Document:

Exhibit 10.2

 

[Unofficial English Translation]

 

The Underwriting Agreement on Non-Financial
Business Debt Financing Tool of Interbank Bond Market

 

(2013 Version)

 

All right Reserved: China Association of
Interbank Market Dealers 2013

 

    	 

    	 

    

 

Statement

 

The copyright of Underwriting Agreement
for Interbank Bond Market Non-financial Business Debt Financing Tools (version 2013) (short for Underwriting Agreement) belongs
to National Association of Financial Market Institutional Investors (NAFFII). Except for relevant business hereunder or teaching
and research purpose, without the copyright owner’s written approval in advance, any one shall not copy, duplicate, translate,
or distribute the paper, electronic, or version of other form of Underwriting Agreement.

 

The parties hereto may supplement or modify
relevant terms in Underwriting Agreement (however, the content in Article 21 of Underwriting Agreement shall be not modified) and
sign corresponding supplemental agreement according to relevant stipulations of Underwriting Agreement via consensus. Furthermore,
the parties hereto shall timely submit underwriting agreement and supplemental agreement (and its modification) to NAFFII.

 

    	 

    	 

    

 

Table of Contents

 

	Article 1 Definition	2
	Article 2 Agreement composition and effective grade	6
	Article 3 Appointment on underwriter	7
	Article 4 Issuance of debt financing tools	8
	Article 5 Underwriting of debt financing tools	11
	Article 6 Transfer and payment of raised funds	13
	Article 7 Fee and payment	14
	Article 8 Information disclosure	19
	Article 9 Payment of interest and capital	19
	Article 10 Follow-up management of debt financing tools	20
	Article 11 Statement, guarantee, and promise	21
	Article 12 Precondition	21
	Article 13 Major adverse events	25
	Article 14 Events of default and responsibilities for breach of contract	29
	Article 15 Force majeure	31
	Article 16 Confidentiality	33
	Article 17 Transfer	34
	Article 18 No waiver	35
	Article 19 Way of notification and its effectiveness	35
	Article 20 Signing of agreement and effectiveness	38
	Article 21 Modification of agreement	38
	Article 22 Rescission and termination of agreement	39
	Article 23 Application of law and settlement of dispute	40
	Article 24 Supplementary articles	41

 

    	 

    	 

    

 

Underwriting Agreement for Interbank
Bond Market Non-financial Business Debt Financing Tools

 

In order to stipulate the underwriting
behaviors of non-financial business debt financing tools, clearly state the issuer and the leader underwriter’s rights and
obligations, protect all parties’ legal rights and interests, the parties hereto sign this agreement in accordance with relevant
laws such as Contract Law of the People’s Republic of China and Management Method for Interbank Bond Market Non-financial
Business Debt Financing Tools as well as relevant self-discipline normative documents of NAFFII on the basis of equity and free
will:

 

Party A/Distributor: Wuhan KINGOLD Co.,
Ltd

 

Party B/lead underwriter: Shanghai Pudong
Development Bank Co., Ltd

 

Party C/lead underwriter (if any):                

 

Article 1 Definition

 

Unless otherwise specified herein, the
following words are defined as below:

 

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1.1 Debt financing tools: The debt
financing tools refer to negotiable securities which are issued by non-financial business in interbank bond market and for which
the capital shall be repaid with interest within certain time limit in accordance with the rules stated in Management Method for
Interbank Bond Market Non-financial Business Debt Financing Tools.

 

1.2 Issuer: The issuer refers to
the issuer/co-issuer issuing debt financing tools hereunder.

 

1.3 Lead underwriter: The lead underwriter
refers to underwriter institution with lead underwriting qualification of debt financing tools which has been entrusted by the
issuer herein.

 

1.4 Lead underwriting party: The
lead underwriting party refers to lead underwriter and co-lead underwriter (if any)/ associate lead underwriter (if any).

 

1.5 Bookkeeping supervisor: The
bookkeeping supervisor refers to lead underwriter who is entrusted by the issuer to be responsible for specific operation of bookkeeping.

 

1.6 Underwriting group: The underwriting
group refers to underwriting group of debt financing tools which consists of lead underwriting party and other underwriters in
order to issue the debt financing tools of one issue hereunder.

 

1.7 Underwriting group agreement:
It refers to the written agreement signed by and between lead underwriter and other underwriters in terms of jointly underwriting
debt financing tools of one issue hereunder in order to specify all parties’ relevant rights, obligations, responsibilities
and their work arrangement as well as other content in underwriting activity.

 

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1.8 NAFFII: It refers to National
Association of Financial Market Institutional Investors.

 

1.9 Registered amount: It refers
to the amount of debt financing tools registered in NAFFII hereunder, and such amount is determined in Notice of Accepting Registration
of NAFFII.

 

1.10 Registration validity: It refers
to the validity of registered amount of debt financing tools verified in Notice of Accepting Registration of NAFFII.

 

1.11 Issuance scheme: It refers
to descriptive document which is formulated by the issuer and the lead underwriter in accordance with Management Method for Interbank
Bond Market Non-financial Business Debt Financing Tools and relevant self-discipline normative documents of NAFFII upon adopting
bookkeeping way to issue debt financing tools so as to make specific arrangement on various operations of bookkeeping; moreover,
such descriptive document will be disclosed to the market as a part of issuance documents.

 

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1.12 Issuance notice: It refers
to the issuance notice of debt financing tools formulated by the issuer in accordance with Management Method for Interbank Bond
Market Non-financial Business Debt Financing Tools and relevant self-discipline normative documents of NAFFII so as to issue the
debt financing tools of one issue hereunder.

 

1.13 Raising specification: It refers
to the descriptive document formulated by the issuer in accordance with Management Method for Interbank Bond Market Non-financial
Business Debt Financing Tools and relevant self-discipline normative documents of NAFFII so as to issue the debt financing tools
of one issue hereunder; moreover, such descriptive document is disclosed in issuance document.

 

1.14 Book building: It refers to
the behavior that the member of underwriting group/investor issue out subscription order after the issuer and lead underwriter
determine the interest/price range via negotiation, and then the bookkeeping supervisor records the interest/price and quantity
will of debt financing tools subscribed by underwriting group/investor, determines final issuing interest/ price according to stipulated
price and placement way and carry out placement.

 

1.15 Standby underwriting: It refers
to a way of underwriting in which the lead underwriter purchases all debt financing tools which are not sold out within underwriting
limit according to issuance interest/price on payment date stated on raising specification.

 

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1.16 Working days: It refers to
business days of commercial banks in Beijing to the public.

 

1.17 Notice day: It refers to the
day on which the documents such as issuance scheme, issuance notice, and raising specification are published.

 

1.18 Issuance day: It refers to
the issuance day determined for raising specification.

 

1.19 Payment day: It refers to the
payment day determined for raising specification.

 

1.20 Chinese laws/laws: It refers
to the laws, regulations, and rules effectively implemented in the People’s Republic of China (not including Hong Kong Special
Administrative Region, Macao Special Administrative Region, and Taiwan Region for the sake of this agreement) as well as the normative
documents with general binding effect issued by the institutions with legislative, judicial, and administrative management authority
or function according to laws.

