Documents (except as otherwise expressly provided herein with respect to the Existing Default), or if a Forbearance Termination
Event occurs, then Lender’s agreement herein to forbear from the collection of Default Interest and Late Charges shall be
deemed void ab initio and of no force or effect whatsoever.

 

9.                 
Warranties, Representations, and Ratification. As of the Effective Date, each of the Borrower Parties unconditionally
ratifies, remakes and confirms all warranties and representations previously made in the respective Mezzanine B Loan Documents
to which each is a party, except for those that were made to be in effect only as of a specified date, or that are no longer true
due to changes in circumstances as allowed under the Mezzanine B Loan Documents or that are no longer true due to the effects of
the COVID-19 pandemic. As of the Effective Date, each of the Borrower Parties hereby (i) ratifies each of its obligations
under the Mezzanine B Loan Documents, (ii) confirms that such obligations, and all waivers, covenants and agreements by each
of the Borrower Parties in the Mezzanine B Loan Documents remain in full force and effect, without any defense, offset, or excuse
available to any Borrower Party, (iii) reaffirms its continuing absolute liability for its respective obligations under the
Mezzanine B Loan Documents, all without defense, offset or excuse available to any Borrower Party, (iv) confirms and agrees
that income generated by the Properties will be used for no other purpose other than operation and maintenance of the Properties
or making payments due on the Indebtedness, or for distributions as and when permitted under this Agreement and the Mezzanine B
Loan Documents, and (v) to the extent required pursuant to applicable Franchise Agreements, each Franchisor has approved all
actions of the Borrower Parties taken to date with respect to their operations to address the impact of COVID-19.

 

10.             
Conditions to Forbearance; Effects of Forbearance.

 

(a)              
Lender’s agreement herein to forego immediate pursuit of Lender’s Enforcement Rights constitutes a postponement
and forbearance only, and does not in any event constitute a waiver of any such rights or remedies under the Mezzanine B Loan Documents,
at law, or in equity.

 

(b)               Lender’s
agreement to forbear shall not operate to prevent Lender from taking any action that Lender may take under the Mezzanine B
Loan Documents to preserve and protect the Properties, any of the Collateral or other property described in the Mezzanine B
Pledge Agreement and the Mezzanine B Loan Documents or the interests of Lender in the Properties or any such Collateral or
other property.

 

Mezzanine B Loan Forbearance Agreement

 

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(c)              
The Parties agree that the running of all statutes of limitation or doctrine of laches applicable to all claims or causes
of action that Lender may be entitled to take or bring in order to enforce its rights and remedies against any of the Borrower
Parties are, to the fullest extent permitted by law, tolled and suspended until the occurrence of a Forbearance Termination Event.

 

11.             
Mezzanine B Loan Documents Subject to This Agreement; Borrower Parties’ Waiver of Additional Notices and Temporary
Waiver of Equity Distributions; Additional Financial Reporting Obligations. The Parties hereby agree as follows:

 

(a)              
All references in any Loan Document to any other Loan Document shall hereafter be construed to refer to such other Loan
Document it is subject to this Agreement, and the provisions of this Agreement shall control over any contrary or inconsistent
provisions of any of the other Mezzanine B Loan Documents.

 

(b)              
All provisions of the Mezzanine B Loan Documents requiring Lender to give any notice to any of the Borrower Parties or to
any other person as a condition precedent to the existence of any breach, default, Default, Event of Default, acceleration or remedial
action by Lender, creating any grace period during which nonpayment or nonperformance does not constitute a default or that requires
Lender to delay remedial action, or granting any period after the giving or receipt of any notice for the cure of any breach, default,
Default, or Event of Default under the Mezzanine B Loan Documents prior to acceleration or other remedial action by Lender are
hereby waived by, and shall not be enforced by, Borrower Parties as they relate to the Existing Default.

 

(c)              
In addition to (and not in lieu of) Borrower’s financial reporting obligations set forth in Section 4.9 of the Mezzanine
B Loan Agreement, Borrower shall deliver to Lender, commencing on the 20th day of the first month during the Forbearance
Period and Extended Forbearance Period (or, if the 20th day of such month is not a Business Day, on the first Business
Day thereafter), and continuing on the 20th day of each calendar month thereafter (or on the first following Business
Day, if the 20th day of a given month is not a Business Day) during the Forbearance Period and Extended Forbearance
Period: (i) monthly and year-to-date operating statements, prepared for the prior month, noting Net Operating Income, Gross Revenues,
and Operating Expenses; and (ii) upon Lender’s request, other information necessary to fairly represent the financial condition
and results of the Properties during such prior month, including STR and PACE reports (if applicable). In addition, Borrower shall
further deliver to Lender, during the Forbearance Period and Extended Forbearance Period, not later than 60 days following the
end of each month (or in the case of December, 90 days following the end of such month), a consolidated profit and loss statement
for the month and year then ended, together with a summary report detailing monthly occupancy, including the average daily rate
during the subject month (the “P&L Statement”).

 

Mezzanine B Loan Forbearance Agreement

 

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(d)               In
addition to any existing limitations set forth in the Mezzanine B Loan Documents, and without in any way diminishing such
limitations, on the making of any dividend, payment, or distribution of any kind or nature to any member, partner, or owner
of any beneficial interest in a Borrower Party, whether due to the Existing Default or otherwise, Borrower shall not make any
dividend, payment, or distribution of any kind or nature to any member, partner, or owner of any beneficial interest in
Borrower prior to the payment in full of the Forbearance Amounts; provided, however, the provisions of this Section 11(d)
shall not prohibit the monthly payment of debt service owed to the Mortgage Lender, Lender, and Mezzanine B Lender.
Notwithstanding the foregoing or any provision of the Mezzanine B Loan Agreement or any other Loan Document, in no event will
Borrower or any Borrower Party distribute, or use for any purpose other than the operation of the Properties in accordance
with the Mezzanine B Loan Documents, the proceeds of any business interruption insurance.

 

(e)              
The foregoing subparagraphs (a) through (d) of this Section 11 shall remain in effect in any event, whether
or not Lender’s agreements herein concerning forbearance remain in effect or any Forbearance Termination Event occurs, and
shall cease at such time as Borrower has fully performed its obligations hereunder and the Existing Default ceases to exist as
set forth in Section 4(d) above.

 

12.             
Releases and Indemnifications. As of the Effective Date, each of the Borrower Parties and its respective past, present
and future employees, agents, attorneys, representatives, successors, assigns, and all persons or entities claiming by, through,
or under any of them (and their respective successors and assigns, collectively, the “Releasing Parties”) hereby:

 

(a)              
acknowledges, agrees and affirms that none of them possesses any claims, defenses, offsets, rights of recoupment or counterclaims
of any kind or nature against or with respect to the enforcement or administration of the Loan or the Mezzanine B Loan Documents
(including any aspect of the origination, administration or enforcement thereof), or any knowledge of any facts or circumstances
that might give rise to or be the basis of any such claims, defenses, offsets, rights of recoupment or counterclaims;

 

(b)              
remises, releases, acquits and forever discharges Lender, and its predecessors in interest, affiliates, subsidiaries, participants
or assigns, and all of their respective past, present, and future shareholders, members, directors, managers, officers, employees,
attorneys, advisers, consultants, servicers, representatives or agents (collectively, the “Lender Released Parties”)
from any and all manner of debts, accounts, bonds, warranties, representations, covenants, promises, contracts, controversies,
agreements, liabilities, obligations, expenses, damages, judgments, executions, actions, claims, demands, and causes of action
of any nature whatsoever, whether at law or in equity, whether known or unknown, that any of the Releasing Parties now have or
may hereafter have by reason of any act, omission, matter, cause or thing, from the beginning of the world to and including the
date this Agreement is executed and delivered by all parties hereto, including matters arising out of or relating to the Loan and
the Mezzanine B Loan Documents, including the origination, funding, servicing or administration thereof and any other agreement
or transaction between any of the Releasing Parties and any of the Lender Released Parties concerning the Loan (all of the foregoing
released claims are sometimes referred to as the “Released Claims”);

