Document:

Exhibit 10.1

      

      

      

      
        AMENDMENT NO. 2 dated as of February 8, 2019 (this “Amendment”),

          to the CREDIT AGREEMENT dated as of June 16, 2017 (as amended by Amendment No. 1, dated as of August 2, 2018, and as further amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, a Delaware limited liability company (the “Borrower”), each lender from time to time party thereto (each individually referred to therein as a “Lender” and collectively as “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent
          (in such capacity, the “Administrative Agent”).

        

        

        A.  The Borrower has requested that (i) the Aggregate Commitments under the Credit Agreement be increased by an amount equal to
            $125,000,000 (the “Commitment Increase”), which Commitment Increase will be provided by Morgan Stanley Senior Funding, Inc., Barclays Bank PLC and JPMorgan Chase Bank,
            N.A. (the “Commitment Increase Lenders”, and each a “Commitment Increase Lender”) and (ii)
            the Credit Agreement be amended as set forth herein.

        

        

        B.  Each Commitment Increase Lender is willing to provide such additional Commitments, and the Lenders are willing to so amend the
            Credit Agreement, in each case on the terms and subject to the conditions set forth herein.

        

        

        Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency
            and receipt of which are hereby acknowledged, the parties hereto agree as follows:

        

        

        SECTION 1.  Defined Terms.  Capitalized terms used and
            not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

        

        

        SECTION 2.  Commitment Increase.  (a)  Subject to the
            terms and conditions set forth herein, the Lenders party hereto (including the Commitment Increase Lenders) hereby agree that, effective as of the Second Amendment Effective Date (as defined below), the aggregate amount of the Commitments
            outstanding immediately prior to the Second Amendment Effective Date shall be increased by an amount equal to the Commitment Increase, and that such Commitment Increase shall be held, as of the Second Amendment Effective Date, by the Commitment
            Increase Lenders.   On and after the Second Amendment Effective Date, each Commitment Increase Lender shall, in its capacity as a Lender, make Loans to the Borrower, and otherwise extend credit (including by funding participations in Letters of
            Credit), in each case in accordance with the terms and subject to the conditions of the Credit Agreement, as amended hereby. Each Lender agrees that no amounts shall be due under Section 2.15(c) of the Credit Agreement as a result of the
            transactions contemplated by this Amendment.

        
          
            

        

        
        (b)          On the Second Amendment
            Effective Date, each of the Lenders with Commitments under the Credit Agreement immediately prior to the Second Amendment Effective Date (the “Existing Lenders”),
            shall assign to the Commitment Increase Lenders, and the Commitment Increase Lenders shall purchase from each of such Lenders, at the principal amount thereof, such interests in the Loans outstanding on the Second Amendment Effective Date as
            shall be necessary in order that, after giving effect to all such assignments and purchases, the Loans will be held by the Existing Lenders and the Commitment Increase Lenders ratably in accordance with their Commitments after giving effect to
            the Commitment Increase, and the participations in respect of Letters of Credit shall be reallocated so that such participations are held ratably among the Lenders in accordance with their commitments after giving effect to the Commitment
            Increase.  Schedule 1.1A of the Credit Agreement, as amended by this Amendment, sets forth the Commitment of each Lender after giving effect to this Amendment.

        

        

        (c)          Each Commitment Increase
            Lender, by delivering its signature page to this Amendment on the Second Amendment Effective Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be
            delivered to, or be approved by or satisfactory to, the Administrative Agent or any Lender on the Second Amendment Effective Date. Each Commitment Increase Lender shall become a “Lender” for all purposes of the Credit Agreement and the other
            Loan Documents, in accordance with the terms thereof, and each Commitment Increase Lender shall have all the rights and obligations of a Lender under the Credit Agreement with respect to the interests purchased by it pursuant to such
            paragraphs, in accordance with the terms thereof.

