Document:

Working Capital Loan Contract

 

(No. (2013) 92)

 

(Unofficial Selective  Summary Translation)

 

		The Borrower:	Inner Mongolia Yongye Nongfeng Biotechnology Co.,
Ltd.

(“Party A”)

 

		The Lender:	China International Trust and Investment Corporation
(CITIC), Hohhot Branch

(“Party B”)

 

		Place of Execution:	Hohhot Branch

		Date of Execution:	June 19, 2013

 

		Article 1	Loan Type

 

1.1         Working
capital loan

 

		Article 2	Amount and Term of the Loan

 

	2.1	Amount:	RMB 60,000,000.00 (Sixty MILLION)
	 	 	 
	2.2	Term:	One Year (June 19, 2013 to June 19, 2014)

 

		Article 3	Purpose of the Loan

 

3.1         To
be used for purchasing raw material. Without Party B’s written authorization, the loan cannot be used for investment in fixed
capital or equity, nor can it be used in the production and operation or for any other purposes.

 

		Article 4	Interest and Interest Rate of the Loan

 

4.1         If
a single withdrawal of the loan hereunder is within 6 months of the execution of this contract, the interest rate will be 30% of
the base rate for the same type of loan for the same period published by the People’s Bank of China on the date of the loan
withdrawal in addition to such base rate.  If a single withdrawal of the loan
hereunder is beyond the 6 months of the execution of this contract, Party B shall have the right to adjust the interest rate on
the basis of the relevant rate policy at that time, but Party B must notify Party A in writing.

 

    	 

    	 

    

  

4.2          The
interest rate for the loan hereunder is fixed and will not change during the term of the loan.

 

4.3          The
interest starts to accrue from the date of the withdrawal of the loan and is calculated according to this formula: Interest = the
actual balance of the loan x the actual number of days x the annual rate/360 days.

 

4.4          On
the loan that is not to be repaid in one lump sum, the first interest settlement date is July 20, 2013 and the settlement date
thereafter is the 20th day of each month.

 

4.5          Party
A must have sufficient balance in the account set up with Party B (Account No. 7271310182600077331) before each interest settlement
date to allow Party B to deduct interest from the account.

 

4.6          Upon
the expiration of the term, the principal and interest of loan must be repaid.

 

		Article 5	Release and Withdrawal of the Loan

 

5.1          Preconditions
for the first withdrawal (none).

 

5.2          Preconditions
for each withdrawal:

 

Party A has no violation of the obligations and responsibilities
hereunder and under the guarantee agreement;

 

No occurrence of breach event specified herein;

 

The guarantee document remains valid and effective;
in Party B’s reasonable judgment, there is no adverse change in Party A’s financial situation that will harm, delay
or obstruct its performance of the obligations and responsibilities hereunder and under the guarantee agreement;

 

Party A has executed or provided to Party B all necessary
documents or documents reasonable requested by Party B;

 

Party A has set up the bank account with Party B in
accordance with the provisions herein; and other requirements from Party B.

 

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5.3          Loan
withdrawal plan:

 

	Date of Withdrawal	 	Amount
	 	 	 
	June 19, 2013	 	 ¥30,000,000.00
	 	 	 
	June 20, 2013	 	 ¥30,000,000.00

 

5.4          Party
A agrees that Party B has the right to modify the withdrawal plan if Party A or its guarantor fails to fulfill all the obligations
hereunder.

 

5.5          Party
A must withdraw the loan in accordance with the withdrawal plan specified herein.

 

5.6          If
Party A unilaterally cancels the loan, thus causing any change to Party B in the loan amount actually released, the principal of
the loan will be calculated based on the loan note actually issued.

 

5.7          Release
and payment of the loan

 

Party A must submit an application to Party
B for loan withdrawal, along with other required loan documents, no less than 5 bank business days before each withdrawal date;
each application is irrevocable; Party B, after review and approval, must transfer the amount of the loan applied for into Party
A’s account (Account No. 7271310182600077331) set up with Party B according to the date specified or pay the amount to Party
A’s trading partner designated by Party A under entrusted payment method.

 

After the release of the loan, Party B shall
have the right to review periodically or from time to time if the loan is used in accordance with the provisions herein, and Party
A must provide assistance to Party B.

 

		Article 6	Repayment of the Loan

 

6.1          The
principal of the loan hereunder must be repaid upon the expiration of the term with interest paid each month.