 

Mezzanine B Loan Forbearance Agreement

 

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(c)               agrees
that it is the intention of each of the Releasing Parties that the foregoing release shall be effective with respect to all
matters, past and present, known and unknown, and suspected and unsuspected. Each of the Releasing Parties realizes and
acknowledges that factual matters now unknown to it may have given or may hereafter give rise to losses, damages,
liabilities, costs and expenses which are presently unknown, unanticipated, or unsuspected, and that each of the Releasing
Parties further agrees that the waivers and releases in this Agreement have been negotiated and agreed upon in light of that
realization and that each of the Releasing Parties nevertheless hereby intends to release, discharge and acquit the Lender
Released Parties from any such unknown losses, damages, liabilities, costs and expenses;

 

(d)              
agrees, jointly and severally, to indemnify the Lender Released Parties for, hold the Lender Released Parties harmless from
and against, and undertake the defense of the Lender Released Parties with respect to, all Released Claims that each of the Releasing
Parties may assert with respect to any of the Released Claims, despite the existence of the releases granted by the Releasing Parties
herein;

 

(e)              
acknowledges that Lender is specifically relying upon each of the Releasing Parties’ acknowledgements and agreements
in this Section 12 in executing this Agreement, and that in the absence of such agreements Lender would be unwilling
to agree to the modifications provided for in this Agreement; and

 

(f)               
agrees that all releases and discharges by each of the Releasing Parties in this Agreement shall have the same effect as
if each released or discharged matter had been the subject of a legal proceeding, adjudicated to final judgment from which no appeal
could be taken and therein dismissed with prejudice.

 

13.             
Lender’s Rights Upon Occurrence of a Forbearance Termination Event. Upon and at any time after the occurrence
of any Forbearance Termination Event, Lender may take any actions or assert any rights available to Lender under the Mezzanine
B Loan Documents, or applicable law, or in equity, including but not limited to, immediately ceasing the forbearance to which Lender
agreed pursuant to Section 2 of this Agreement and commencing and pursuing any or all rights and remedies Lender may
have under the Mezzanine B Loan Documents or applicable law, all in such order and manner as Lender may elect from time to time
in its discretion, as if Section 2 had never been agreed to by Lender.

 

14.             
Additional Documents / Further Assurances. Borrower shall at any time, and from time to time, upon the written request
of Lender, promptly sign and deliver such further documents and do such further acts and things as Lender may request to effect
the purposes of this Agreement.

 

15.             
Time is of the Essence. Time is of the essence with respect to all agreements and obligations of each of the Borrower
Parties contained herein.

 

16.              Entire
Agreement; Written Modifications Only. This Agreement and the documents referred to, contemplated, or required herein,
constitute the sole and entire agreement between the Parties with respect to the subject matter hereof, and there are no
other covenants, promises, agreements or understandings regarding the same. This Agreement, including the provisions of this Section 16,
may not be modified except by written amendment to this Agreement signed by the Parties affected by the same, and each of the
Parties hereby: (a) expressly agrees that it shall not be reasonable for any of them to rely on any alleged, non-written
amendment to this Agreement; (b) waives any and all right to enforce any alleged, non-written amendment to this Agreement;
and (c) expressly agrees that it shall be beyond the scope of authority (apparent or otherwise) for any of its respective
agents to agree to any non-written modification of this Agreement.

 

Mezzanine B Loan Forbearance Agreement

 

    10

     

    

 

17.             
No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Parties hereto and no persons other
than the Parties and the Lender Released Parties shall be entitled to claim or receive any benefit by reason of this Agreement.

 

18.             
Conditions of Lender’s Obligations Under This Agreement. Each obligation of Lender under this Agreement is
subject to, among other matters, the continuing satisfaction of the following conditions, any of which may be waived by Lender
in its sole discretion with respect to the Loan: (a) all warranties and representations made by Borrower Parties under this Agreement
are true and correct as of the Effective Date and shall remain true and correct thereafter in all material respects; and (b) no
default shall have occurred under this Agreement.

 

19.             
Due Diligence Performed; Parties Fully Informed; No Right to Rely.  Each of the Borrower Parties hereby
warrants, represents, and agrees that it has, by itself and with the assistance of counsel (or, if without the assistance of counsel,
each Borrower Party having of its own volition chosen not to seek such assistance), performed any and all due diligence and investigation
it deems necessary or desirable in connection with making a fully informed decision to enter into and sign this Agreement. 
Borrower Parties are relying on their own investigations and their own decision-making processes in determining to sign this Agreement,
are not relying on the representations or omissions of each other or of Lender or any of the Lender Released Parties in so doing,
and fully understand the terms and provisions of this Agreement and of the documents contemplated hereby.

 

20.             
Severability. If any one or more of the provisions of this Agreement are deemed unenforceable, the remainder of this
Agreement shall, at the sole option of Lender, remain enforceable in accordance with its original terms to the fullest extent possible.

 

21.             
Delay Not a Waiver. Neither the failure nor any delay on the part of Lender to exercise any right, power or privilege
under this Agreement or under any document executed in connection herewith shall operate as a waiver of such right, power or privilege
and any single or partial exercise of any such right, power or privilege shall not preclude any other or further exercise thereof.

 

22.             
Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of each Party’s heirs,
executors, personal and legal representatives, successors and permitted assigns.

 

23.             
Construction of Provisions. The following rules of construction are applicable for the purposes of this Agreement
and all documents and instruments supplemental hereto unless the context clearly requires otherwise:

 

(a)              
All references herein to numbered sections or paragraphs, or to lettered exhibits are references to the sections or paragraphs
hereof and the exhibits annexed hereto.

 

Mezzanine B Loan Forbearance Agreement

 

    11

     

    

 

(b)              
 The terms “include,” “including,” and similar terms shall be construed as if followed by the phrase
 “without being limited to” or the phrase “without limitation,” as the context may require.

 

(c)              
The term “Properties” shall be construed as if followed by the phrase “or any part thereof.”

 

(d)              
All references to indebtedness, obligations, monetary sums or the like that are owed to Lender under this Agreement or the
other Mezzanine B Loan Documents shall be construed as if followed by the phrase “or any part thereof.”

 

(e)              
Words of masculine, feminine or neutral gender shall mean and include the correlative words of the other genders, and words
importing the singular number shall mean and include the plural, and vice versa.

 

(f)               
No inference in favor of or against any Party hereto shall be drawn from the fact that such Party has drafted any portion
of this Agreement or any other Loan Document.

 

(g)              
All references to the Loan or the Mezzanine B Loan Documents shall be deemed to include all existing or future modifications,
amendments, extensions, restatements, or replacements of the Loan or Mezzanine B Loan Documents made by mutual written agreement
of the Parties.

 

(h)              
The terms “person” and “Party” shall mean any individual, sole proprietorship, partnership, limited
liability company, joint venture, trust, unincorporated organization, association, corporation, institution, entity or government
(whether federal, state, county, city, municipal or otherwise, including an instrumentality, division, agency, body or department
thereof).

 

(i)                
Section headings are included in this Agreement for convenience of reference only and shall not constitute part of this
Agreement for any other purpose.

 

24.             
Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original
and all of which together shall constitute one and the same document, binding upon all the Parties hereto notwithstanding that
all such Parties are not signatories to the same counterpart. This Agreement shall become effective when all Parties hereto have
executed a counterpart hereof. A signature of a Party by electronic transmission shall be deemed to constitute an original and
fully effective signature of such Party.