        

        

        SECTION 3.   Amendments.  Effective as of the Second
            Amendment Effective Date, the Credit Agreement is hereby amended as follows:

        

        

        (a)          The following definitions are
            hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

        

        

        (i)          “Amendment No. 2”: Amendment No. 2, dated as of February 8, 2019, among the Borrower, the Lenders party thereto and the Administrative Agent.

        

        

        (ii)          “Dividing Person”: as defined in the definition of “Division”.

        

        

        (iii)          “Division”: the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among
            two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

        
          2

          
            

        

        (iv)          “LLC”: any Person that is a limited liability company under the laws of its jurisdiction of formation.

        

        

        (v)          “Second Amendment Effective Date”: as defined in Amendment No. 2.

        

        

        (b)          The second recital of the
            Credit Agreement is hereby amended by deleting therefrom the dollar amount “$125,000,000” and substituting therefor the dollar amount “$250,000,000”.

        

        

        (c)          Clause (1) of the definition
            of “Acquired Indebtedness” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

        

        

        “(1)          Indebtedness of any other Person existing at the
            time such other Person is consolidated with, amalgamated or merged with or into or became a Subsidiary of such Person (other than as a result of a Division), including Indebtedness incurred in connection with, or in contemplation of, such other
            Person consolidated with, amalgamating or merging with or into or becoming a Subsidiary of such specified Person (other than as a result of a Division); and”

        

        

        (d)          The definition of “Aviation
            Assets” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

        

        

        “Aviation Assets”:  the assets of the Borrower and the
            Restricted Subsidiaries constituting “Total assets” in the Borrower’s Aviation Leasing segment (or a successor segment), as reflected in the Borrower’s most recent quarterly or annual report filed with the SEC (or the equivalent thereof as
            reported by any successor to or assign of the Borrower in accordance with this Agreement).

        

        

        (e)          The last sentence of the
            definition of “Commitment” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: “The aggregate amount of the Commitments as of the Second Amendment Effective Date is $250,000,000.”.

        

        

        (f)          The definition of
            “Disposition” set forth in Section 1.1 of the Credit Agreement is hereby amended by adding “(and whether effected pursuant to a Division or otherwise)” after the word “disposal”.

        

        

        (g)          Clause (a) of the definition
            of “Maturity Date” set forth in Section 1.1 of the Credit Agreement is hereby amended by deleting therefrom the date “June 16, 2021” and substituting therefor the date “January 31, 2022”.

        

        

        (j)          Section 3.18 of the Credit
            Agreement is hereby amended by adding the following as the last sentence of Section 3.18: “As of the Second Amendment Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.”

         

          

        
          3

          
            

        

        (k)          Section 6.3(b)(1) of the
            Credit Agreement is hereby amended by deleting therefrom the dollar amount “$125,000,000” and substituting therefor the dollar amount “$250,000,000”.

        

        

        (l)          Section 6.9(a) of the Credit
            Agreement is hereby amended by (x) adding “(i) consummate a Division as the Dividing Person or (ii)” after the words “may not” and (y) adding “, in the case of this clause (a)(ii),” after the first reference to “unless”.

        

        

        (m)          Section 6.9(b) of the Credit
            Agreement is hereby amended by (x)  adding “(i) consummate a Division as the Dividing Person or (ii)” after the words “permit any Guarantor to” and (y) adding “, in the case of this clause (b)(ii),” after the first reference to “unless”.

        

        

        (n)          The last paragraph of Section
            6.9 of the Credit Agreement is hereby amended by (i) deleting the “and” at the end of clause (D), (ii) replacing the “.” at the end of clause (E) with “; and” and (iii) adding the following clause (F) to the end of such paragraph:

        

        

        “(F)          a Guarantor that is an LLC may consummate a
            Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by one or more Guarantors at such time.”