 

6.2          Repayment
schedule:

 

	Date of Repayment	 	Amount
	 	 	 
	June 18, 2014	 	 ¥30,000,000.00
	 	 	 
	June 19, 2014	 	 ¥30,000,000.00

 

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6.3          Party
A must have an amount of the balance in the account set up with Party B no less than the sum of the principal and interest of the
loan before the loan repayment date, and Party A hereby authorizes Party B to deduct automatically from such account the amount
of principal and interest of the loan as repayment.

 

6.4          If
the amount paid by Party A is not sufficient to pay off all the amount payable hereunder, the payment shall be applied in the following
order: penalty interest and compound interest, interest payable and loan principal.

 

6.5          If
Party A desires to repay the loan in advance, Party A must submit an application for early repayment 20 bank business days in advance
to Party B for approval.

 

		Article 7	Restructuring of the Loan

 

7.1          If
Party A is unable to repay the loan when due, Party A must submit an application for loan restructuring one month prior to the
due date to Party B for approval, and must sign loan restructuring agreement if approved. If not approved, Party A must repay the
loan at the repayment date specified herein. Otherwise, Party B shall have the right to treat the loan as delinquent loan.

 

		Article 8	Guarantee of the Loan

 

8.1          The
loan hereunder is guaranteed by a pledge guarantee (No. (2013) P31) and a guarantee contract (No. (2013) G73).

 

		Article 9	Party A’s Representations and Warranties

 

9.1          Party
A is a Chinese legal person established in accordance with the law of the PRC and has the capacity and power to conduct civil activities
and other actions necessary for the execution and perform of this contract and to bear civil responsibility for its actions. Party
A has obtained all due approval and authorization, both internal and external, necessary for the execution of this contract.

 

9.2          All
the documents, financial statements and representations provided in accordance with the law and at Party B’s request in connection
with this loan are valid, legal, truthful, accurate and complete.

 

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		Article 10	Party A’s Covenants

 

10.1       Party
A must provide periodically or from time to time at Party B’s request financial statements and other documents that truthfully
reflect its operations and financial conditions and warrant that the documents mentioned above are valid, truthful and complete.

 

10.2       During
the term of the loan, if there is any major change in its operational decision or strategy, including but not limited to share
transfer, reorganization, major financing, sale of assets, acquisition, M&A, spin-off, equity restructuring, joint capital
or joint venture or joint operation, contracting or lease, external investment, substantial increase of debt financing, change
in the scope of operation and registered capital, bankruptcy or liquidation, that may affect Party B’s rights and interests,
Party A must notify Party B in writing 30 days in advance and obtain Party B’s written approval.

 

10.3       Party
A must actively provide assistance to Party B in Party B’s supervision on its operation, the loan payment management and
the use of the loan, major operation management matters, financial situation, payment settlement and the trades with its partners.

 

10.4       Party
A shall not transfer or change the loan obligations hereunder in any matter without prior written approval from Party B.

 

10.5       If
Party A disposes of its major assets or of all or significant part of its operational income by means of transfer or lease or any
other method, Party A must notify Party B in writing 30 days in advance and obtain Party B’s written approval.

 

10.6       If
there is occurrence of any event, including but not limited to involvement in litigation, arbitration, criminal action, administrative
sanction, ceasing of business, suspension of operation, dissolution, filing for bankruptcy, revocation or suspension of business
license or deterioration of financial situation, that will have adverse impact on the performance of the loan hereunder, Party
A must notify Party B in writing within 3 days after the occurrence or likely occurrence of such event.

 

10.7       If
there is any occurrence of any adverse event, including but not limited to ceasing of business, suspension of operation, dissolution,
filing for bankruptcy, revocation or suspension of business license or deterioration of financial situation, on the part of Party
A’s guarantor that causes the guarantor to lose all or part of its ability to provide guarantee, or any decrease in the value
of the pledged objects or mortgaged properties, Party A must provide additional guarantee approved by Party B.

 

10.8       During
the term of the loan, Party A must notify Party B in writing of any change in its legal name, legal representative, address or
telephone or fax numbers within 7 days of such change.

 

10.9       Party
A must provide written report to Party B on any related party transactions involving 10% or more of its net assets that have taken
place or about to take place, including the relationship with the related party, item, nature and amount of the transaction or
the corresponding ratio or pricing policy.

 

10.10     Party
B shall have the right to recall all or part of the loan based on the situation of Party A’s cash returns.

 

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		Article 11	Rights and Obligations of Each Party

 

11.1        Party
A shall have the right to withdraw and use the loan in accordance with the provisions herein.

 

11.2        Party
A must repay the principal and interest of the loan in accordance with the provisions herein.

 

11.3        Party
B shall have the right to learn, supervise and review Party A’s operations, use of the loan and the related party transactions.