 

25.             
Governing Law. Section 10.4 of the Mezzanine B Loan Agreement is hereby incorporated by reference.

 

26.             
Waiver of Jury Trial. Each of the Parties waives the right to jury trial with respect to any dispute arising under,
in connection with or related to this Agreement or the Mezzanine B Loan Documents, and all provisions contained in the Mezzanine
B Loan Documents with respect to waiver of jury trial are incorporated in this Agreement by reference.

 

Mezzanine B Loan Forbearance Agreement

 

    12

     

    

 

27.             
 Notices. Notices between the Parties shall be deemed effective when provided electronically as follows or in accordance
with Section 10.6 of the Mezzanine B Loan Agreement and shall also be provided as follows and shall be effective when
so given:

 

	To Lender:	CC6 Investment Ltd.
	 	c/o BlackRock Realty Advisors, Inc.
	 	40 East 52nd Street
	 	New York, New York 10022
	 	Attention: Paul Horowitz
	 	Email: paul.horowitz@blackrock.com
	 
	With a copy to:	Dechert LLP
	 	Cira Centre
	 	2929 Arch Street
	 	Philadelphia, PA 19104-2808
	 	Attention: Matthew Ginsburg
	 	Facsimile: + 1 215 994 2222
	 	Email: matthew.ginsburg@dechert.com
	 
	To Borrower,
	Leasehold Pledgor,
	and Guarantor:
	 	c/o Hospitality Investors Trust, Inc.
	 	Park Avenue Tower
	 	65 East 55th Street, Suite 801
	 	New York, NY 10022Attention: General Counsel
	 	Email address: phughes@hitreit.com
	 
	With a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, NY 10006
	 	Attention: Michael Weinberger, Esq.
	 	Email address: mweinberger@cgsh.com

 

Mezzanine B Loan Forbearance Agreement

 

    13

     

    

 

28.             
 Credit Agreement. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT
OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT THE BORROWER PARTIES AND LENDER FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS THE PARTIES REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH
IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN THE PARTIES, EXCEPT AS THE PARTIES MAY LATER AGREE IN WRITING
TO MODIFY IT.

 

[Signature Pages Follow.]

 

Mezzanine B Loan Forbearance Agreement

 

    14

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.

 

LENDER:

 

CC6 INVESTMENT LTD.,

a Cayman Islands exempted company

 

By:       Carbon VI GP LLC,

as its sole director

 

By:       BlackRock Realty
Advisors, Inc.,

as its sole member

 

	 	By:     	/s/ Paul Horowitz
	 	 	Name: Paul Horowitz
	 	 	Title:   Vice President

 

NC GARNET FUND, L.P., 

a Delaware limited partnership

 

By:        BlackRock
Financial Management, Inc.,

its investment manager

 

	 	By:     	/s/ Paul Horowitz
	 	 	Name: Paul Horowitz
	 	 	Title:   Director

 

[Signatures Continue on the Following
Page]

 

[Signature Page to Mezzanine
B Loan Forbearance Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	 
	 	 
	 	HIT
    PORTFOLIO I MEZZ B, LLC
	 	a
    Delaware limited company
	 	 
	 	 
	 	 
	 	By:	   /s/
    Jonathan P. Mehlman
	 	 	Name:  Jonathan
    P. Mehlman
	 	 	Title:    President
    and Chief Executive Officer

 

[Signatures Continue on the Following
Page]

 

[Signature Page to Mezzanine
B Loan Forbearance Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
as of the Effective Date.

 

	 	LEASEHOLD
    PLEDGOR:
	 	 
	 	HIT
    PORTFOLIO I TRS MEZZ B, LLC
	 	a
    Delaware limited liability company
	 	 
	 	By: 	 /s/
    Jonathan P. Mehlman
	 	 	Name:  Jonathan
    P. Mehlman
	 	 	Title:    President
    and Chief Executive Officer
	 	 
	 	HIT
    2PK TRS MEZZ B, LLC
	 	a
    Delaware limited liability company
	 	 
	 	By:  	/s/ Jonathan P. Mehlman
	 	 	Name:  Jonathan
    P. Mehlman
	 	 	Title:    President
    and Chief Executive Officer

 

[Signatures Continue on the Following
Page]

 

[Signature Page to Mezzanine
B Loan Forbearance Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.

 

	 	GUARANTOR:
	 	 
	 	HOSPITALITY
    INVESTORS TRUST, INC.,
	 	a
    Maryland corporation
	 	 
	 	By:  	/s/ Jonathan P. Mehlman
	 	 	Name:  Jonathan
    P. Mehlman
	 	 	Title:    President
    and Chief Executive Officer
	 	 
	 	HOSPITALITY
    INVESTORS TRUST OPERATING
	 	PARTNERSHIP,
    L.P., a Delaware limited partnership
	 	 
	 	By:
    HOSPITALITY INVESTORS TRUST, INC.,
	 	a
    Maryland corporation, its general partner
	 	 
	 	By:  	/s/ Jonathan P. Mehlman
	 	 	Name:  Jonathan
    P. Mehlman
	 	 	Title:   President
    and Chief Executive Officer

 

[Signature Page to Mezzanine
B Loan Forbearance Agreement]EX-10.21

 Exhibit 10.21 

*** CERTAIN MATERIAL (INDICATED BY THREE ASTERISKS IN BRACKETS) HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH (1) NOT MATERIAL AND
(2) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 Contract No.:0020000071-Year 2020 (Changping) No. 00109 

Small Business Loan Agreement 

(2020 version) 
  

 
 Important Notice: This Contract is entered into by the Parties in accordance with
laws and based on equality and free will, and the terms and conditions of this Contract fully reflect the genuine intention of the Parties hereto. In order to protect legal rights and interests of the Borrower, the Lender hereby draws the
Borrower’s special attention to the terms and conditions of this Contract in relation to each Party’s rights and obligations, in particular those in bold. 

			
	Lender:	  	Industrial and Commercial Bank of China Limited, Beijing Changping Sub-branch
		
	Person in Charge:	  	Su Yiping            Contact Person:                Liu Yang
		
	Address:	  	No. 35 West Gulou Road, Chang Ping District, Beijing
		
	Post Code:	  	100000
		
	Telephone:	  	[***]    Fax:                    /         
       
    Email:                    /              
  
		
	Borrower:	  	Genetron Health (Beijing) Company, Ltd.
		
	Legal Representative:	  	Wang Sizhen            Contact Person: Li Yangxing            Mobile: [***]
		
	Address:	  	3/F, Building 10, Sector 1, No. 8 Shengmingyuan Road, Zhongguancun Life Science Park, Huilongguan Town, Changping District, Beijing
		
	Post Code:	  	100000
		
	Telephone:	  	[***]    Fax:                    /         
       
    Email:                    /              
  

 [The Borrower shall provide accurate and complete information as required above to ensure that any future notices and
processes may be promptly served.] 
 After equal negotiations, the Lender and the Borrower enter into this Contract in relation to the provision of
relevant loan by the Lender to the Borrower. 
 Part I            General
Provisions 
  

	Article 1	 Purpose of Loan 

The loan hereunder shall be used for the purpose of procurement of raw materials and other daily operation. Without written consent of the Lender, the
Borrower may not use the loan for any purpose other than those listed below. The Lender may supervise the use of the proceeds of the loan. 
  

	Article 2	 Amount and Term of Loan 

 

	2.1	 The currency and amount of the loan hereunder shall be RMB10,000,000.00 (in words: Renminbi ten million
yuan) (if there is any inconsistency between the amount in figures and the amount in words, the amount in words shall prevail.) 

  

	2.2	 The term of the loan hereunder shall be 12 months, commencing from the first drawdown date under this Contract.

  

	2.3	 In respect of each drawdown, the drawdown date shall be the date on which the amount of such drawdown is
credited to the disbursement account, and the maturity date shall be the repayment date as stated on the receipt of loan (or in case of repayment in installments, the maturity date shall be determined in accordance with the repayment schedule as
provided in this Contract or otherwise agreed by the Parties hereto), provided that the repayment date of any drawdown shall not extend beyond the term of the loan hereunder. 