 

Article 2 Agreement composition and
effective grade

 

2.1 This agreement consists of following
parts:

 

2.1.1 Underwriting Agreement for Interbank
Bond Market Non-financial Business Debt Financing Tools (version 2013) (short for “Underwriting Agreement”);

 

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2.1.2 Supplemental Agreement to Underwriting
Agreement for Interbank Bond Market Non-financial Business Debt Financing Tools (version 2013) (short for “Supplemental Agreement”,
if any);

 

2.2 The abovementioned documents constitute
single and complete agreement among parties hereto (short for “this agreement”).

 

2.3 In case of any inconsistency between
Supplemental Agreement (if any) and Underwriting Agreement, the Supplemental Agreement shall prevail.

 

Article three: appointment on underwriter

 

3.1 The distributor appoints Party B as
the lead underwriter of issuing debt financing tool under this agreement

 

[Please select to fill
in: lead underwriter, co-lead underwriter].

 

The issuer entrusts Party C (if any) as            [Please
select to fill in: co-lead underwriter, associate lead underwriter] of debt financing tools hereunder.

 

The lead underwriter agrees the appointment
of the distributor, assists the distributor to register/arrange, and sell debt financing tool, as well as follow-up management
in line with appointment of this agreement.

 

3.2 The distributor appoints Party B as
the bookkeeping manager of issuing debt financing tool under this agreement, and appoints __________ (if there are multiple bookkeeping
managers) to be responsible for bookkeeping filing.

 

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Party B agrees to accept the appointment
of the distributor, takes charge of bookkeeping filing of debt financing tool under this agreement, and agrees __________(if there
are multiple bookkeeping managers) to be responsible for bookkeeping filing.

 

3.3 The placement result of book building
and the final issuance interest shall be determined by lead underwriter according to the stipulations in Issuance Scheme.

 

Article Four: issue of debt financing tool

 

4.1 The distributor’s application
for registration amount of Dealers’ association should not exceed RMB/U.S. dollar/please fill in RMB for others [750million]
for debt financing tool in line with appointment of this agreement. Moreover, with the registered amount limit confirmed by Notification
of Accepting Registration of dealers’ association, the distributor should standardize documents to issue debt financing
tool in according with related self-discipline of dealers’ association.

 

4.2 The issuer shall have right to autonomously
determine the amount of debt financing tools that are applied for registration to NAFFII according to laws and relevant self-discipline
normative documents of NAFFII.

 

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4.3 The distributor has the right to consult
with lead underwriter to confirm issue of debt financing tool and deadline, amount, interest rate/price range, etc. issue clauses
of every period with the registered amount limit confirmed by Notification of Accepting Registration of dealers’ association.

 

4.4 After this agreement comes into effect,
the distributor has the right to decide whether it should submit registration application for debt financing tool to the dealers’
association, as well as whether it should issue debt financing tool actually after obtaining registered notification of dealers’
association.

 

4.5 The issuer shall have right to require
the lead underwriter to timely notify the information related to issuance of debt financing tools that the lead underwriter knows
earlier than the issuer due to the fact that the lead underwriter undertakes the obligations hereunder.

 

4.6 The issuer shall be obliged to pay
underwriting fee and other fees on time and in full amount according to rules herein.

 

4.7 The issuer shall coordinate with lead
underwriter to carry out due investigation work for the issuance of debt financing tools.

 

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4.8 The issuer shall timely submit various
kinds of materials related to this agreement to the lead underwriter, including but not limited to approval by supervision department,
NAFFII, and other relevant institutions on relevant issuance documents of this issuance, transaction, and circulation as well as
their modification or supplement, permission or registration/record notice, notice on suspending issuance of debt financing tools
or suspending use of issuance documents, and documents, information, and data about corporate operation, finance, law status and
grading, and shall ensure that the abovementioned documents, information, and data provided are true, real, and complete.

 

4.9 The issuer shall sign Letter of Confirmation
on Interest/Price Range in writing form with lead underwriter, and the final issuance interest/price shall be determined according
to Article 3.3.

 

4.10 The distributor should transact trusteeship,
circulation, cash and information disclosure, etc. matters in line with regulations of registration hosting organization (□Central
Treasury Securities Registration and Settlement Co., Ltd, □Interbank Market Clearing Co., Ltd), as well as China Foreign
Exchange Trade System and national interbank funding center, etc. organizations.

 

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4.11 At any time before the 1st
day of transaction and circulation of debt financing tools (including the 1st day of transaction and circulation), if
the issuer knows any situation which causes error in the statement, guarantee or promise made herein or makes the statement, guarantee
or promise made herein become not real, not accurate or not incomplete, the issuer shall immediately notify the lead underwriter,
and adopt necessary measures according to laws and relevant self-discipline normative documents of NAFFII as well as lead underwriter’s
reasonable requirements to make remediation or publish such situation.

 

4.12 The issuer shall sign relevant agreement
with relevant registration and trustee agency before notice day, and stipulate the matters related to both parties’ rights
and obligations as well as fee in the process of entrusting registration and trustee agency to handle issuance registration, trusteeship,
transfer trusteeship, creditor’s right management, and act for principal and interest redeeming business.

 

Article Five: underwriting of debt financing
tool

 

5.1 Under this agreement, debt financing
tool is the oriented tool for the distributor to register in dealers’ association. Moreover, it will be underwritten by lead
underwriter (short-term financing bond/medium term note/SME’s collection notes/super short-term financing bond/oriented tool/asset
support note/others for_________).

 

5.2 Except for additional appointments
of supplemental agreement, underwriting of debt financing tool under this agreement should adopt the way of underwriting balance.

 

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In case of existence of Party C, Party
B and Party C’s underwriting limit proportion shall be     . Either lead underwriter shall not
undertake joint liability for the other party’s underwriting limit, and each lead underwriter’s breach against its
underwriting obligation shall not constitute the breath against other lead underwriter’s obligation.

 

5.3 The lead underwriter shall carry out
due investigation on debt financing tools hereunder according to relevant requirements, and have right to require the issuer to
provide various kinds of materials required in issuance, including but not limited to documents, information, and data about corporate
operation, finance, law status and grading.

 

5.4 The lead underwriter shall transfer
and pay the raised fund to the issuer on time and in full amount according to rules stated herein.

 

5.5 The lead underwriter shall have the
obligation to organize professional personnel with rich experience to engage in issuance and underwriting work of debt financing
tools hereunder.

 

5.6 The lead underwriter shall have the
obligation to provide the issuer with issuance suggestions or scheme of debt financing tools if the issuer has relevant requirements.

 

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5.7 The lead underwriter shall have the
obligation to provide consulting suggestions to documents related to issuance of debt financing tools issued by the issuer; however,
in terms of accounting, law, grading and other matters, the issuer shall depend on professional suggestions made by relevant intermediary
organs and independently make decisions and judgment.

 

5.8 The lead underwriter shall be responsible
for organize underwriting group, and carry out the underwriting work of debt financing tools hereunder.

 

5.9 The lead underwriter shall be responsible
for organization and coordination among members of underwriting group, and assist the issuer to jointly coordinate with the works
of intermediary organs related to accounting, law, and grading.

 

Article Six: funding-raising payment

 

6.1 Unless there are additional appointments
in supplemental agreement, fund-raising will adopt the following way in article 6.1.1 to pay:

 

6.1.1 In the day of payment, bookkeeping
managers will classify balance into the distributor’s specified account, after deducting underwriting fee of debt financing
tool;

 

6.1.2 On payment date, the bookkeeping
supervisor shall transfer all raised funds of debt financing tools into the account appointed by the issuer.