 

11.4        Party
B shall have the right to pursue Party A according to the law for any insufficient part if the proceeds from disposing of Party
B’s pledged or mortgaged items or properties are insufficient toward the repayment of the loan within the scope of the guarantee
hereunder.

 

11.5        Upon
the fulfillment by Party A of the obligations provided herein and the satisfaction by Party A of the preconditions specified herein
for loan withdrawal, Party B must release the amount of loan in full according to the schedule.

 

11.6        Party
B shall have the right to request Party A to provide additional documents necessary for the approval of the loan release; however
Party B must maintain confidential all information, documents and material provided by Party A, except for any inquiry or disclosure
as required by or in accordance with provisions of the law and statutes.

 

		Article 12	Account

 

12.1        Party
A must set up an account with Party B; the account number is: 7271310182600077331.

 

		Article 13	Liability for Breach

 

13.1        After
this contract has become effective, Party A and Party B must both perform its respective obligations specified herein and bear
the corresponding liabilities for breach.

 

13.2        If
Party A fails to withdraw the loan according to the withdrawal date specified herein, Party B shall have the right to charge a
penalty fee at the interest rate specified herein based on the actual number of days of delay.

 

13.3        Upon
the occurrence of any of the following, Party B shall have the right to suspend or terminate unilaterally the release of any remaining
amount of the loan, demand the immediate repayment of the amount already released and all corresponding interest and fees and take
other corresponding measures.

 

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Party A fails to repay the principal and interest of
the loan according to the schedule;

 

Party A fails to perform any of its obligations specified
herein;

 

The certificates and documents provided by Party A in
connection with this loan or the representations and warranties made by Party A in Article 9 herein are proven to be false, inaccurate,
incomplete or deliberately misleading;

 

Party A withholds any material fact about its operations
or financial situation;

 

Party A has obtained the loan by using forged contract
with its controlling shareholders and other related parties;

 

Party A ceases to make repayment of the loan amount
due or is unable or unwilling to make repayments;

 

Party A’s ceasing of business, suspension of operation,
dissolution, filing for bankruptcy, revocation or suspension of business license or deterioration of financial situation, on its
involvement in litigation, arbitration, criminal action, administrative sanction that is adverse to its operations or financial
situation;

 

Party A’s change in its address, scope of operation,
legal representative or AIC registration or external investment that is adverse to or threatens the realization of Party B’s
creditor’s claims;

 

Party A’s experience of major financial loss,
asset loss or other capital loss due to the guarantee it has provided to other parties or of other financial crisis, which in Party
B’s estimation is likely to affect or harm, or has already affected or harmed, Party B’s rights and interests hereunder;

 

Experience of major crisis in the operation and financial
situation by Party A’s controlling shareholder and other related parties, or the occurrence of major related party transactions
between Party A and its controlling shareholder and other related parties, that adversely affects Party A’s normal operation
or the realization of Party B’s creditor’s claims;

 

Party A’s undertaking any major acquisition or
reorganization that, in Party B’s view, may affect the realization of Party B’s creditor’s claims;

 

Occurrence of any adverse change in the industry in
which Party A is engaged (except events of Force Majeure) that seriously affects or threatens the realization of Party B’s
creditor’s claims;

 

Party A’s failure to settle accounts in accordance
with the provisions herein;

 

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Party A’s use of the loan for any other purpose
without Party B’s authorization or in any illegal or non-compliant trades;

 

Party A’s failure to make loan payment in accordance
with the provisions herein;

 

Party A’s violation of its promises made in Article
10 herein;

 

Party A’s refusal to accept Party A’s monitoring
of its cash return; any occurrence of breach that has not been cured in time that results in other breaches, thus constituting
cross breaches.

 

Party A’s refusal to accept Party A’s supervision
and review of its use of the loan and relevant financial activities;

 

Involvement of Party A’s senior officers in fraud,
bribery, embezzlement or other illegal operation that, in Party B’s view, is likely to affect or harm, or has already affected
or harmed, Party B’s rights and interests hereunder;

 

Party A’s breach of contracts with other creditors;

 

The breach of Party A’s guarantor of the provisions
of, or the occurrence of other event of breach specified in, the Guarantee Contract;

 

The pledged or mortgaged items or properties hereunder
are frozen, seized, lost or involved in other enforcement action or in ownership dispute, and Party A fails to provide additional
guarantee that meets Party B’s requirements;

 

Occurrence of other events on Party A’s part that
have endangered or damaged, or are likely to endanger or damage, Party B’s rights and interests;

 

13.4        If
Party A fails to repay the principal in accordance with the provisions herein, Party B shall have the right, in addition to the
rights provided herein, to assess a penalty interest at an additional 50% of the interest rate of the loan based on the number
of past-due days.