	Article 3	 Interest Rate and Interest 

 

	3.1	 [Determination of Interest Rate for RMB Loans] 

The interest rate for RMB loans shall be determined as follows: 

The loan interest rate for each loan shall be the benchmark interest rate plus the floating margin (in basis points), where the benchmark
interest rate shall be the one-year (one-year/five-year or above) loan prime rate (LPR) published by the National Interbank Funding Center on the
business day immediately preceding the contract effectiveness date (drawdown date/contract effectiveness date) for such loan, and the floating margin shall be minus (plus/minus) [***] basis points (for the purpose of this
Contract, one basis point is 0.01%). If no applicable LPR is published by the National Interbank Funding Center on the business day immediately preceding the interest rate fixing day, the benchmark interest rate shall be determined on the basis of
the LPR published by the National Interbank Funding Center on the date which is two business days prior to the interest rate fixing day; if there is still no applicable LPR published on such date, the benchmarking date will go back one more business
day, and so on, until an applicable LPR is available. The interest rate for each loan will be adjusted after drawdown in accordance with paragraph A (A/B) below: 
  

	 	A.	 The loan interest rate will be adjusted every [***] (1/3/6/12) month(s) (Interest Period) and the loan
interest for each Interest Period shall be calculated according to the loan interest rate applicable to such Interest Period. The interest rate fixing date of the second and each subsequent Interest Period shall be the same numerical date in the
month of adjustment as the drawdown date, and the Lender will adjust the loan interest rate on such interest rate fixing date in accordance with the LPR published by the National Interbank Funding Center on the business day immediately preceding
such date, and the applicable floating margin. If there is no same numerical date in the month of adjustment as the drawdown date, the loan interest fixing rate for such Interest Period shall be determined on the last day of such month of
adjustment. 

  

	 	B.	 The interest rate will not be adjusted during the entire term of the loan. 

 

	3.2	 [Determination of Interest Rate for Foreign Currency Loans] 

Interest rate for foreign currency loans shall be determined in accordance with Item
    /     (1/2/3) below: 
  

	 	(1)	 Fixed interest rate at     /    % per annum, which shall
remain unchanged within the term of this Contract. 

  

	 	(2)	 Floating interest rate. The loan interest rate shall be
    /        -month
            /             (LIBOR/HIBOR) (the benchmark interest rate) plus a margin equal to
             basis point(s) (a basis point is equal to 0.01%). The margin shall remain unchanged within the term of this Contract. If the Borrower makes more than one drawdown, the
loan interest rate for each drawdown shall be calculated separately. After the Borrower makes drawdown, the benchmark interest rate will be adjusted in accordance with Item     /     (A/B) below,
and the loan interest for each Interest Period shall be calculated according to the loan interest rate as adjusted and applicable to such Interest Period: 

  

	 	A.	 The loan interest rate will be adjusted every     /    
(1/3/6/12) month(s). The benchmark interest rate applicable to each interest period subsequent to the initial period shall be determined on the same numerical date in the month of such adjustment as the drawdown date. If there is no same numerical
date in the month of adjustment as the drawdown date, the benchmark interest rate for such period shall be determined on the last day of such month of adjustment; or 

	 	B.	 the benchmark interest rate for each interest period shall be adjusted on the first day of such interest
period. 

  

	 	(3)	 Others:
                                         
                                         
                  . 

  

	3.3	 The loan interest hereunder shall accrue from the actual drawdown date on a daily basis, and be settled every
month (month/quarter/half year). Upon the maturity of the loan, all outstanding interest shall be paid together with the principal. The daily interest rate shall be the applicable annual interest rate/360. 

 

	3.4	 Default interest will be imposed at a rate equal to   [***]% of the corresponding loan
interest rate on any overdue amount (overdue default interest rate), or at a rate equal to   [***]% of the corresponding loan interest rate on any amount that is used for any purpose other than those set out hereunder
(misappropriation default interest rate). 

  

	Article 4	 Drawdown 

  

	4.1	 The Borrower shall make drawdown according to its actual need for fund in accordance with paragraph
  2  (1/2/3) below: 

  

	 	(1)	 The Borrower will make a full drawdown of the loan in one lump sum prior to
                        ; 

  

	 	(2)	 The Borrower will draw down the loan in full in one or more installments during the period from the
effectiveness date of this Contract to 31 December 2020; or 

  

	 	(3)	 The Borrower will make multiple drawdown in accordance with the schedule below. If the Borrower intends to
change the time or amount of any drawdown, it shall obtain the consent of the Lender, provided that the loan shall be withdrawn in full no later than
                        . 

  

					
	 Drawdown time
	  	Drawdown amount	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 

  

	4.2	 The Lender has the right to cancel all or part of the unutilized part of the facility, if the Borrower fails
to make drawdown in accordance with this Contract. 

  

	Article 5	 Repayment 

  

	5.1	 The Borrower shall repay the loans hereunder in accordance with paragraph (1) (1/2) below:

  

	 	(1)	 the Borrower shall fully repay the loan in one lump sum upon its maturity. 

 

	 	(2)	 the Borrower shall repay the loan in installments according to the following schedule (if there is not enough
space below, please state the repayment schedule on a separate page): 

					
	 Time of repayment
	  	Amount of repayment	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 
	 /
	  	 	/	 

  

	5.2	 If the loan hereunder falls in any of the following events, the Borrower shall immediately repay the loan
upon receipt of relevant fund: 

                       
         /                               
  
  

	Article 6	 Security 

If the security for the loan hereunder is a security with a maximum secured amount, the relevant security contract (with the maximum secured amount) is
                /                 (1/2/3, multiple options may be selected)

  

	1.	 Guarantee contract (with the maximum secured amount) (No.:
                /                ) 

Guarantor:
                        /               
          
  

	2.	 Mortgage contract (with the maximum secured amount) (No.:
                /                ) 

Mortgagor:
                        /               
                  
  

	3.	 Pledge contract (with the maximum secured amount) (No.:
                /                ) 

Pledgor:
                        /               
                  
  

	Article 7	 Financial Covenants (optional clause: this article is not applicable (applicable/not
applicable)) 

 Within the term of this Contract, the Borrower shall comply with the following covenants in relation to financial
indicators: 

                         
       /                                

	Article 8	 Dispute Resolution 

All disputes under this Contract shall be solved in accordance with paragraph
        (2)         (1/2) below: 
  

	(1)	 Such dispute shall be submitted to
                /                Arbitration Commission for arbitration at
                /                (place of arbitration) in accordance with
the arbitration rules of such commission in force upon submission of arbitration application. The arbitration award shall be final and binding upon both parties; or 

 

	(2)	 Such dispute shall be submitted to the jurisdiction of the competent court of the place where the Lender is
located. 

  

	Article 9	 Miscellaneous 

 

	9.1	 This Contract is made in     three     copies, with each of the
Borrower, the Lender and the Guarantor holding     one     copy, each of which shall have the equal legal effect. 

 

	9.2	 The following appendices and other appendices as confirmed by both parties shall constitute integral part of
this Contract and have the equal legal effect as this Contract: 

 Appendix 1:     Form of Drawdown
Notice 
 Appendix 2:     Entrusted Payment Agreement 

 

	9.3	 Please contact 95588 or the outlets of the Lender if you want to make an enquiry (or file a complaint).

  

	Article 10	 Other Matters Agreed by the Parties 

1.         Within the term of the loan hereunder, the percentage of the Borrower’s sale revenue received
through ICBC of the Borrower’s total revenue shall not be lower than the percentage of the amount lended by ICBC to the Borrower of the total bank financing obtained by the Borrower. 