 

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6.2 If the lead underwriter undertakes
balance underwriting responsibility due to breach or insufficient subscription by other members of underwriting groups, the lead
underwriter who doesn’t serve as bookkeeping supervisor shall transfer the corresponding raised funds into the account appointed
by the bookkeeping supervisor not later than 14:00 on payment date.  

 

6.3 The issuer and lead underwriter hereby
confirm that the lead underwriter’s underwriting obligations and responsibilities are terminated after the bookkeeping supervisor
transfers raised fund to the issuer in full amount according to stipulations in Article 6 and the issuer actually receives such
raised fund; however, the lead underwriter’s other obligations and responsibilities hereunder are not terminated.

 

6.4 The bookkeeping supervisor shall perform
money transfer obligation for the issuer under the condition that the precondition in Article 12 is continuously satisfied before
payment.

 

Article Seven: fee and payment

 

7.1 Based on the underwriting service provided
by the certain debt financing tool (distributor) under this agreement of lead underwriter, after issuing successfully, the distributor
should pay underwriting fee for lead underwriter stipulated amount and payment of this agreement.

 

The calculation mode of underwriting fee
is shown as below:

 

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Underwriting fee = Total face value of
current debt financing tools issued x issuance term x annual underwriting rate

 

The annual underwriting rate of debt financing
tools hereunder is (please check the item):

 

□Short-term financing bond:      %;

 

□Medium-term note:        
%;

 

□Middle and small-sized enterprise
collection note:         %;

 

□Super-short-term financing bond:        %;

 

√Directional tool: 0.4%;

 

□Asset-backed note:        %;

 

□Others:      ,    
%

 

7.2 The underwriting fee include all underwriting
fees paid to lead underwriter, and it is divided into lead underwriting fee and sales commission; the way and proportion of sales
commission shall be additionally stipulated by lead underwriter and other members of underwriting group.

 

7.3 Unless otherwise specified in supplemental
agreement, the abovementioned underwriting fee shall be paid via following 7.3.1.1 way:

 

7.3.1 One-off payment:

 

7.3.1.1 The bookkeeping supervisor deducts
the fee from raised funds on payment date;

 

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7.3.1.2 The issuer additionally makes one-off
payment to bookkeeping supervisor within        

 

working days after the payment date.  

 

7.3.2 Payment on an annual basis:

 

7.3.2.1 The bookkeeping supervisor deducts
the underwriting fee (including sales commission) of the 1st year from raised funds on payment date, and the remaining
underwriting fee will be paid within        working days after corresponding date
(except for due date of repaying capital with interest) by the issuer in duration of current debt financing tools on an annual
basis at average, and the underwriting fee of the 1st year is      % of total underwriting
fee;

 

7.3.2.2 The issuer pays the underwriting
fee of the 1st year to bookkeeping supervisor within     

 

working days after payment date, and the
remaining underwriting fee will be paid within        

 

working days after corresponding date (except
for due date of repaying capital with interest) by the issuer in duration of current debt financing tools on an annual basis at
average, and the underwriting fee of the 1st year is      % of total underwriting
fee;

 

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7.3.3 Unless otherwise specified in supplemental
agreement, in case of existence of Party C, the distribution proportion of lead underwriting fee between Party B and Party C shall
be same as the distribution proportion of underwriting limit stipulated in Article 5.2 herein, and the bookkeeping supervisor shall
collect full-amount underwriting fee receivable from the issuer. Within  working days after the bookkeeping supervisor
receives the underwriting fee receivable, the bookkeeping supervisor shall pay current underwriting fee receivable in full amount
to the lead underwriter who doesn’t serve as bookkeeping supervisor.

 

7.4 The fees incurred from accounting,
law, and grading required in issuance of debt financing tools as well as trusteeship, redeeming, and other intermediary organs
related to debt financing tools, and other fees incurred due to issuance of debt financing tools shall be borne by the issuer who
shall directly pay the fees to corresponding institutions.

 

7.5 Within period of validity after the
debt financing tools hereunder obtain NAFFII registration, if the issuer gives up issuing all lines of debt financing tools registered
at this time or makes no issuing within 2-year validity of registration, the issuer shall only pay issuance consulting fee to the
lead underwriter. Unless otherwise specified in supplemental agreement, the issuance consulting fee shall be      %
of registration limit of debt financing tools, and the issuer shall pay such fee to the lead underwriter within 5 working days
after it gives up all lines or within 5 working days after end of validity of registration. In case of existence of Party C, unless
otherwise specified in supplemental agreement, the distribution proportion of abovementioned issuance consulting fee between Party
C and Party B shall be same as the distribution proportion of underwriting limit stipulated in Article 5.2 herein.

 

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7.6 The accounts appointed by parties hereto
are shown as below:

 

Party A: Wuhan Kingold Jewelry
Co., Ltd.

 

Account name: Wuhan Kingold Jewelry
Co., Ltd.

 

Opening bank: Shanghai Pudong Development
Bank Wuhang Branch

 

Account No.: [Omitted]

 

People’s Bank of China payment system
No.: [Omitted]

 

Party B: Shanghai Pudong Development
Bank

 

Account name: Shanghai Pudong Development
Bank

 

Opening bank: Shanghai Pudong Development
Bank

 

Account No.: [Omitted]

 

People’s Bank of China payment system
No.: [Omitted] (has participated in payment system)

 

Party C (if any)

 

Account name:

 

Opening bank:

 

Account No.:

 

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People’s Bank of China payment system
No.:

 

Article Eight information disclosure

 

8.1 The distributor should conduct public
information disclosure in line with laws and regulations of Management Method of Non-Financial Business Debt Financing Tool
in Interbank Bond Market and related self-discipline normative document of dealers’ association. When lead underwriter
assists it to make related information disclosure documents, the distributor should ensure that related documents, materials, data
for the lead underwriter are real, accurate and integrated.

 

8.2 The lead underwriter shall have obligation
to assist the issuer to disclose issuance documents, and supervise and urge the issuer to perform the obligation of continuous
information disclosure. If the information is not timely disclosed according to rules due to the issuer’s reason, the issuer
shall bear corresponding responsibility.

 

Article Nine: payment of interest and principal
cash

 

9.1 After debt financing tool circulates
in related trading market, payment of principal and interest of debt financing tool will be conducted through related registration
hosting organization.

 

Article Twelve: Prerequisite

 

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9.2 The issuer shall timely transfer the
relevant capital or interest into the account appointed by the relevant registration and trustee agency in full amount according
to relevant agreement signed by and between the issuer and registration and trustee agency as well as relevant rules of relevant
transaction places.

 

9.3 The lead underwriter shall have obligation
to inform the issuer to transfer interest and capital of debt financing tools on time and in full amount and perform other obligations,
and the lead underwriter shall have no obligation to pay for the issuer on any matter of repaying capital with interest.

 

Article 10 Follow-up management of debt
financing tools

 

10.1 Within the duration of debt financing
tools, the lead underwriter shall continuously carry out tracing, monitoring, investigation, and other follow-up management work
on the issuer according to rules stated in laws and relevant self-discipline normative documents of NAFFII so as to timely control
the issuer’s risk status and debt-paying ability, and continuously supervise the issuer to perform the obligations of information
disclosure and repaying capital with interest, etc. The issuer shall actively coordinate with the lead underwriter on follow-up
management work.