 

13.5        If
Party A fails to pay interest on time, Party B shall have the right to assess compound interest at the penalty rate specified in
Section 13.4 based on the number of past-due days.

 

13.6        If
Party A uses the loan for any purpose other than that specified herein, Party B shall have the right, in addition to the rights
provided herein, to assess a penalty interest at an additional 100% of the interest rate on that portion of the loan starting from
the date of such misappropriation.

 

13.7        Party
A shall be responsible for all fees and expenses incurred by Party B in the realization of Party B’s creditor claims.

 

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		Article 14	Continuity of Obligations

 

14.1        All
of Party A’s obligations hereunder shall continue and be binding to Party A’s successors, designees, transferees and
all surviving entities after merger, reorganization and change of names, and shall not be subject to any dispute, claims, orders
from superiors, provisions of Party A’s contracts with other parties, nor shall they be affected by the debtor’s bankruptcy,
loss of ability to repay the debt or of business qualifications or any other events.

 

		Article 15	Certification

 

15.1        Party A shall be responsible for
all the associated fees if this contract needs to be certified at the request of any party hereto.

 

15.2        If
Party B requires the issuance of certification of enforceability, Party A agrees that Party B may apply to public certification
agencies for such certification and that Party A shall be responsible for any fees.

 

		Article 16	Other Provisions

 

If there is any conflict between the provisions
in this Section and others herein, those in this Section shall prevail.

 

		Article 17	Applicable Law and Dispute Resolution

 

17.1        This
contract is governed by the law of PRC.

 

17.2        Any
dispute that cannot be resolved through consultation between the parties hereto must be resolved through legal action submitted
to the people’s court at Party B’s location or through application for enforcement actions.

 

		Article 18	Force Majeure

 

18.1        The
event of Force Majeure referenced herein means any unforeseeable, unpreventable and insurmountable object event that renders any
party hereto unable to perform normally its obligations, including war, strike, curfew, serious flood, fire, hurricane, earthquake
and other such events acknowledge by both parties.

 

18.2        Any
party that is rendered unable to perform its obligations by such event must notify the other party immediately in writing and provide
documents of proof at the time of, or during, such occurrence and take all necessary efforts to reduce the impact of such event
on the other party.

 

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18.3        After
the occurrence of such event, both parties must engage in consultation to seek fair and reasonable solution and to minimize the
damage of such event.

 

		Article 19	Cumulative Nature of Party B’s Rights

 

19.1        Party
B’s rights hereunder are cumulative and shall not affect and exclude Party B’s other rights entitled under the law.
Unless expressly stated by Party B, Party B’s failure to exercise any of its rights, or its delay of such exercise or partial
exercise, shall not constitute a waiver of such rights nor shall affect, prevent or obstruct its future exercise of such rights.

 

		Article 20	Contract Effectuation, Amendment and Dissolution

 

20.1        The
contract shall become effective upon its execution by both parties.

 

20.2        After
the contract has become effective, neither party can modify, change or dissolve this contract without prior consultation and agreement
with the other party.

 

20.3        After
the contract has become effective, Party B may transfer all or part of its claims hereunder to a third party without the need to
obtain Party A’s approval, but Party A must notify Party B in writing.

 

20.4        After
the contract has become effective, if Party A transfers all or part of its debt obligations to a third party, Party A must provide
to Party B its guarantor’s consent to such transfer and to its responsibility to continue the guarantee and obtain Party
B’s approval.

 

		Article 21	Others

 

21.1        “Bank
Business Day” is any day on which the bank is open for business.

 

21.2        “Related
Party” is as defined in “Business Accounting Principal No. 36—Disclosure of Related Parties” issued by
the Ministry of Finance.

 

21.3        Other
matters not covered herein may be provided in supplemental agreement, which shall have the same legal effect.

 

21.4        Any
provision or content herein that are determined to be invalid shall not affect the validity of any other provision or content herein.

 

21.5        Any
notice sent by Party B to Party A shall be considered received if it is sent by telex, telegram or faxed or received three days
after it is posted in registered mail.