        

        

        (o)          Section 6.10(b) of the Credit
            Agreement is hereby amended and restated in its entirety to read as follows:

        

        

        “(b)          Debt to Total Equity.          The Borrower shall not permit the Debt to Total Equity Ratio for the Borrower and Restricted Subsidiaries
            (a) as of the last day of any Test Period on or prior to December 31, 2019, to exceed 2:00 to 1.00, (b) as of the last day of any Test Period after December 31, 2019 and on or prior to December 31, 2020, to exceed 1.75 to 1.00, and (c) as of
            the last day of any Test Period after December 31, 2020 and on or prior to the Maturity Date, to exceed 1.50 to 1.00.”

        

        

        (p)          Schedule 1.1A of the Credit
            Agreement is hereby amended and restated in its entirety with Schedule 1.1A attached as Exhibit A to this Amendment.

        

        

        SECTION 4.  Representations and Warranties.  To induce
            the other parties hereto to enter into this Agreement, the Borrower hereby represents and warrants to the Administrative Agent and each of the other parties hereto that:

        

        

        (a)          As of the Second Amendment
            Effective Date, each Loan Party has duly executed and delivered and authorized this Amendment and this Amendment constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, subject to the
            effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law).

         

          

        
          4

          
            

        

        (b)          As of the Second Amendment
            Effective Date, (i) the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects except to the extent such representations and warranties specifically relate
            to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; provided
            that, in each case, such materiality qualifier is not applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof and (ii) no Default or Event of Default has occurred and is
            continuing.

        

        

        SECTION 5.  Interest and Fees.  On the Second
            Amendment Effective Date, the Borrower shall pay to the Administrative Agent, for the accounts of the Existing Lenders, all unpaid interest and any other amounts which have accrued for the period from the last date such interest and fees were
            paid to but excluding the Second Amendment Effective Date.  The interest and fees described in this Section 5 shall be payable in immediately available funds.  Once paid, such interest and fees shall not be refundable under any circumstances.

        

        

        SECTION 6.  Conditions to Effectiveness.  The
            effectiveness of this Amendment is subject to the satisfaction or waiver, on or prior to February 8, 2019, of the following conditions precedent (the date on which all such conditions are satisfied or waived, the “Second Amendment Effective Date”):

        

        

        (a)          The Administrative Agent shall
            have received from the Borrower, each Existing Lender and each Commitment Increase Lender either (i) a counterpart of this Amendment signed on behalf of such parties or (ii) written evidence satisfactory to the Administrative Agent (which may
            include facsimile or other electronic transmission of a signed signature page of this Amendment) that such parties have signed a counterpart of this Amendment.

        

        

        (b)          The Borrower shall have paid
            all fees due and payable as of the Second Amendment Effective Date and all expenses for which reasonably detailed invoices have been presented prior to the Second Amendment Effective Date that are due to the Administrative Agent and the Lenders
            and required to be paid on the Second Amendment Effective Date in connection with the transactions contemplated hereby.

        

        

        (c)          The representations and
            warranties set forth in Section 4 shall be true and correct.

         

          

        
          5

          
            

        

        (d)          The Administrative Agent shall
            have received the results of recent Uniform Commercial Code, Tax and judgment lien searches in each relevant jurisdiction reasonably requested by the Administrative Agent with respect to the Borrower and IntermediateCo; and such searches shall
            reveal no Liens on any of the Collateral except for Liens permitted by Section 6.6 of the Credit Agreement.

        

        

        (e)          The Administrative Agent shall
            have received a certificate of each Loan Party, dated the Second Amendment Effective Date, substantially in the form of such certificate delivered on the Closing Date or otherwise in form and substance reasonably satisfactory to the
            Administrative Agent, with appropriate insertions and attachments.

        

        

        (f)          The Administrative Agent shall
            have received a good standing certificate (to the extent such concept is known in the relevant jurisdiction) from the applicable Governmental Authority of each Loan Party’s respective jurisdiction of incorporation, organization or formation
            dated a recent date prior to the Second Amendment Effective Date.