 

10.2 Unless otherwise specified in supplemental
agreement, the bookkeeping supervisor shall be responsible for taking the lead to carry out follow-up management work.

 

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Article 11 Statement, guarantee, and
promise

 

11.1 The parties hereto are business entities
which are established according to Chinese laws, validly exists, and keeps normal operation.

 

11.2 The parties hereto guarantee to follow
the laws such as Management Method for Interbank Bond Market Non-financial Business Debt Financing Tools as well as relevant self-discipline
normative documents of NAFFII to carry out registration issuance work.

 

11.3 The parties hereto have handled all
necessary procedures according to applicable laws and relevant self-discipline normative documents of NAFFII and have obtained
all necessary registration and approval; furthermore, the parties hereto have necessary rights under those laws and relevant self-discipline
normative documents of NAFFII for convenience of signing this agreement and performing various obligations hereunder.

 

11.4 The parties hereto have adopted all
necessary internal behaviors so that they are authorized to sign and perform this agreement; the representatives who sign their
signature on this agreement are officially authorized to sign this agreement which have binding force on parties hereto.

 

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11.5 The matter that the parties hereto
sign this agreement and perform their obligation hereunder will not violate any law and relevant self-discipline normative documents
of NAFFII, articles of association or internal rules, and any contract or document with binding force on parties.

 

11.6 The parties hereto shall have no on-going
or potential litigation, arbitration, government investigation, other legal or administrative procedures which may seriously influence
their ability to sign or perform this agreement.

 

11.7 The lead underwriter shall guarantee
not to engage in behaviors violating relevant self-discipline normative documents of NAFFII such as Code of Conduct for Underwriting
Personnel in Interbank Bond Market Non-financial Business Debt Financing Tools, including but not limited to making promise on
range of interest rate, level of interest rate, issuance scale, registration time and other uncertain matters; the issuer shall
guarantee that it will not require the lead underwriter to engage in those behaviors.

 

11.8 The parties hereto hereby guarantee
that the execution of this agreement will be not affected due to any creditor’s right or debt relationship between the parties
hereto and other signing parties or other third party.

 

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12.1 Lead underwriter assumes the obligation
of selling debt financing tool. The following conditions have already been satisfied as the prerequisites before the issue day:

 

12.1.1 The issue of debt financing tool
under this agreement conforms to laws and regulations of Management Method of Non-Financial Business Debt Financing Tool in
Interbank Bond Market and related self-discipline normative document of dealers’ association, and has already obtained
the approval, permission or registration/record of the supervision and dealers’ association, etc., related organizations;

 

12.1.2 The distributor announces information
publicly related to debt financing tool under this agreement in accordance with laws and regulations of Information Disclosure
Rules of Non-Financial Business Debt Financing Tool in Interbank Bond Market in time, accurately and completely;

 

12.1.3 The distributor and lead underwriter
have already signed Confirmation Letter of Interest Rate/Price Range in written form on issuing scale, deadline, interest
rate/price range of debt financing tool.

 

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After the issuer and lead underwriter sign
Letter of Confirmation on Interest Range and before the book building starts, if there is exact evidence which shows that there
exists serious deviation between bookkeeping range and market and the issuer and the lead underwriter make consensus according
to relevant self-discipline normative documents of NAFFII and determine to delay the issuance or adjust interest range, the issuer
and the lead underwriter will make consensus in terms of issuance scale, term, interest/price range of debt financing tools and
sign Letter of Confirmation on Interest Range in written form.

 

12.1.4 The distributor doesn’t violate
any material obligation, any statement, guarantee and commitment of this agreement and issued document; The situations such as
major adverse events, breach events, and force majeure stipulated in Article 13, 14, and 15 herein don’t happen.

 

12.1.5 The distributor and related registration
hosting organization sign the agreement of related registration, trusteeship and cash.

 

12.1.6 The distributor engages accounting
firm, law office and credit rating organization, etc., intermediaries to propose professional advice, which is legal and valid
and doesn’t occur any important harmful change;

 

12.1.7 Agreement of credit improvement
or related documents (if so) are legal and valid continuously. Moreover, credit improvement scheme doesn’t occur any important
harmful change.

 

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12.1.8 Other conditions (if any) stipulated
in Supplemental Agreement by parties hereto.

 

12.2 Before the above prerequisite conditions
are fully satisfied, any decision made by the lead underwriter and any action adopted by lead underwriter shall be not deemed as
the situation that the lead underwriter undertakes the obligation of selling debt financing tools hereunder.

 

12.3 The lead underwriter shall have right
to give up above one ore more prerequisite conditions to be applicable to current debt financing tools; if many parties serve as
lead underwriter, the above behavior of giving up prerequisite condition shall be made via consensus by lead underwriters.

 

Article 13 Major adverse events

 

13.1 In case of policy adjustment which
may cause major influence on issuance of current debt financing tools before starting of book building, the issuer and lead underwriter
may temporarily postpone the issuance of debt financing tools or adjust bookkeeping interest range via consensus.  

 

13.2 If the following situations happen
in lead underwriter and the substantial adverse influence may be caused to smoothly underwrite debt financing tools, the lead underwriter
shall notice the issuer immediately. The issuer shall have right to temporarily suspend or stop issuance, and adopt measures according
to rules stated in laws and relevant self-discipline normative documents of NAFFII as well as issuance documents of debt financing
tools:

 

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13.2.1 Great changes happen in lead underwriter’s
operation state;

 

13.2.2 Changes happen in lead underwriter’s
underwriting qualification;

 

13.2.3 The breach that the lead underwriter
fails to pay off due debt happens;

 

13.2.4 The lead underwriter makes decisions
of reducing capital, merger, separation, dissolution and applying for bankruptcy;

 

13.2.5 The lead underwriter is involved
in major litigation, arbitration or suffers major administrative penalty;

 

13.2.6 The directors, supervisors, and
senior management personnel on lead underwriting party are involved in major civil or criminal action, or have accepted the investigation
of relevant department due to major economic events;

 

13.2.7 Other situations which may cause
major adverse influence on lead underwriter’s smoothly underwriting debt financing tools.

 

13.3 If the following situations happen
in the issuer and the substantial adverse influence may be caused on issuance or repaying debt financing tools, the issuer shall
immediately notify the lead underwriter. The lead underwriter shall have right to temporarily postpone or stop issuance matter,
and adopt measures according to rules stated in laws and relevant self-discipline normative documents of NAFFII as well as issuance
documents of debt financing tools:

 

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13.3.1 Great changes happen in issuer’s
name, operation policy, and operation scope;

 

13.3.2 Great changes happen in issuer’s
external condition of production and operation;

 

13.3.3 The issuer is involved in major
contract which may cause major influence on its assets, debt, rights and interests, and operation result;

 

13.3.4 The situations such as pledge of
assets, mortgage, sales, transfer, alteration or abandonment which may influence the issuer’s debt-paying ability happen;

 

13.3.5 The breach situation that the issuer
fails to pay off due major debt happens in the issuer;

 

13.3.6 The large-amount compensation responsibility
happens in the issuer or the issuer’s normal production and operation are affected due to compensation responsibility, and
such influence is hard to be eliminated;

 