 

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	Party A:	(Seal or Special Business Seal)
	 	/seal/ Inner Mongolia Yongye Nongfeng Biotechnology Co., Ltd.
	Legal Representative: /s/ WU Zishen
	 	 
	Party B:	(Seal or Special Business Seal)
	 	/seal/ China International Trust and Investment Corporation (CITIC),
	 	Hohhot Branch
	Legal Representative: /s/ HA Si

 

Attachments

 

[Attachment 1: Sample of Party A’s Seal Imprint]

 

[Attachment 2: Entrusted Payment Form]

 

    	11Trust Loan Contract 

 

(No. (2013) SDXTHS08 - YYFM)

 

(Unofficial Selective  Summary Translation)

 

	Party A (Lender):	Shandong International Trust Company Limited
	Legal Representative:	XIANG Kaijin

 

	Party B (Borrower):	Inner Mongolia Yongye Fumin Biotechnology Co., Ltd.
	Legal Representative:	ZHOU Tao

 

Whereas, Party A has accepted the trust fund entrusted by Baoshang
Bank Holdings Co., Ltd. as its trustee and agrees to use the trust fund to provide a trust loan to Party B in accordance with the
provisions of Trust Fund Contract (contract No. SDXTHS08). The parties hereto have reached agreement regarding the trust loan provided
by Party A to Party B as follows.

 

Article I Amount, Term and Purpose of the Loan

 

1.          Currency
of the loan: RMB; the amount of the loan: ¥80,000,000.00

 

2.          Term
of the loan: 12 months.

 

3.          Purpose
of the loan: purchasing raw material.

 

Article II Interest Rate of the Loan and Interest Calculation

 

1.          The
annual interest rate on the loan hereunder is 7.2%, fixed during the term of the loan.

 

Article III Release of the Loan

 

		1.	Only upon the satisfaction of all of the following
conditions will Party A be obligated to release the loan:

 

		1.1	This contract and the trust loan guarantee contract hereunder have been executed and have become effective, the guarantee registration
procedures have been completed and Party B has obtained necessary rights certificates and other documents of proof acknowledged
by Party A.

 

    	 

    	 

    

 

		1.2	This contract and the trust loan guarantee contract are still valid as of the loan release date and there have been no activities
on the part of Party B in violation of this contract; Party B’s credit worthiness has not deteriorated.

 

		1.3	The trust has been established and the trust fund has been transferred into Party A’s special trust fund account.

 

2.           Upon
the occurrence of any of the following, Party A has the right to refuse to release the loan:

 

		2.1	Party B fails to provide: valid and authentic business license, organization code document, tax registration certificate and
other relevant documents; valid and authentic Party B’s capital verification report issued by a qualified accounting firm;
Party B’s board resolution (or shareholder resolution) approving the loan.

 

		2.2	Party B fails to obtain government approval or registration required or to complete other procedures requested by Party A.

 

		2.3	Government issues policy or adopts measures forbidding the loan.

 

		2.4	Party B engages in operations prohibited by the government.

 

		2.5	Party B engages in equity investment or uses loan fund as registered capital in violation of the relevant state regulations.

 

		2.6	Party B invests in stocks, futures and other derivative products in violation of the relevant state regulations.

 

		2.7	Party B fails to process certification for this contract and the guarantee contract hereunder in accordance with Party A’s
requirements.

 

		2.8	The guarantee contract hereunder fails to take effect.

 

		2.9	Party B fails to secure insurance with Party A as the primary beneficiary.

 

		2.10	Party B fails to set up a special account in accordance
with the provisions herein.

 

		2.11	Party B fails to pay fees in connection with this
contract.

 

		2.12	Party B’s or its guarantor’s operation
or financial situation has materially deteriorated.

 

		2.13	The payment method and conditions requested by Party
B are not in compliance with the provisions herein or with the law.

 

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		2.14	There are activities on the part of Party B or its
guarantor in violation of the provisions herein.

 

		2.15	Other situations that, in Party A’s view, affect
the security of the loan.

 

		2.16	Party B or its guarantor fails to satisfy other conditions
for the loan.

 

		2.17	Party B fails to provide other documents in connection
with this loan at Party A’s request.

 

Article IV Payment of the Loan

 

1.           The
payment method for the loan hereunder is entrusted payment method. Party A, in accordance with Party B’s loan withdrawal
application and payment entrustment, will make payment through Party B’s account to Party B’s trading partner.

 

2.           [Not
applicable].