        

        

        (g)          The Administrative Agent shall
            have received, in form and substance reasonably acceptable to the Administrative Agent, a legal opinion of (i) Cravath, Swaine & Moore LLP, New York counsel to the Borrower and its Subsidiaries, (ii) Conyers Dill & Pearman Limited,
            Bermuda counsel to the Borrower and its Subsidiaries and (iii) Morris, Nichols, Arsht & Tunnell LLP, Delaware counsel to the Borrower and its Subsidiaries, in each case dated the Second Amendment Effective Date and addressed to the
            Administrative Agent and the Lenders.

        

        

        (h)          The Administrative Agent shall
            have received a solvency certificate, substantially in the form of Exhibit F to the Credit Agreement, executed by a Responsible Officer of the Borrower.

        

        

        (i)          (i) The Lenders shall have
            received, at least five days prior to the Second Amendment Effective Date, to the extent requested sufficiently in advance thereof, all documentation and other information with respect to the Borrower required by bank regulatory authorities
            under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five
            days prior to the Second Amendment Effective Date, any Lender that has requested, in a written notice to the Borrower, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification
            (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment, the condition set forth in this clause (ii) shall be deemed to be satisfied).

         

          

        
          6

          
            

        

        The Administrative Agent shall notify the Borrower and the Lenders of the Second Amendment Effective Date, and such notice shall be
            conclusive and binding.

        

        

        SECTION 7.  Consent and Reaffirmation.  Each of the
            Loan Parties hereby (i) consents to this Amendment and the transactions contemplated hereby and (ii) agrees that, notwithstanding the effectiveness of this Amendment, its Obligations under each of the Loan Documents to which it is a party
            continues to be in full force and effect and the Liens granted under such Loan Documents shall secure any Loans made pursuant to the Commitment Increase. The parties hereto expressly acknowledge that it is not their intention that this
            Amendment or any of the other Loan Documents executed or delivered pursuant hereto constitute a novation of any of the obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, but a modification thereof
            pursuant to the terms contained herein.

        

        

        SECTION 8.  Loan Documents.  This Amendment shall
            constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

        

        

        SECTION 9.  Counterparts.  This Amendment may be
            executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a
            signature page of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of an original executed counterpart of this Amendment.

        

        

        SECTION 10.  Governing Law.  THIS AMENDMENT AND THE
            RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        

        

        SECTION 11.  Headings.  Section headings used herein
            are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

        

        

        [Remainder of page intentionally left blank]

         

          

        
          7

          
            

        

      

          IN WITNESS WHEREOF, the parties hereto have caused this
        Amendment to be duly executed by their respective authorized officers or representatives as of the day and year first above written.

    

    

    	 	
            FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC,

             

            as the Borrower

          
	 	 	 
	 	
            By:

          	
            /s/ Joseph P. Adams Jr.

          
	 	 	
            Name: Joseph P. Adams Jr.

          
	 	 	
            Title: Chief Executive Officer

          

    

    

    

    

    	 	
            FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE GENERAL PARTNERSHIP,

             

            BY ITS FORTRESS PARTNER FORTRESS WORLDWIDE TRANSPORTATION AND INFRASTRUCTURE MASTER GP LLC,

             

            as a Grantor

             

          
	 	
            By:

          	
            /s/ Demetrios Tserpelis

          
	 	 	
            Name: Demetrios Tserpelis

          
	 	 	
            Title: Authorized Signatory

          

    

    

    

    

    
      [Signature Page to Amendment No. 2]

      
        
          

      

    

    	 	
            JPMORGAN CHASE BANK, N.A.,

            as Administrative Agent, a Lender, Commitment Increase Lender and Issuing Bank,

             

          
	 	
            By:

          	
            /s/ Cristina Caviness

          
	 	 	
            Name: Cristina Caviness

          
	 	 	
            Title:   Vice President

          

     

    

     

    

    
       

      

       

      

      [Signature Page to Amendment No. 2]

      
        
          

      

    

    
      	 	
              BARCLAYS BANK PLC,

              as a Lender, Commitment Increase Lender and Issuing Bank

               

            
	 	
              By:

            	
              /s/ Craig Malloy

            
	 	 	
              Name: Craig Malloy

            
	 	 	
              Title:   Director

            

    

    

    

    

    

    

    

    
      [Signature Page to Amendment No. 2]

      
        
          

      

    

    	 	
            MORGAN STANLEY SENIOR FUNDING, INC.,

            as a Lender, Commitment Increase Lender and Issuing Bank

             

          
	 	
            By:

          	
            /s/ Michael King

          
	 	 	
            Name: Michael King

          
	 	 	
            Title:   Vice President

          

     

    

    
       

      

      [Signature Page to Amendment No. 2]

      
        
          

      

    

    EXHIBIT A

    

    

    Schedule 1.1A

    

    

    Commitments

    

    

    

    

    

    

    

    

    	
            Lender

          	
            Commitment

          
	
            Morgan Stanley Senior Funding, Inc.

          	
            $83,333,333.34

          
	
            Barclays Bank PLC

          	
            $83,333,333.33

          
	
            JPMorgan Chase Bank, N.A.

          	
            $83,333,333.33

          
	
            Total Commitments

          	
            $250,000,000.00

          

    

    

    

    

    

    

    	
            Issuing Bank

          	
            LC Commitment

          
	
            Morgan Stanley Senior Funding, Inc.

          	
            $8,333,333.34

          
	
            Barclays Bank PLC

          	
            $8,333,333.33

          
	
            JPMorgan Chase Bank, N.A.

          	
            $8,333,333.33

          
	
            Total LC Commitments

          	
            $25,000,000.00Exhibit
10.1

 

loan
AND SECURITY AGREEMENT

 

This
Loan and Security Agreement, dated as of February 6, 2109, is between CVI Investments, Inc. (the “Lender”), and
Yulong Eco-Materials Limited, a Cayman Islands corporation (the “Borrower”).

 

		1.	lOAN
                                         amount and terms

 

		1.1	Loan
                                         Amount.

 

Subject
to the terms and conditions stated in this Agreement, on the date of this Agreement (the “Closing Date”) the
Borrower agrees to rescind the issuance to the Lender of (a) 500,000 shares of common stock of the Borrower (“Shares”)
and Common Stock Purchase Warrants to purchase up to 1,000,000 shares of common stock of the Borrower held by the Lender to the
Borrower (“Warrants”). On the Closing Date the Lender will surrender to the Borrower the Shares and Warrants
and the Borrower shall issue to the Lender a promissory note (the “Note”) in the amount of $2,500,000, which
Note shall be in the form of Exhibit A attached hereto.

 

		1.2	Repayment
                                         Terms.

 

		(a)	The
                                         Borrower will repay in full any principal, interest or other charges outstanding under
                                         the Note on the earliest of (i) February 28, 2020 and (ii) the date on which the Lender
                                         exercises its remedies under Article 7 (the “Maturity Date”).

 

		(b)	The
                                         Borrower may prepay in full or in part at any time prior to the Maturity Date the principal
                                         balance of the Note. Each prepayment of the principal balance of the Note, whether voluntary,
                                         by reason of acceleration or otherwise, will be accompanied by the amount of accrued
                                         interest on the amount prepaid.

 

		1.3	Interest
Rate.

 

No
interest rate is applicable to the outstanding principal amount of the Note.

 

		2.	Loan
                                         administration 

 

		2.1	Collection
                                         of Payments. 

 

		(a)	All
                                         payments required to be made by the Borrower to the Lender hereunder will be made in
                                         lawful currency of the United States of America in immediately available funds by wire
                                         transfer to the account designated to the Borrower in writing by the Lender.

 

		(b)	Each
                                         payment by the Borrower hereunder will be evidenced by records kept by the Lender which
                                         will, absent manifest error, be conclusively presumed to be correct and accurate and
                                         constitute an account stated between the Borrower and the Lender.