13.3.7 The major loss which is more than
10% of net assets happens in the issuer;

 

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13.3.8 The issuer discharges other’s
debt at a time which exceeds certain amount, and such behavior may influence the issuer’s debt-paying ability;

 

13.3.9 The change happens in more than
1/3 directors, more than 2/3 supervisors, chairman or general manager on the issuer; the chairman or general manager fails to perform
responsibility;

 

13.3.10 The issuer makes the decisions
of reducing capital, merger, separation, dissolution and applying for bankruptcy, or enters into bankruptcy procedure according
to law, is ordered to close down;

 

13.3.11 The issuer is involved in market
rumor for which it shall make some explanation;

 

13.3.12 The issuer is involved in major
litigation and arbitration matters;

 

13.3.13 The issuer is investigated by organ
of power due to being suspected of being involved in violating laws and rules, or suffers criminal penalty and major administrative
penalty; the directors, supervisors, and senior management personnel at the issuer are suspected of being involved in violating
laws and disciplines, and they are investigated by organ of power or the coercive measures are adopted for them;

 

13.3.14 The situations such as seizure,
attachment or freezing of assets which may influence the issuer’s debt-paying ability; the issuer’s main or all business
enter into a standstill, which may affect the issuer’s debt-paying ability;

 

    	28

    	 

    

 

13.3.15 The issuer provides major external
guarantee.

 

13.3.16 Other matters which cause major
influence on investors’ investment decisions.

 

Article Fourteen: event of default and
responsibility for breach of contract

 

14.1 Issuer’s events of default and
responsibilities for breach of contract:

 

14.1.1 If the distributor can’t pay
account payable for lead underwriter in line with the appointment of this agreement, the distributor should pay payment of liquidated
damage for lead underwriter on non-payment item; Liquidated damages should start from the day of default and count in five over
ten thousand per day of non-payment item, until the day of paying off actually.

 

14.1.2 If the issuer violates the rules
stated in laws such as Management Method for Interbank Bond Market Non-financial Business Debt Financing Tools and relevant self-discipline
normative documents of NAFFII, including but not limited to the obligation of information disclosure, the issuer shall compensate
the actual loss caused to the lead underwriter.

 

    	29

    	 

    

 

14.1.3 If the issuer violates its statement,
guarantee, and promise made herein, or fails to perform other obligations except for the obligations involved in above Article
14.1.1 and 14.1.2, which results in the situation that the lead underwriter suffers loss, the issuer shall compensate the lead
underwriter’s actual loss.

 

14.1.4 If the issuer has events of default
mentioned in above Article 14.1.1, 14.1.2 or 14.1.3, the lead underwriter shall have right to temporarily postpone performing or
terminating partial or all underwriting obligations for debt financing tools whose issuance is not completed hereunder.

 

14.2 Event of default and responsibility for
breach of contract of lead underwriter:

 

14.2.1 If lead underwriter can’t pay
fund-raising for the distributor in line with the appointment of this agreement, lead underwriter should pay late fees for the
distributor on non-payment item; Late fees should start from the day of default and count in five over ten thousand per day of
non-payment item, until the day of paying off actually.

 

14.2.2 If the lead underwriter violates
the rules stated in laws such as Management Method for Interbank Bond Market Non-financial Business Debt Financing Tools and relevant
self-discipline normative documents of NAFFII, the lead underwriter shall compensate the actual loss caused to the issuer.

 

    	30

    	 

    

 

14.2.3 If the lead underwriter violates
its statement, guarantee, and promise made herein, or fails to perform other obligations except for the obligations involved in
above Article 14.2.1 and 14.2.2, which results in the situation that the issuer suffers loss, the lead underwriter shall compensate
the issuer’s actual loss.

 

14.2.4 If the lead underwriter has events
of default mentioned in above Article 14.2.1, 14.2.2 or 14.2.3, the issuer shall have right to terminate the appointment on lead
underwriter in terms of debt financing tools whose issuance is not completed hereunder.

 

14.2.5 Each lead underwriter’s obligations
hereunder are independent, and either lead underwriter will not bear any joint liability for any actual loss caused by other lead
underwriter’s breach, actions, or suggestions.

 

Article 15 Force majeure

 

15.1 The force majeure mentioned herein
refers to objective events which the parties hereto can’t predict, avoid or overcome, and which cause substantial adverse
influence on the parties hereto performing this agreement, including but not limited to natural disasters, war, great changes in
Chinese laws, and other events.

 

15.2 The occurrence of above force majeure
situations doesn’t certainly constitutes exemptions hereunder. In case of force majeure after the parties delay to perform
the obligations stipulated hereunder, the liabilities can’t be exempted.

 

    	31

    	 

    

 

15.3 Either party which announces occurrence
of force majeure shall immediately notify other parties involved herein in writing, and provide the sufficient evidence which proves
occurrence and continuing of force majeure event within 15 days after notification.

 

15.4 Either party which suffers the influence
of force majeure event may temporarily postpone performing the obligations hereunder until the influence is eliminated; however,
such party shall timely adopt measures to avoid continuous expansion of loss caused by this influence; otherwise such party shall
undertake corresponding compensation responsibility for other parties involved herein on expanded loss.

 

15.5 If the influence of force majeure
event continues for more than 60 days and no agreement is reached by both parties via consensus in terms of solution, either party
shall have right to send a written notice (“Notice of Termination”) to the other party so as to terminate the application
of this agreement to issuance of current debt financing tools affected by force majeure.

 

    	32

    	 

    

 

Article 16 Confidentiality

 

16.1 While either party obtains other party’s
data about relevant business, financial status, and other non-public data (including written data and non-written data, hereinafter
referred to as “confidential data”) due to issuance and underwriting work, unless otherwise specified in relevant agreement,
such party which receives above confidential data shall be confidential to the data and shall not disclose above confidential data
to any one or institution except for such party’s staff who need to know above confidential data due to their work duty.

 

16.2 The rule in above Article 16.1 is
not applicable to following confidential data:

 

16.2.1 The data for which there is written
record which can prove that such data has been known by receiving party before issuance and underwriting work.

 

16.2.2 The data which has been disclosed
not due to the reason that the receiving party violates this agreement.

 

16.2.3 The data obtained by receiving party
from a third party who bears no confidential obligation to confidential data.

 

16.3 Either party shall ensure that the
party itself, directors, supervisors, and senior management personnel related to issuance of debt financing tools, and other staff
related to issuance of debt financing tools shall also abide by confidential obligation mentioned in this Article.

 

    	33

    	 

    

 

16.4 The receiving party shall have right
to disclose confidential data to its related party, member of underwriting group, intermediary organ, and each party’s staff
and consultant for the purpose of issuance of debt financing tools; however, under such condition, the receiving party shall be
only able to disclose the data to people or institutions with demand of reasonable business, and require the above parties to abide
by this confidential term.

 

16.5 Either party shall have right to disclose
the data to relevant government department or relevant institutions according to laws and relevant self-discipline normative documents
of NAFFII as well as requirements of organ of power. However, under the condition of not violating laws, rules, and relevant self-discipline
normative documents of NAFFII, the party which is required to make above disclosure shall notify this requirement to other parties
before above disclosure.

 

16.6 The rules in this Article shall not
hinder either party to make disclosure according to laws and relevant self-discipline normative documents of NAFFII based on its
honest judgment.