 

3.           Party
B designate the following account as the sole account to receive the trust loan:

 

	Account Title:	Inner Mongolia Yongye Fumin Biotechnology Co., Ltd.
	Account No.:	002674534800010
	Account Bank:	Baoshang Bank Holdings Co., Ltd.

 

4.           Upon
the occurrence of any of the following on the part of Party B, Party A has the right to refuse the release and payment of the loan:

 

		4.1	Material deterioration of credit worthiness.

 

		4.2	Abnormality in the use of the loan.

 

		4.3	The recipient of the loan does not comply with the purpose of the loan specified herein.

 

		4.4	There are instances of incompleteness, inauthenticity or illegality in the payment documents.

 

		4.5	Entrustment payment application is inconsistent with the provisions herein.

 

		4.6	Party B breaks payment into smaller amount in order to circumvent entrusted payment.

 

		4.7	Others: _______________________

 

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5.           If,
due to force majeure or breakdown of communication or network or the banking system, Party A fails to issue the loan or process
payment on time, Party A will not bear any responsibility but must notify Party B.

 

6.           Once
Party A has deposited the loan fund into Party B’s account specified in Section 4.3, it is considered that Party A has performed
its obligation to release the loan and that Party B has received the loan.

 

Article V Loan Repayment

 

		1.	Repayment plan

 

Party B must pay the interest in full on time and repay
the loan in one lump sum at the loan due date.

 

		2.	Repayment method

 

Party B must pay the interest and repay the loan on
time to Party A’s account as follows:

 

	Account Title:	Shandong International Trust Company Limited
	Account No.:	002159835500060
	Account Bank:	Baoshang Bank Holdings Co., Ltd.

 

		3.	Early repayment

 

		3.1	If Party B desires to repay the loan before it is due, Party B must submit application to Party A 7 business days in advance
for approval. Any amount repaid earlier cannot be requested for again.

 

		3.2	There is no penalty for early repayment.

 

		3.3	If a portion of the loan is repaid earlier, the interest rate will be assessed on the remaining balance at the rate specified
herein.

 

Article VI Loan Extension

 

If Party B is unable to repay the loan at
its due date and needs to extend the loan, Party B must submit application to Party A at least one month prior to the due date
for approval and, if approved, the two parties will enter into a loan extension agreement.

 

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Article VII Guarantee Provisions

 

The loan hereunder is guaranteed by Inner
Mongolia Yongye Fumin Biotechnology Co., Ltd. and WU Zishen (their Loan Guarantee Contracts No. 2013SDXTHS08G-YYFM01 and 2013SDXTHS08G-YYFM02,
respectively).

 

Article VIII Party B Rights and Responsibilities

 

1.           Party
B has right to use the loan in accordance with the provisions herein.

 

2.           Party
B must pay interest (including penalty interest or compound interest if applicable) on time and repay the loan at its due date.

 

3.           Party
B shall not use the loan hereunder for any other purposes and shall not provide guarantee in excess of its net assets before the
interest and principal of the loan have been repaid.

 

4.           Party
B has the obligation to pay the loan fund for the purpose and within the scope specified herein.

 

5.           Party
B must be responsible for all fees in connection with this loan contract.

 

6.           Party
B must provide active assistance to Party A in its monitoring and review of Party B’s operation management and financial
activities and provide other relevant documents at Party A’s request.

 

7.           In
the event of any of the following, Party B must notify Party A in writing at least 30 days in advance and obtain Party A’s
written approval:

 

		7.1	Sale, gift, lease, transfer, pledge or mortgage or disposition in other form of Party B’s major property or assets;

 

		7.2	Undergoing structural or organizational changes, including but not limited to sub-contracting, lease, joint venture, equity
restructuring, reorganization, sale of business, merger and acquisition, spin-off, transfer of property or assets;

 

		7.3	Application to other banks or institutions for loan or providing pledge or loan guarantee to a third party.

 

8.           Upon
the occurrence of any of the following, Party B must notify Party A in writing immediately and take all necessary measure to alleviate
the damage or harm:

 

		8.1	Change in the scope of operation, registered capital or equity structure;

 

		8.2	Involvement in major economic dispute;

 

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		8.3	Ceasing or suspension of operation, bankruptcy, dissolution, cancellation or revocation of its business license;

 

		8.4	Involvement in litigation, arbitration or administrative sanction or other adverse situation;

 

		8.5	Engagement by its controlling shareholder(s) in major related party transactions, thus affecting its normal operation;

 

		8.6	Material deterioration of the operation or financial situation on the part of its controlling shareholder(s) or affiliates,
thus affecting its normal operation;

 

		8.7	Involvement of its legal representative or key management officer in criminal activities.

 

9.            Party B and its investors must not
withdraw funds, divert assets or transfer equity for the purpose of avoiding debt obligations toward Party A.