2.         Within the term of the loan, the Borrower shall not, without the written consent of ICBC, borrow any
loans from any other banks for working capital purpose, or create any form of security over its owned assets (including contingent assets), or provide any guarantee with joint and several liability for any third party financing. ICBC may declare
that the loan hereunder is immediately due and payable if the Borrower is in breach of this paragraph. 

 Part II             Specific
Provisions 
  

	Article 1	 Interest Rate and Interest 

 

	1.1	 The LIBOR applicable to a foreign currency loan hereunder shall be the inter-bank offered rate applicable to
the currency of such loan as shown on the “LIBO=” page of the Reuters’ financial messaging terminal at 11:00 am (London time) on the day that is two bank business days prior to the drawdown date or the benchmark interest rate
adjustment date; the HIBOR shall be the inter-bank offered rate applicable to Hong Kong Dollar as shown on the “HIBO=” page of the Reuters’ financial messaging terminal at 11:15 am (Hong Kong time) on the day that is two bank business
days prior to the drawdown date or the benchmark interest rate adjustment date. If there is any material change to the fixing method of LIBOR or HIBOR, the applicable business rules effective at the time shall apply. 

 

	1.2	 If the loan hereunder adopts a floating interest rate, the interest rate will continue to be adjusted in
accordance with the original adjustment rules after such loan is overdue. 

  

	1.3	 If interest is settled on a monthly basis, the settlement date shall be 20th day of each month; if interest is settled on a quarterly basis, the settlement date shall be 20th day of the last month of each quarter; and if
interest is settled on a half-year basis, the settlement date shall be 20 June and 20 December of each year. 

  

	1.4	 The first interest period shall commence from the actual drawdown date to the first interest settlement date;
the last interest period shall commence from the day immediately following the end of the preceding interest period to the final repayment date; and each of the other interest period shall commence from the day immediately following the end of the
preceding interest period to the next interest settlement date. 

  

	1.5	 Loan interest = principal x daily interest rate x actual days of usage. If the equal principal and interest
method is adopted, the amount of each installment of principal and interest shall be calculated using the following formula: 

  

									
	Each installment of principal and interest	 	 = 	 	   principal x installment interest
rate x (1 + installment interest rate)number of installments
	 	            	 	            
	 	(1 + installment interest rate)number of installments –1	 		 	

  

	1.6	 If the People’s Bank of China adjusts the method to determine the loan interest rates, relevant
provisions of the People’s Bank of China in relation to such adjustment shall apply to this Contract without requiring any further notice from the Lender to the Borrower. 

 

	1.7	 If at the time of execution of this Contract, the loan interest rate is determined as the LPR published by
the National Interbank Funding Center minus certain basis points, the Lender has the right to review the interest rate discount offered to the Borrower on an annual basis, and decide at its own discretion to cancel all or part of the interest rate
discount offered to the Borrower, based on the change of applicable government policies, the creditworthiness of the Borrower and the security package of the loans, provided that such cancellation shall be promptly notified to the Borrower. 

  

	Article 2	 Disbursement and Payment of Loan 

 

	2.1	 The Lender has no obligation to disburse any loan to the Borrower until all following conditions have been
satisfied by the Borrower or waived by the Lender: 

  

	 	(1)	 except for unsecured loans, the Borrower has provided security as required by the Lender and completed relevant
formalities for provision of such security, and there is no change to such security which may have adverse impact on the Lender; 

	 	(2)	 the representations and warranties made by the Borrower under this Contract remain true, accurate and complete
at the time of each drawdown, and there is no default event occurring under this Contract or any other contract between the Borrower and the Lender; 

  

	 	(3)	 the purpose of loan as stated in the supporting documents provided by the Borrower is consistent with the
purpose as agreed hereunder; and 

  

	 	(4)	 all other materials as requested by the Lender have been delivered to the Lender. 

 

	2.2	 If the proceeds of the loan hereunder are to be used for investment in fixed assets, the Borrower shall, in
addition to the conditions as set out in Article 2.1 above, satisfy the following conditions: 

  

	 	(1)	 the project for which the proceeds of the loan are to be used has been approved, verified by or filed with the
relevant government authorities (if necessary); 

  

	 	(2)	 the capital or other ancillary funding of the project for which the proceeds of the loan are to be used has
been funded according to the agreed schedule and percentage; 

  

	 	(3)	 there is no cost overrun or any cost overrun has been covered by the Borrower through self-financing; and

  

	 	(4)	 the construction of the project has progressed according to the plan and the actual progress of the project is
consistent with the amount that has been invested in such project. 

  

	2.3	 When applying for drawdown, the Borrower shall submit a drawdown notice to the Lender at least 5 bank business
days prior to the proposed drawdown date. Once submitted, a drawdown notice will be irrevocable unless otherwise agreed by the Lender in writing. The Borrower shall affix the receipt of loan with its company seal or financial seal which is
consistent with the seal sample retained for the disbursement account as designated in the drawdown notice. The Borrower hereby confirms that if the retained seal samples include both the company seal and the financial seal, a receipt of loan
affixed with either or both of such seals shall be a valid receipt of loan. 

  

	2.4	 After all conditions precedent to drawdown have been satisfied by the Borrower or waived by the Lender, the
Lender will remit the loan into a designated account of the Borrower. Such remittance shall be deemed as the disbursement of the loan by the Lender to the Borrower in accordance with this Contract. 

 

	2.5	 If the entrustment payment arrangement shall be adopted for the drawdown and use of a loan in accordance with
relevant regulatory requirement and management requirement of the Lender, the Lender will, upon and in accordance with drawdown request and payment entrustment issued by the Borrower, pay the proceeds of the loan to relevant payees for the purpose
as agreed under this Contract. For this purpose, the Borrower shall enter into an entrusted payment agreement with the Lender, which shall be attached hereto as an appendix, and shall open or designate a dedicated account with the Lender for such
entrusted payment. 

  

	Article 3	 Repayment 

  

	3.1	 The Borrower shall repay the principal of and pay the interest on the loan hereunder and other amount payable
in accordance with the amount and schedule as required under this Contract. The Borrower shall, on the day that is one bank business day prior to the repayment date and each interest settlement date, deposit into a repayment account opened by the
Borrower with the Lender sufficient fund to repay the principal, interest and other amount to be paid on such repayment date or interest settlement date. The Lender may transfer an amount equal to such principal, interest and other amount payable
out of such account on such repayment date and interest settlement date without further instruction from the Borrower, or require the Borrower to cooperate in completing relevant formalities for such transfer. If the balance of the repayment account
is not sufficient to pay all amount to be paid by the Borrower, the Lender may decide the priority sequence of each item to be settled. 

	3.2	 If the Borrower applies for prepayment of all or part of the loan, it shall submit a written application to the
Lender for its approval 10 bank business days prior to such prepayment. 

  

	3.3	 If the Lender approves any prepayment, the Borrower shall fully pay on the prepayment date all principal,
interest and other amounts due and payable as of such prepayment date hereunder. 

  

	3.4	 The Lender may require the Borrower to early repay any loan based on the Borrower’s collection of
receivables.  

  

	3.5	 The applicable interest rate grade (based on term of loan) will not change if the actual term of loan is
shortened due to any prepayment by the Borrower or early repayment as required by the Lender in accordance with this Contract. 

  

	Article 4	 Security 

  

	4.1	 Except for unsecured loans, the Borrower shall provide legal and effective security acceptable to the Lender
for the performance of its obligations hereunder. A security contract will be entered into separately. 

  

	4.2	 The Borrower shall promptly notify the Lender of any damage, depreciation, title dispute, seizure or attachment
of the collateral hereunder, or unauthorized disposal of the collateral by the mortgagor, or any adverse change to the guarantor’s financial condition, or any other adverse change to the claims of the Lender, and provide other security that is
acceptable to the Lender. 