 

16.7 This rule is not applicable to the
disclosure made under the condition that the parties hereto make written approval in advance.

 

Article 17 Transfer

 

17.1 Without the written consent of all
parties in advance, any party of this agreement should not transfer its rights or obligations in this agreement.

 

    	34

    	 

    

 

Article 18 No waiver 

 

18.1 Not executing, delaying to execute,
or partially executing any right hereunder shall be not deemed as waiving the right.

 

Article 19 Way of notification and its
effectiveness

 

19.1 Unless otherwise specified herein,
any notice made by either party to the other party shall be made in written form and in Chinese and be sent to relevant address
listed herein via personal delivery or express delivery, registered post, fax, and electronic information system, etc.

 

19.1.1 In case of personal delivery or
express delivery, the delivery will take effect on signing date of delivering receipt; however, if the receiving party, receiving
party’s agent or the person who executes the privilege of bankruptcy administrator to the receiving party refuse to sign
for the delivering receipt, the sending party may adopt notarial delivery, or make effective notification according to notice delivery
or retention delivery stipulated by parties in supplemental agreement, and the notice which takes effect via notarial delivery,
notice delivery or retention delivery shall be deemed as having same effect as the notice which takes effect according to original
delivery way in terms of all aspects.

 

19.1.2 In case of delivery via registered
post, the delivery will take effect on signing date.

 

    	35

    	 

    

 

19.1.3 In case of delivery via fax, the
delivery will take effect after the receiving party confirms that it has received fax with clear writing.

 

19.1.4 In case of delivery via electronic
information system, the delivery will take effect on the day when the notice enters into the system which the receiving party appoints
to receive electronic information.

 

19.1.5 In case of other forms, the delivery
will take effect on the time additionally stipulated by parties hereto.

 

19.2 If the above date is not working day
or the notice is delivered, received, or enters into relevant system after end of business hour of one working day, such notice
shall be deemed as taking effect in next working day after such day.

 

19.3 If the change happens in either party’s
above mailing address or contact information, such party shall immediately notify the other party according to the method stipulated
herein. The mailing address or contact information after change shall take effect after the other party receives the notice of
change.

 

19.4 The contact information of parties
hereto is shown as below:

 

Party A: Wuhan Kingold Jewelry Co.,
Ltd.

 

    	36

    	 

    

 

Mailing address: No.15, Huangpu Technology
Park, Jiang’an District, Wuhan City

 

Contact person: Hu Qiao

 

Telephone number: 027-65694977

 

Fax: 027-65694977

 

Postal code: 430023

 

E-mail:445747508@qq.com

 

Party B: Shanghai Pudong Development
Bank

 

Mailing address: 15F, Dongyin Building,
No.689, East Beijing Road, Shanghai City

 

Contact person: Zhang Wei

 

Telephone number: 021-61616488

 

Fax: 021-63604215

 

Postal code: 200001

 

E-mail:zhangw16@spdb.com.cn

 

Party C (if any)

 

Mailing address:

 

Contact person:

 

Telephone number:

 

Fax:

 

Postal code:

 

E-mail:

 

    	37

    	 

    

 

Article Twenty: Signature and come into
effect of this agreement

 

20.1 This agreement will come into effect,
after legal representative or authorized signatory of all parties sign and seal or special seal for contractual uses. All parties
of this agreement can sign supplement agreement as needed. Before this, all parties should regard this agreement as the standard,
if any commitment, understanding, arrangement or appointment is inconsistent with this agreement in the aspect of issuing debt
financing tool.

 

20.2 The parties hereto shall consciously
abide by this agreement after they sign Underwriting Agreement and Supplemental Agreement.

 

20.3 The lead underwriter shall timely
submit Underwriting Agreement and Supplemental Agreement (and its modification) to NAFFII for future reference according to requirements
of laws and relevant self-discipline normative documents of NAFFII.

 

Article 21 Modification of agreement

 

21.1 Under the condition of not violating
Chinese laws, the parties hereto may carry out special stipulations for relevant terms of underwriting agreement or carry out supplementary
stipulations for matters not mentioned in underwriting agreement in supplemental agreement, but they shall not modify or exclude
following content mentioned in underwriting agreement:

 

    	38

    	 

    

 

21.1.1 Definition of “Chinese laws/laws”
in Article 1.19;

 

21.1.2 Article 2 “Agreement composition
and effective grade”;

 

21.1.3 Article 11 “Statement, guarantee,
and promise”;

 

21.1.4 Article 20 “Signing of agreement
and effectiveness”;

 

21.1.5 Article 21; and

 

21.1.6 Article 23.1, 23.4, and 23.5.

 

Article 22 Rescission and termination
of agreement

 

22.1 Unless otherwise specified herein,
either party shall not unilaterally terminate this agreement after this agreement takes effect.

 

22.2 If it fails to realize the purpose
of this agreement due to major adverse events, events of default, and force majeure listed in Article 13, 14, and 15 herein on
the issuer, the lead underwriter shall have right to send a written notice to the issuer to terminate this agreement.

 

22.3 If it fails to realize the purpose
of this agreement due to major adverse events, events of default, and force majeure listed in Article 13, 14, and 15 herein on
the lead underwriter, the issuer shall have right to send a written notice to the lead underwriter to terminate this agreement.

 

    	39

    	 

    

 

22.4 While this agreement is terminated
due to rescission, all or partial rights and obligations of the parties hereto will be immediately terminated; however, such termination
will neither affect any right formed nor affect the responsibilities which the parties hereto shall bear due to statement, guarantee,
and promise they have made, including but not limited to follow-up obligation for the issued debt financing tools and payment obligation
for relevant fee.

 

22.5 Unless otherwise specified herein,
this agreement will terminate since all debt financing tools issued in different period hereunder are redeemed.

 

Article Twenty-three: Law application
and dispute resolution

 

23.1 This agreement applies to Chinese
law and is explained in line with Chinese law.

 

23.2 The parties hereto may solve any dispute
or claim occurred herein or related hereto through negotiation.

 

23.3 If the parties hereto make no agreement
or no agreement is reached via negotiation, the parties hereto shall agree to submit the dispute or claim to China International
Economic and Trade Arbitration Commission (CIETAC) which will solve the dispute or claim via arbitration in Beijing according to
Arbitration Rules of China International Economic and Trade Arbitration Commission. The arbitration court consists of 3 arbitrators,
and the arbitration award is final and it has binding force on parties hereto.

 

    	40

    	 

    

 

23.4 If the parties hereto additionally
stipulate to solve the dispute via other arbitration institution, such arbitration institution shall be the arbitration institution
legally registered or established in the People’s Republic of China (not including Hong Kong Special Administrative Region,
Macao Special Administrative Region, and Taiwan Region for the sake of this agreement), and the place of arbitration shall be also
in the People’s Republic of China (not including Hong Kong Special Administrative Region, Macao Special Administrative Region,
and Taiwan Region for the sake of this agreement).

 

23.5 If the parties hereto additionally
stipulate to not adopt arbitration, but adopt litigation to solve the dispute, either party may file a lawsuit to people’s
court.

 

23.6 The arbitration or litigation made
for any contentious clause hereof shall not influence the effectiveness and continuous performance of other clauses hereof.