 

10.          Party
B must ensure that its financial indices meet the following criteria:

 

10.1         Return
on total assets not less than 2%;

 

10.2         Debt-asset
ratio not more than 70%;

 

10.3         Potential
debt ratio not more than 50%.

 

11.         If
there is any adverse change to the guarantee on Party A’s claims, Party B must promptly provide other guarantee acceptable
to Party A at Party A’s request.

 

The “change” mentioned above
includes but is not limited to: involvement by the guarantor in M&A, spin-off, ceasing/suspension of operation, reorganization,
bankruptcy, dissolution, cancellation or revocation of its business license; death or disappearance of natural person guarantor;
involvement by the guarantor in litigation, arbitration or administrative sanction or other adverse situation; damage to, disappearance
of or freeze on the property pledged as guarantee; activities of breach by the guarantor; disputes between the guarantor and Party
B and other adverse events.

 

12.         If
there is any change to Party B’s name, legal representative, address and contact information, Party B must notify Party A
within 2 days of such change.

 

Article IX Party A’s Rights and Responsibilities

 

1.          Party
A has the right to demand that Party B repay the interest and principal of the loan on time.

 

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2.          Party
A has the right to request Party B to provide relevant documents.

 

3.          Party
A has the right to monitor and review Party B’s operation and financial situation and the use of the loan and to request
Party B to provide additional documents.

 

4.          Party
A has the right to monitor Party B’s use of the loan.

 

5.          Party
A has the right to release the loan fund in accordance with the purpose and within the scope of payment specified herein.

 

6.          Party
A has the right to demand that Party B remedy promptly the situation that will adversely affect Party B’s ability to perform
its debt repayment obligations or to terminate this contract and declare the loan due in advance.

 

7.          If
Party B violates any of the provisions herein, Party A has the right to immediately repay the loan principal and interest or to
provide additional guarantee.

 

8.          Party
A has the right to provide information on Party B’s credit to bank regulatory organization, People’s Bank of China
or other financial monitoring agencies.

 

9.          Party
A has the right to announce or publish information regarding Party B’s delinquency or evading debt and provide such information
to debt collection organizations.

 

10.         During
the effective term of this contract, if Party B changes its name, legal representative, address and contact information without
notifying Party A promptly, all notices or documents sent to Party B based on contact information set forth herein will be considered
received by Party B.

 

Article X Transfer of the Debt and Claims

 

1.          After
this contract has become effective, Party A may transfer part or all of the claims hereunder to a third party without the need
to obtain Party B’s approval.

 

2.          After
this contract has become effective, Party B cannot transfer part or all of the loan hereunder to a third party without obtaining
Party A’s prior written approval. If approved, Party B must also provide other guarantee acceptable to Party A.

 

Article XI Party B’s Representations and Promises

 

1.          Party
B is duly incorporated and existing legal person in good standing and has all the government permit or authorization to engage
in its business.

 

2.          Party
B has obtained legal power, right and authorization to execute, deliver and perform this contract, which is binding to and enforceable
against Party B.

 

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3.          All
the documents provided to Party A are authentic, complete, valid and effective with no misrepresentation or falsehood or major
omissions.

 

4.          Party
B hereby acknowledges that it has full understanding of the provisions herein.

 

5.          The
execution and performance of this contract will not violate any other agreement or contracts to which Party B is a party.

 

6.          As
of the date of execution of this contract, Party B is not involved any major litigation, arbitration or administrative sanctions;
and there is no delinquency or deterioration of its repayment ability and no major disputes that will affect the performance of
this contract.

 

7.          Party
B promises to ensure the compliance in its operations of all the law and regulations.

 

8.          Party
B will maintain its current management standard and ensure protection of its assets; Party B will not forgive any debt owed to
it and transfer or dispose of its major assets without compensation or at a low price.

 

9.          Party
B promises that it will not refuse or delay the performance of its obligations hereunder on the ground of any dispute and will
not collude with any third party to harm Party A’s interests.

 

Article XII Liability for Breach

 

1.          The
occurrence of any of the following will constitute a breach by Party B:

 

		1.1	Party B violates any of the provisions herein, or the occurrence of any event affecting Party B’s repayment ability.

 

		1.2	Party B’s guarantor violates any of the provisions herein, or the occurrence of any event affecting Party B’s guarantor’s
repayment ability.