  

	4.3	 The Lender may conduct regular or ad hoc review of the value of the collaterals and the guarantee capability of
the guarantor. If after such review, the Lender considers that the value of the collaterals or the guarantee capability of the guarantor has diminished, the Borrower shall provide additional security or guarantee equivalent to such diminished part
of the value of the collateral or the guarantee capability of the guarantor, or provide other security or guarantee acceptable to the Lender. 

  

	4.4	 Where upon the approval of the Lender, the loan hereunder is secured by a pledge over accounts receivable, the
Lender may declare that the loan becomes immediately due and payable, and require the Borrower to immediately repay all or part of the principal and pay the interest of the loan, or provide additional legal, effective and sufficient security
acceptable to the Lender, if any of the following events occurs within the term of this Contract: 

  

	 	(1)	 the bad debt ratio in relation to accounts receivable by the pledgor from the payer of such accounts receivable
increases for two consecutive months; 

  

	 	(2)	 the accounts receivable that are due but not recovered by the pledgor from the payer of such accounts
receivable represent at least 5% of the total outstanding accounts receivable to be paid by such payer to the pledgor; or 

  

	 	(3)	 any trade dispute (including without limitation dispute over quality, technology or service) or debt dispute
arises between the pledgor of the accounts receivable and relevant payer or other third party, which may prevent the accounts receivable from being settled when they become due. 

	Article 5	 Account management 

 

	5.1	 If the proceeds of the loan hereunder are to be used for the Borrower’s production, operation or other
working capital purpose, the Borrower shall designate a special collection account with the Lender, which will be used to collect relevant sales revenue or fund to be used to repay the loan. If any sales revenue is settled by non-cash method, the Borrower shall ensure that the proceeds of such revenue will be promptly transferred into the special collection account when it receives the same. 

 

	5.2	 The Lender may supervise on the special collection account, including without limitation monitoring and
supervising income and expenditure of such account, and the Borrower shall cooperate with the Lender in such supervision. If requested by the Lender, the Borrower shall enter into an account supervision agreement with the Lender.

  

	Article 6	 Representations and Warranties 

The Borrower makes the following representations and warranties to the Lender, and these representations and warranties will remain valid and effective
within the term of this Contract: 
  

	6.1	 It is eligible to act as a borrower hereunder, and has all qualifications and capacity to enter into and
perform this Contract. 

  

	6.2	 It has obtained all necessary authorizations or approvals to enter into this Contract. Its execution and
performance of this Contract does not violate its articles of association, shareholders agreement, joint venture agreement, partnership agreement or any applicable laws or regulations, or conflict with any of its obligations under other contracts.

  

	6.3	 Its other debts have been repaid when they become due and it has not committed any malicious default in
repaying any principal or interest of bank loan. 

  

	6.4	 It has not committed any material violation of regulations or disciplines during its production and operation
in the past one year. Its current senior management has no material negative record. 

  

	6.5	 All documents and information provided by the Borrower to the Lender are true, accurate, complete and effective
and do not contain any false record, gross omission or misleading statement. 

  

	6.6	 It has not concealed from the Lender any litigation, arbitration or claim involving the Borrower.

  

	6.7	 If the proceeds of the loan hereunder are to be used by the Borrower for investment in fixed assets, the
relevant project and the borrowing of the loan for such project shall comply with the applicable laws and regulations. 

  

	Article 7	 Undertakings of the Borrower 

 

	7.1	 The Borrower undertakes to draw down and use the loan in accordance with the schedule and purpose as agreed
hereunder. The Borrower shall not use the proceeds of the loan hereunder for investment in securities or futures market, or any other purpose prohibited or restricted by applicable laws and regulations. 

 

	7.2	 The Borrower undertakes to settle principal, interest and any other amount payable in relation to the loan
hereunder in accordance with this Contract. 

  

	7.3	 The Borrower undertakes to accept and actively cooperate with the Lender’s check and supervision on use
of the proceeds of the loan (including purpose of the loan) including account analysis, voucher verification and on-site investigation, and to regularly summarize and report information on the use of proceeds
of the loan as requested by the Lender. 

	7.4	 The Borrower undertakes to accept credit check by the Lender, to provide true, accurate and complete financial
documents and other documents that reflect the Borrower’s ability to repay its debts (including all account banks, account numbers and balance of deposits) as requested by the Lenders, and to actively assist and cooperate with the Lender in
investigating, understanding and supervising its production, operation and financial conditions. 

  

	7.5	 The Borrower undertakes not to distribute any dividend or profit in any form when there is any principal,
interest or other amount which is due and payable (including those being declared immediately due and payable) but unpaid under this Contract.  

  

	7.6	 The Borrower undertakes to obtain prior written consent of the Lender, before it engages in any merger or
division, reduces its capital, changes its equity, creates equity pledge, joins or leaves a partnership, transfers material assets, assigns material debts, makes material external investment, incurs material additional debt financing, or takes any
other action that may cause an adverse impact on the Lender’s rights and interests. 

  

	7.7	 The Borrower undertakes to promptly notify the Lender upon the occurrence of any of the following events:

  

	 	(1)	 any change to its name, company seal, articles of association, place of domicile, legal representative or
principal, communication address, etc.; 

  

	 	(2)	 its winding-up, dissolution, liquidation, suspension of business,
revocation or cancellation of its business licence, or application (or be applied for) for bankruptcy; 

  

	 	(3)	 it is or may be involved in any material economic dispute, litigation or arbitration, or its assets are subject
to seizure, attachment or enforcement, or subject to any investigation or punishment by the competent judicial, taxation, industry and commerce authority; or 

  

	 	(4)	 any of its shareholders, directors, current senior management personnel or shareholders or investors is
suspected of major crime or involved in any material economic dispute. 

  

	7.8	 The Borrower undertakes to disclose its related party relationship and related party transaction to the Lender
in a prompt, complete and accurate manner. 

  

	7.9	 The Borrower undertakes to promptly confirm receipt of all notices sent by the Lender by post or any other
means. 

  

	7.10	 The Borrower undertakes not to dispose of its own assets in a way that will reduce its ability to repay its
debts. The Borrower undertakes not to provide security to the benefit of any third party in a way that will harm the Lender’s rights and interests. 

  

	7.11	 The Borrower undertakes to bear the expenses incurred by the Lender for realization of its claims hereunder,
including without limitation legal fees, and auction fees. 

  

	7.12	 The debt hereunder is senior to the debts owed by the Borrower to its shareholders, legal representative,
principal, partners, major investors or key management personnel, and ranks at least pari passu with other similar debts owed by the Borrower to other creditors. 

 

	7.13	 The Borrower undertakes to reinforce the management of environmental and social risks, and accept the
supervision and check by the Lender in this respect. If requested by the Lender, the Borrower shall deliver environmental and social risk reports to the Lender. 

	Article 8	 Undertakings of the Lender 

 

	8.1	 The Lender undertakes to disburse the loan to the Borrower in accordance with this Contract.

  

	8.2	 The Lender undertakes to keep confidential the non-public materials and
information in relation to the financial, production and operation conditions of the Borrower as provided by the Borrower, unless otherwise required by the applicable laws and regulations or agreed under this Contract. 