 

Article 24 Supplementary articles

 

24.1 Unless otherwise specified:

 

24.1.1 If this agreement is mentioned,
the modification or supplementary documents to this agreement shall be also included;

 

    	41

    	 

    

 

24.1.2 The articles, clauses and annexes
mentioned shall be articles, clauses and annexes hereto;

 

24.1.3 The name, table of contents of this
agreement and titles listed in this agreement are only for convenience of reference, and they don’t influence the structure
of this agreement and they are not used to explain any content of this agreement.

 

24.2 The original of this agreement is
made in sextuplicate, one is submitted to NAFFII for future reference, and other copies are held by signing parties. Each
copy has same legal effect.

 

    	42

    	 

    

 

(This page is signing page of Wuhan
Kingold Co., Ltd. for Underwriting Agreement for Interbank Bond Market Non-financial Business Debt Financing Tools)

 

Party A/Issuer: (common seal)

 

Affixed with the seal of Wuhan Kingold
Co., Ltd.

 

Legal representative or authorized representative
(signature):

 

Signing time: August 12, 2014

 

    	43

    	 

    

 

(This page is signing page of Shanghai
Pudong Development Bank for Underwriting Agreement for Interbank Bond Market Non-financial Business Debt Financing Tools)

 

Party B/Lead underwriter: Shanghai Pudong
Development Bank (common seal)

 

Affixed with the seal special for bond
underwriting business of Shanghai Pudong Development Bank

 

Legal representative or authorized representative
(signature):

 

Signing time: August 12, 2014

 

    	444thAmendment_to_4thAmended_and_Restated_Loan_and_Security_Agreement

EXECUTION VERSION

CONSENT AND FOURTH AMENDMENT TO 
FOURTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

THIS CONSENT AND FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this "Amendment") is made and entered into this 27th day of February, 2015, by and among DELTA APPAREL, INC., a Georgia corporation ("Delta"), M. J. SOFFE, LLC, a North Carolina limited liability company ("Soffe"), JUNKFOOD CLOTHING COMPANY, a Georgia corporation ("Junkfood"), TO THE GAME, LLC, a Georgia limited liability company ("TTG"), ART GUN, LLC, a Georgia limited liability company ("Art Gun"; Delta, Soffe, Junkfood, TTG and Art Gun being hereinafter collectively called "Borrowers" and individually a "Borrower"); the parties to the Loan Agreement (as defined below) from time to time as Lenders (each individually, a "Lender" and collectively, "Lenders"); and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association ("Wells Fargo"), in its capacity as agent for Lenders (together with its successors in such capacity, "Agent").
Recitals:
Borrowers, Agent and Lenders are parties to a certain Fourth Amended and Restated Loan and Security Agreement dated May 27, 2011 (as at any time amended, restated, modified or supplemented, the "Loan Agreement"), pursuant to which Agent and Lenders have made certain loans and other financial accommodations available to Borrowers.  
Borrowers have informed Agent and Lenders that Delta and TTG desire to enter into a certain Asset Purchase Agreement dated March 2, 2015 (the "Purchase Agreement") by and among Delta, as parent, TTG, as seller, and David Peyser Sportswear, Inc., a New York corporation, as purchaser ("Purchaser"), pursuant to which TTG shall sell to Purchaser certain of its assets related to its headwear and apparel business conducted under the "The Game" brand (the "Asset Sale").  The Asset Sale is prohibited by a number of provisions of the Loan Agreement.  Notwithstanding such provisions, Borrowers have requested that Agent and Lenders consent to the Asset Sale, and Agent and Lenders are willing to consent on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
1.    Definitions.  All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms in the Loan Agreement.
2.    Amendments to Loan Agreement.  The Loan Agreement is hereby amended as follows:
(b)    By adding the following new definitions of "Adjusted Fixed Charge Coverage Ratio," "FCCR Reserve," "FCCR Reserve Release Condition," "Fourth Amendment" and "Fourth Amendment Date," to Section 1 of the Loan Agreement in proper alphabetical order:
"Adjusted Fixed Charge Coverage Ratio" shall mean, with respect to Borrowers and their Subsidiaries, on a consolidated basis, for any period of determination, the ratio of (a) the sum of (x) EBITDA of Borrowers during such period plus (y) Restructuring Expenses 

actually recorded on Borrowers' books during such period minus the sum of (i) the amount of any taxes paid in cash, cash dividends to the equity holders of such Person and other distributions to equity holders of such Person during the period in question (for avoidance of doubt, excluding redemptions with respect to the Capital Stock of such Person (including, but not limited to stock repurchases)) plus (ii) all Unfinanced Capital Expenditures made during such period plus (iii) all regularly scheduled (as determined at the beginning of the respective period) principal payments of Indebtedness for borrowed money and Indebtedness with respect to the Capital Leases made during such period (excluding the September 2014 Salt Life Payment), plus (iv) $3,000,000 minus the sum of principal payments to Salt Life actually made during such period (excluding the September 2014 Salt Life Payment) through December 31, 2015, to (b) Fixed Charges of Borrowers and their Subsidiaries for the same period.  In no event shall the aggregate amount of all Restructuring Expenses added back during all periods exceed $4,000,000.
"FCCR Reserve" shall mean $2,000,000.
"FCCR Reserve Release Condition" shall mean Borrowers' achievement of an Adjusted Fixed Charge Coverage Ratio of not less than 1.00 to 1.00 for any twelve-month period ending after the Fourth Amendment Date.
"Fourth Amendment" shall mean the Consent and Fourth Amendment to this Agreement by and among Borrowers, Agent and Lenders, dated February 27, 2015.
"Fourth Amendment Date" shall mean March 2, 2015.
(b)    By deleting the definition of "Reserves" set forth in Section 1 of the Loan Agreement and by substituting the following in lieu thereof:
"Reserves" shall mean as of any date of determination, such amounts as Agent may from time to time establish and revise in good faith reducing the amount of Tranche A Loans and Letters of Credit which would otherwise be available to Borrowers under the lending formula(s) provided for herein: (a) to reflect events, conditions, contingencies or risks arising after the date of this Agreement or of which Agent had no actual knowledge as of such date, which, as determined by Agent in good faith, adversely affect, or would have a reasonable likelihood of adversely affecting, either (i) the Collateral or any other property which is security for the Obligations or its value, including any Dilution Reserve, (ii) the assets, business or financial condition of any Borrower or Obligor or (iii) the security interests and other rights of Agent or any Lender in the Collateral (including the enforceability, perfection and priority thereof); or (b) to reflect Agent's good faith belief that any collateral report or financial information furnished by or on behalf of any Borrower or Obligor to Agent is or may have been incomplete, inaccurate or misleading in any material respect; or (c) to reflect outstanding Letters of Credit as provided in Section 2.2 hereof; or (d) in the amount of any Bank Product Reserve Amount; or (e) in respect of any state of facts which Agent determines in good faith constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default, and which shall include the FCCR Reserve until the satisfaction of the FCCR Reserve Release Condition.  To the extent Agent may revise the lending formulas used to determine either the Tranche A Borrowing Base or the Tranche B Borrowing Base or establish new criteria or revise existing criteria for Eligible Accounts or Eligible Inventory so as to address any circumstances, condition, event or contingency in 