 

2.           When
Party B is in breach, Party A may take some or all of the measures below:

 

		2.1	Demand that Party B or its guarantor remedy the breach behavior or other adverse situation, arrange other protection measures
or provide other effective guarantee.

 

		2.2	If Party B fails to use the loan or to pay the interest in accordance with the provisions herein, Party A has the right to
charge penalty and compound interest at the rate set forth below:

 

    	8

    	 

    

 

		(1)	If Party B fails to repay the loan on time and fails
to reach agreement with Party A on the extension of the loan, Party A has the right to charge penalty interest on the past-due
portion of the loan until its full repayment. The penalty interest rate on past-due portion of the loan is an additional 50% on
top of the interest rate on the loan hereunder, and the penalty interest on the misused portion of the loan is an additional 100%
on top of the interest rate on the loan hereunder.

 

		(2)	If Party B fails to pay interest in full on time,
Party A has the right to charge compound interest on the portion of the interest.

 

		2.3	Suspend the release of the loan, recall the loan already released due in advance and declare the loan under other loan contract
between Party A and Party B due in advance.

 

		2.4	Demand that Party B be responsible for compensation and legal consequences.

 

		2.5	Demand that Party B pay breach damages in the amount
of 5% of the loan amount.

 

		2.6	Take other measures available under the law.

 

		2.7	Disclose public Party B’s breaches.

 

		2.8	Exercise its right under the guarantee contract.

 

3.           Party
B must be responsible for all the fees and expenses (including litigation, arbitration and enforcement fees, attorney fees, traveling
expenses and appraisal fees, etc.) incurred in the realization of its creditor’s claims.

 

4.           Provided
that Party B has performed its obligations, if Party A fails to release the loan in accordance with the provisions herein, Party
A must be responsible to compensate Party B for any resulting actual loss.

 

Article XIII Special Provisions

 

If this contract has been certified for
enforcement effect, the creditor may directly appeal to the people’s court for enforcement.

 

Article XIV Independence of the Provisions and Non-Waiver

 

1.           The
invalidity of some of the provisions herein will not affect the validity of other provisions herein.

 

    	9

    	 

    

 

2.           The
invalidity of this contract or some of the provisions herein, for whatever reason, will not affect Party B’s obligations
to perform its obligations and responsibilities hereunder.

 

3.           Any
forgiveness toward any breach and delay of the exercise of its rights by one party toward the other party should not be considered
waiver of such rights and should not affect the future exercise of such rights.

 

Article XV Confidentiality

 

1.           Both
parties must keep the provisions and conditions of this contract and all other information obtained from the other party in the
course of performing this contract strictly confidential and must not disclose such information to any third party without the
other party’s written approval, except in the following circumstances:

 

		1.1	Disclosure is made by Party A in pursuant to the relevant law or regulations.

 

		1.2	Disclosure is made by Party A to government agencies, people’s court and other government authorities.

 

		1.3	Disclosure is made by Party A to the accounting firm, law firm and other agents engaged by Party A, provided that the personnel
of such firms maintain confidentiality obligation regarding such confidential information.

 

		1.4	Information disclosed was obtained through public channels.

 

2.           This
confidentiality provision will remain effective after the expiration of this contract.

 

Article XVI Contract Effectuation and Dissolution

 

1.           This
contract becomes effective after it is executed by the legal representatives of both parties.

 

2.           During
the effective period of this contract, neither party can amend or dissolve this contract or stop the performance of its obligations
and responsibilities hereunder without the approval of the other party. If one party needs to amend or dissolve this contract,
it must reach written supplemental agreement with the other party.

 

3.           If
Party A and Party B want to continue the cooperation, they must enter into a new written agreement.

 

    	10

    	 

    

 

Article XVII Dispute Resolution

 

1.          Any
dispute arising from this contract must be resolved through consultation; if such consultation fails, it can be submitted to the
people’s court at Party B’s location.

 

2.          During
the course of any legal action, other provisions must continue to be performed.

 

Article XVIII Others

 

1.          This
contract has one format and five counterparts.

 

2.          All
appendices and documents generated during the course of performing this contract are component parts of this contract and have
the same legal effect.

 

	Party A (Seal):	/seal/ Shandong International Trust Company Limited
	Legal Representative:	LI Xiaopeng
	 	 
	Party B (Seal):	/seal/ Inner Mongolia Yongye Fumin Biotechnology Co., Ltd.
	Legal Representative:	/s/ ZHOU Tao

 

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