 

	Article 9	 Default 

  

	9.1	 The Borrower will be in default upon the occurrence of any of the following events: 

 

	 	(1)	 The Borrower fails to repay the principal, interest or other amount payable in relation to the loan hereunder
in accordance with this Contract, or fails to perform any other obligations hereunder, or breaches any of the representations, warranties or undertakings made by it hereunder; 

 

	 	(2)	 the Borrower fails to provide other security acceptable to the Lender when the security provided hereunder
suffers any change that is adverse to the claims of the Lender; 

  

	 	(3)	 the Borrower fails to settle any other debt when it becomes due (including due to accelerated maturity declared
by the creditor), or is in default or breach of any of its obligations under other agreements, which has affected or may affect performance of its obligations hereunder; 

 

	 	(4)	 the Borrower’s ability to make profit, repay debts or operate its business, or its financial indictors
such as cash flow do not meet the agreed standard or has deteriorated, which has affected or may affect performance of its obligations hereunder; 

  

	 	(5)	 there is any material adverse change to the production, operation or external investment of the Borrower, which
has affected or may affect performance of its obligations hereunder; 

  

	 	(6)	 the Borrower or any of its shareholders, legal representative, principal, partners, major individual investors
or key management personnel is or may be involved in any material economic dispute, litigation or arbitration, or its property is subject to attachment, seizure or enforcement, or the Borrower is investigated or punished by any competent judicial or
administrative authority in accordance with laws, or any media report that the Borrower has violated relevant regulations or policies of the State, which has affected or may affect performance of its obligations hereunder; 

 

	 	(7)	 there is any change to the equity or shareholding structure, partnership structure or joint venture structure
of the Borrower, or any partner, major individual investor or key management personnel of the Borrower has abnormal change, is missing, or is investigated or restricted of personal freedom by any competent judicial authority in accordance with the
laws, which has affected or may affect performance of the Borrower’s obligations hereunder; 

  

	 	(8)	 the Borrower fraudulently obtains any loan or credit facility from the Lender by using a false contract between
the Borrower and its related parties, or by alleging a transaction that does not actually exist, or intentionally uses related party transactions to evade from or invalidate the Lender’s claim; 

 

	 	(9)	 the Borrower is or may be under winding-up, dissolution, liquidation,
suspension of business, or its business licence has been or may be revoked or cancelled, or it has applied or been applied, or may apply or be applied, for bankruptcy; 

	 	(10)	 there is any liability accident or major environmental or social risk incident caused by the Borrower’s
violation of applicable laws and regulations, regulatory rules or industry standard in relation to food safety, production safety, environmental protection and the management of other environmental or social risks, which has affected or may affect
performance of its obligations hereunder; 

  

	 	(11)	 the legal representative, principal, partners, major individual investors or key management personnel of the
Borrower are involved in organized crime, use of drugs, gambling, smuggling or other illegal activities; 

  

	 	(12)	 the Borrower fails to promptly pay taxes or fees, or frequently fails to pay salary to its employees;

  

	 	(13)	 the legal representative, principal, partners, major individual investors or key management personnel of the
Borrower are in default in the repayment of their personal loans or credit card debts; or 

  

	 	(14)	 other events that may cause adverse impact on the realization of the Lender’s claim hereunder.

  

	9.2	 If the Borrower is in default, the Lender may take any one or more of the following steps:

  

	 	(1)	 the Lender may require the Borrower to remedy its default within a designated period;

  

	 	(2)	 the Lender may cease to disburse the loans and other amounts to the Borrower under this Contract or any
other contract between the Lender and the Borrower, and cancel all or part of the loan or other amount for which the Borrower has not made drawdown; 

  

	 	(3)	 the Lender may declare immediate maturity of all outstanding loans and other amounts under this Contract or
any other contract between the Lender and the Borrower, and require immediate repayment of such loans and amounts; 

  

	 	(4)	 the Lender may require the Borrower to compensate the Lender against all losses caused by such default of
the Borrower; and 

  

	 	(5)	 other steps that are set out under applicable laws and regulations, agreed under this Contract or deemed
necessary by the Lender. 

  

	9.3	 If the Borrower fails to repay any loan when it becomes due (including those declared immediately due and
payable), the Lender may impose default interest on the Borrower at the overdue default interest rate as agreed hereunder from the day immediately following the due date. Compound interest will accrue at the overdue default interest rate on any
interest (including default interest) that the Borrower fails to pay when it becomes due. The default interest/compound interest shall be settled in accordance with the interest settlement rule agreed hereunder. 

 

	9.4	 If the Borrower fails to use the loan for the purpose as agreed hereunder, the Lender may impose default
interest on the misappropriated part of the loan at the misappropriation default interest rate from the date of misappropriation. When the loan is being misappropriated, compound interest will accrue at the misappropriation default interest rate on
any interest (including default interest) that the Borrower fails to pay when it becomes due. The default interest/compound interest shall be settled in accordance with the interest settlement rule agreed hereunder. 

 

	9.5	 If both types of the default interest rates under Articles 9.3 and 9.4 are applicable to the Borrower, the
higher of the two interest rates will apply. The two types of default interest may not be applied at the same time. 

	9.6	 The Lender may make a public announcement in media to demand repayment if the Borrower fails to repay any
principal, interest (including penalty interest and compound interest) or any other amount payable as scheduled.  

  

	9.7	 If the control relationship between the Borrower and its related party has changed, or any related party of the
Borrower is in any event under Articles 9.1 (excluding Articles 9.1(1) and (2)), which has affected or may affect performance of the Borrower’s obligations hereunder, the Lender may take all steps as set out under this Contract.

  

	Article 10	 Deduction and Setoff 

 

	10.1	 If the Borrower fails to repay any debt due and payable hereunder (including those declared as immediately
due and payable) in accordance with this Contract, the Borrower agrees that the Lender may deduct relevant amount from all RMB and foreign exchange accounts opened by the Borrower with Industrial and Commercial Bank of China to set off such debt,
until all debts of the Borrower hereunder are fully settled. 

  

	10.2	 If the currency of deducted amount is different from that of the loan hereunder, the amount will be
converted in accordance with applicable exchange rate published by the Lender on the date of such deduction. The Borrower shall bear all interest and other expenses incurred between the deduction date and the actual settlement date (i.e. the date
when the debts hereunder are actually settled after the Lender converts the deducted amount into the currency of the loan hereunder in accordance with applicable State policies on administration of foreign exchange), as well as the difference caused
by fluctuation of exchange rate during such period. 

  

	10.3	 If the amount deducted by the Lender is insufficient to repay all debts owed by the Borrower, the Lender may
decide the priority sequence of each item to be settled.  

  

	Article 11	 Transfer of Rights and Obligations 

 

	11.1	 The Lender may transfer all or part of its rights hereunder to a third party, without consent of the Borrower.
The Borrower may not transfer any of its rights or obligations hereunder without written consent of the Lender. 

  

	11.2	 The Borrower acknowledges that the Lender or Industrial and Commercial Bank of China Limited (ICBC) may,
based on operation and management requirements, authorize or appoint another branch office of ICBC to perform the rights and obligations hereunder, or transfer the loan hereunder to another branch office of ICBC. Such transfer by the Lender does not
require further consent of the Borrower. The branch office of ICBC that is the transferee of the rights and obligations of the Lender hereunder may exercise all rights hereunder, and may in its own name initiate litigation or arbitration or apply
for enforcement in relation to the dispute hereunder. 

  

	Article 12	 Effectiveness, Amendment and Termination 

 

	12.1	 This Contract shall take effect on the date on which this Contract is affixed with the company seal or contract
seal by the Borrower and the Lender, and expire on the date when all of the Borrower’s obligations hereunder are fully discharged. 

  

	12.2	 Any amendment to this Contract shall be agreed on by the Parties and made in writing. Amended clauses or
amendment agreement shall constitute part of this Contract and have the equal legal effect as this Contract. The terms of this Contract which are not amended shall remain effective. The original terms of this Contract which are to be amended shall
remain effective until the relevant amendments take effect. 

	12.3	 Amendments to or termination of this Contract shall not affect each Party’s right to seek damages. The
dispute resolution clause hereof shall survive the termination of this Contract. 