- 2 -

an manner satisfactory to Agent, Agent shall not establish a Reserve for the same purpose.  The amount of any Reserve established by Agent shall have a reasonable relationship to the event, condition or other matter which is the basis for such reserve as determined by Agent in good faith.
(c)    Effective March 2, 2015, by deleting subclause (a)(v) of the definition of "Tranche A Borrowing Base" in Section 1 of the Loan Agreement and by substituting the following in lieu thereof:
(v)    [Reserved]; minus 
(d)    By deleting the second sentence of Section 9.1 of the Loan Agreement and by substituting in lieu thereof the following:
Borrowers shall give Agent thirty (30) days prior written notice of any proposed change in any Borrower's name, which notice shall set forth the new name and Borrowers shall deliver to Agent a copy of the amendment to the Certificate of Incorporation or Certificate of Organization (as applicable) of such Borrower providing for the name change certified by the Secretary of State of the jurisdiction of incorporation or organization of such Borrower as soon as it is available; provided, that Borrowers shall only be required to give Agent notice (using such notice methods as Agent shall require) concurrently with the name change of TTG in connection with the Asset Sale (as such term is defined in the Third Amendment).  
3.    Consent to Asset Sale.  Subject to the satisfaction of the conditions precedent set forth in Section 9 hereof, Agent and Lenders hereby consent to the Asset Sale to the extent required by Section 9.7 of the Loan Agreement and agree to release the Assets (as such term is defined in the Loan Agreement) from Agent's Lien.
4.    Ratification and Reaffirmation.  Each Borrower hereby ratifies and reaffirms the Obligations, each of the Financing Agreements and all of such Borrower's covenants, duties, indebtedness and liabilities under the Financing Agreements.
5.    Acknowledgments and Stipulations.  Each Borrower acknowledges and stipulates that the Loan Agreement and the other Financing Agreements executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable against such Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by such Borrower); the security interests and liens granted by such Borrower in favor of Agent are duly perfected, first priority security interests and liens; and, as of the close of business on February 26, 2015, the unpaid principal amount of the Tranche A Loans totaled $116,638,218.79 and the unpaid principal amount of the Tranche B Loans totaled $5,000,000.00.
6.    Representations and Warranties.  Each Borrower represents and warrants to Agent and Lenders, to induce Agent and Lenders to enter into this Amendment, that no Default or Event of Default exists on the date hereof; the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of such Borrower and this Amendment has been duly executed and delivered by such Borrower; and all of the representations and warranties made by such Borrower in the Loan Agreement are true and correct on and as of the date hereof.

- 3 -

7.    Reference to Loan Agreement.  Upon the effectiveness of this Amendment, each reference in the Loan Agreement to "this Agreement," "hereunder," or words of like import shall mean and be a reference to the Loan Agreement, as amended by this Amendment.
8.    Breach of Amendment.  This Amendment shall be part of the Loan Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default.
9.    Conditions Precedent.  The effectiveness of the amendments contained in Section 2 hereof and the consent contained in Section 3 hereof are subject to the satisfaction of each of the following conditions precedent, in form and substance satisfactory to Agent, unless satisfaction thereof is specifically waived in writing by Agent:
(a)    all requisite corporate action and proceedings in connection with the transactions contemplated by this Amendment shall be satisfactory in form and substance to Agent, and Agent shall have received all information and copies of all documents, including records of requisite corporate action and proceedings which Agent may have requested in connection therewith, such documents where requested by Agent or its counsel to be certified by appropriate corporate officers or Governmental Authorities; 
(b)    Agent's satisfactory review and receipt of true, correct and complete copies of the Purchase Agreement and all other material agreements, documents and instruments entered into in connection therewith by any Borrower, certified as such by an officer of each Borrower; 
(c)    Agent's receipt of the Purchase Price (as defined in the Purchase Agreement) directly from Purchaser to an account designated by Agent; and
(d)    Agent's receipt of duly executed counterparts to this Amendment and the other Financing Agreements and all instruments and documents to be entered into in connection herewith from the applicable Borrowers and Lenders.
10.    Expenses of Agent.  Borrowers agree to pay, on demand, all costs and expenses incurred by Agent in connection with the preparation, negotiation and execution of this Amendment and any other Financing Agreements executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Agent's legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby, including, without limitation, the release of the Assets (as defined in the Purchase Agreement) contemplated by Section 3 hereof.
11.    Effectiveness; Governing Law.  This Amendment shall be effective upon acceptance by Agent and Lenders (notice of which acceptance is hereby waived), whereupon the same shall be governed by and construed in accordance with the internal laws of the State of Georgia.  
12.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
13.    No Novation, etc.  Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Loan Agreement or any of the other Financing Agreements, each of which shall remain in full force and effect.  This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Loan Agreement as herein modified shall continue in full force and effect.

- 4 -

14.    Counterparts; Telecopied Signatures.  This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each  of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.
15.    Further Assurances.  Each Borrower agrees to take such further actions as Agent shall reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby.
16.    Section Titles.  Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto.
17.    Release of Claims.  To induce Agent and Lenders to enter into this Amendment, each Borrower hereby releases, acquits and forever discharges Agent and Lenders, and all officers, directors, agents, employees, successors and assigns of Agent and Lenders, from any and all liabilities, claims, demands, actions or causes of action of any kind or nature (if there be any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that such Borrower now has or ever had against Agent or any Lender arising under or in connection with any of the Financing Agreements or otherwise.  Each Borrower represents and warrants to Agent and Lenders that such Borrower has not transferred or assigned to any Person any claim that such Borrower ever had or claimed to have against Agent or any Lender.
18.    Waiver of Jury Trial.  To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment.
[Remainder of page intentionally left blank; signatures appear on following pages.]

- 5 -

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and delivered by their respective duly authorized officers on the date first written above.
	
	
	BORROWERS:

	 

	DELTA APPAREL, INC.

	 

	By:   /s/Deborah H. Merrill                                        

	Name:  Deborah H. Merrill                                        

	Title:    VP and CFO                                                  

	 

	M.J. SOFFE, LLC

	 

	By:   /s/Deborah H. Merrill                                        

	Name:  Deborah H. Merrill                                        

	Title:    VP and CFO                                                  

	 

	JUNKFOOD CLOTHING COMPANY

	 

	By:   /s/Deborah H. Merrill                                        

	Name:  Deborah H. Merrill                                        

	Title:    VP and CFO                                                  

	 

	TO THE GAME, LLC

	 

	By:   /s/Deborah H. Merrill                                        

	Name:  Deborah H. Merrill                                        

	Title:    VP and CFO                                                  

	 

	ART GUN, LLC

	 

	By:   /s/Deborah H. Merrill                                        

	Name:  Deborah H. Merrill                                        

	Title:    VP and CFO                                                  

[Signatures continued on following page.]

	
	
	AGENT:

	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 

	By:   /s/ Dan Denton                                                   

	Name:  Dan Denton                                                    

	Title:    VP                                                                   

	 

	LENDERS:

	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 

	By:   /s/ Dan Denton                                                   

	Name:  Dan Denton                                                    

	Title:    VP                                                                   

	 

[Signatures continued on following page.]

	
	
	BANK OF AMERICA, N.A.

	 

	By:   /s/ Steven L. Hipsman                                        

	Name:  Steven L. Hipsman                                         

	Title:    Senior Vice President                                     

	 

[Signatures continued on following page.]

	
	
	PNC BANK, NATIONAL ASSOCIATION

	 

	By:   /s/ Alex M. Council                                            

	Name:  Alex M. Council                                             

	Title:    Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]