  

	Article 13	 Governing Law and Dispute Resolution 

The execution, validity, interpretation, performance and dispute resolution of this Contract shall be governed by the laws of the People’s
Republic of China. All disputes and controversies arising from or in connection with this Contract shall be solved by the Borrower and the Lender through negotiations. If any dispute cannot or fails to be resolved through negotiations, it shall be
be solved by the means agreed hereunder. 
  

	Article 14	 Confirmation of the Address for the Service of Process 

 

	14.1	 The Borrower confirms that the address set out in the first page of this Contract shall be used as the address
for the service of process in relation to the dispute resolution procedures hereunder, including without limitation summons, hearing notices, judgments, awards, mediation agreements, and notices of performance within a designated period.

  

	14.2	 The Borrower agrees that the arbitration institution or court may use the fax number or email address set
out in the first page of this Contract for the purpose of serving the process of relevant arbitration or legal proceedings, except for judgments, awards and mediation agreements. 

 

	14.3	 The agreement on the service of process above applies to the proceedings of the first instance, the second
instance, retrial and enforcement. The arbitration institution or court may serve the process upon a party by directly sending the same to the address above by post. 

 

	14.4	 The Borrower shall ensure that its address, contact person, fax number, email address and other information
set out in this Contract are true and valid. If there is any change to such information, the Borrower shall promptly notify the Lender in writing of such change. If the Borrower fails to notify the Lender in writing of such change, the service of
any document made according to the original information shall be valid and effective, and the Borrower shall be solely liable for the legal consequences of such service. 

 

	Article 15	 Entire Agreement 

Part I (General Provisions) and Part II (Specific Provisions) of this Contract shall constitute a complete small business loan contract, and
the same term shall have the same meaning in both parts. Both parts above are applicable to the loan granted to the Borrower hereunder. 
  

	Article 16	 Notices 

  

	16.1	 All notices made by the Parties hereunder shall be sent in writing. Unless otherwise agreed, the address of
each Party as stated in this Contract will be its address for communication and contact. If the contact address or other contact information of a Party changes, such Party shall promptly notify the other Party of such change in writing.

  

	16.2	 If either Party hereto refuses to confirm receipt of a notice or a notice is otherwise unable to be delivered,
the Party sending such notice may serve such notice by means of notarization or public announcement. 

	Article 17	 Special Provisions in Relation to Value Added Tax 

 

	17.1	 The amount of the interest and fees payable by the Borrower to the Lender hereunder is inclusive of taxes.

  

	17.2	 If the Borrower requests that the Lender issues a value added tax invoice, it shall first register relevant
information with the Lender, including the full name, taxpayer identification number or social credit code, address, telephone number, account bank, and account number of the Borrower. The Borrower shall ensure that such information provided to the
Lender is true, accurate and complete, and provide the supporting documents as requested by the Lender. The specific requirements in relation to such information will be published by the Lender in the form of an announcement at its business outlets
or on its website. 

  

	17.3	 If the Borrower elects to collect the value added tax invoice by itself, it shall designate a person to collect
such invoice, by providing the Lender with a power of attorney affixed with its seal, which shall clearly state the identity certificate number and other information about such person. Such person shall present the original of his/her identity
certificate when collecting the invoice. If there is any change to such collecting person, the Borrower shall issue to the Lender a new power of attorney affixed with its seal. If the Borrower elects to receive the value added invoice by post, it
shall provide the accurate information that enables the delivery of such invoice by post. If there is any change to such information, the Borrower shall promptly notify the Lender in writing. 

 

	17.4	 The Lender may delay the issuance of a value added tax invoice, without assuming any liability, if it is unable
to promptly issue such value added tax invoice due to Act of God, government actions, abnormal social incidents or other force majeure, or any reason attributable to the taxation authority. 

 

	17.5	 If the Borrower fails to receive a relevant copy of a value added tax invoice or use a value added tax
invoice for deduction purpose due to any reason not attributable to the Lender, such as the missing, damage or expiration of such value added tax invoice after it is received by the Borrower or given by the Lender to a third party for posting, the
Lender will not be liable for the economic losses incurred by the Borrower due to such failure.  

  

	17.6	 If a value added tax special credit note is to be issued due to the reasons that any product sold is returned,
or the provision of taxable service is terminated, or there is any error in the issuance of an invoice, or the deduction copy or invoice copy cannot be verified, and the Borrower is required to submit an information form for issuance of a value
added tax special credit note to the taxation authority in accordance with the applicable laws, regulations and policies, then the Borrower shall submit such form to the taxation authority, and the Lender will issue a value added tax special credit
note after the taxation authority approves and notifies the Lender to issue the same. 

  

	17.7	 If there is any change to the statutory tax rate during the term of this Contract, the Lender may change the
price agreed hereunder according to the change to the statutory tax rate. 

  

	Article 18	 Miscellaneous 

 

	18.1	 Failure to exercise, partial exercise or delay in exercise by the Lender of any of its rights hereunder will
not constitute waiver of or amendment to such right or any other right, nor will it affect the Lender’s further exercise of such right or any other right. 

 

	18.2	 Invalidity or unenforceability of any provision hereof will not affect validity or enforceability of any other
provision hereof or validity of the whole Contract. 

  

	18.3	 If so required by applicable laws, regulations, or other financial regulators, the Lender may provide the
information related to this Contract and other information related to the Borrower to the credit information database of the People’s Bank of China or other credit database created in accordance with laws for duly qualified institutions or
individuals to check or use. The Lender may also enquire information related to the Borrower by using the credit information basic database of the People’s Bank of China or other credit database created in accordance with laws for purpose of
execution and performance of this Contract. 

	18.4	 The terms used in this Contract including “related party”, “related party relationship”,
“related party transaction”, “major individual investor” and “key management personnel” shall have the meaning given to them in the Accounting Standard for Business Enterprises No. 36—Disclosure of Related Parties
(Cai Kuai [2006] No. 3) issued by the Ministry of Finance of the People’s Republic of China and its amendments. 

  

	18.5	 The “environmental and social risk” referred to herein means the damage to the environment and
society and related risks that may arise from the construction, production and operation activities of the Borrower and its important related parties, including the environmental and social issues in relation to energy consumption, pollution, land,
health, safety, relocation and settlement, ecological protection and climate change. 

  

	18.6	 The documents and vouchers prepared and retained by the Lender in relation to the loan hereunder in
accordance with its business practice shall constitute valid proof of debt relationship between the Borrower and the Lender, and shall be binding upon the Borrower. 

 

	18.7	 In this Contract, (1) any reference to this Contract shall include all amendments and supplements to this
Contract; and (2) the headings are for reference only, and do not constitute any interpretation of this Contract, or restriction on contents or scope of provisions under such headings.. 

The Parties hereby confirm that all terms of this Contract have been fully negotiated by the Borrower and the Lender. The Lender has brought the
Borrower’s special attention to all terms in relation to the rights and obligations of each Party, asked the Borrower to fully and accurately understand all such terms, and upon the Borrower’s request, made explanation on relevant terms.
The Borrower has carefully read and fully understands all contractual terms hereof (including Part I (General Provisions) and Part II (Specific Provisions). The Borrower and the Lender have consistent understanding of this Contract, and have no
dispute over the terms of this Contract. 

 (This is the signage page, and contains no body text) 

Lender (seal): Industrial and Commercial Bank of China Limited, Beijing Changping Sub-branch 

Date: March 23, 2020 
 Borrower (seal): Genetron Health
(Beijing) Company, Ltd. 
 Date: March 25, 2020 
 I,
the undersigned, as the legal/authorized representative of the Borrower, hereby confirm that the Borrower borrows from the Lender in accordance with this Contract, that the seal affixed with this Contract is true and effective, and that all
procedures required for the borrowing of the loans hereunder have been completed. 
 Legal/authorized representative of the Borrower (signature):
        /s/ Sizhen
Wang

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