  

    1

     

    

 

		2.2	Business
Days.

 

Unless
otherwise provided in this Agreement, a business day is a day other than a Saturday, Sunday or other day on which commercial banks
are authorized to close, or are in fact closed, in the State of New York. All payments and disbursements which would be due or
which are received on a day which is not a business day will be due or applied, as applicable, on the next business day.

 

		3.	conditions

 

On
the Closing Date, the Borrower shall provide the following:

 

		3.1	Perfection
                                         and Evidence of Priority.

 

Evidence
that the security interests and liens granted hereunder in favor of the Lender are valid, enforceable, properly perfected in a
manner acceptable to the Lender and prior to all others’ rights and interests as of the date hereof.

 

		3.2	Note.

 

Duly
executed Promissory Note.

 

		3.3	Guarantee.

 

		4.	representations
                                         and warranties

 

When
the Borrower signs this Agreement, the Borrower makes the following representations and warranties:

 

		4.1	Organization
                                         and Authority.

 

The
Borrower is duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation with
the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently
conducted. The Borrower is duly qualified to conduct business and is in good standing as a foreign corporation or other entity
in the jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary.
The Borrower has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by
this Agreement and all related agreements to which it is a party and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and all related agreements to which it is a party by the Borrower and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the
Borrower and no further action is required by the Borrower or its board of directors or the Borrower’s stockholders in connection
therewith.

 

    2

     

    

 

		4.2	Enforceable
                                         Agreement.

 

This
Agreement is a legal, valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms,
and any agreement required hereunder to which it is a party, when executed and delivered, will be similarly legal, valid, binding
and enforceable. No consent, approval, authorization or permit is required to be obtained by the Borrower in connection with the
execution, delivery and performance by the Borrower of its obligations hereunder and under each other agreement delivered by the
Borrower to the Lender pursuant hereto.

 

		4.3	Collateral.

 

The
Borrower has good and marketable title to, and is the sole and exclusive legal and beneficial owner of, the Collateral (defined
below), free and clear of any setoff, claim, restriction, pledge, lien, security interest, encumbrance or other charge of any
type, except the security interest created hereunder and subject to the provisions of Section 6.2.

 

		5.	covenants

 

The
Borrower agrees, until the Lender is repaid in full:

 

		5.1	Notices
                                         to Lender.

 

To
notify the Lender promptly in writing of:

 

		(a)	Any
                                         lawsuit related to the Collateral in which the claim for damages exceeds Five Hundred
                                         Thousand Dollars ($500,000) against the Borrower.

 

		(b)	Any
                                         change in the Borrower’s name.

 

		(c)	Any
                                         transfer or disposition of the Collateral, unless, as a condition thereto, the acquiror
                                         of the Collateral agrees to assume the obligations of the Borrower under the Note.

 

		5.2	Perfection
of Liens.

 

To
help the Lender perfect and protect its security interests in the Collateral and liens hereunder.

 

		5.3	Collateral.

 

Subject
to the provisions of Section 6.2, Borrower shall defend the Collateral against all claims and demands of all persons at any time
claiming any interest therein adverse to the Lender. Subject to the provisions of Section 6.2, Borrower shall keep the Collateral
free from all other claims, restrictions, encumbrances, security interests, pledges, liens, demands or charges of any type, except
the security interest hereby created.

 

		5.4	Cooperation.

 

To
take any action reasonably requested by the Lender to carry out the intent of this Agreement and all related agreements.

  

    3

     

    

 

		5.5	Right
                                         to Exchange Note. As a condition to the transfer of the Sapphire (as defined below)
                                         from the Borrower, the Borrower shall require the transferee thereof to grant to the
                                         Lender the right, in its sole discretion, to exchange all or any of the principal amount
                                         of the Note into equity of the acquiror of the Sapphire on the same terms and valuation
                                         as the terms of the transfer of the Sapphire to such acquiror. This obligation shall
                                         continue with the Sapphire through all transfers until such time that the obligations
                                         of the Note are paid in full.

 

		5.6	Mandatory
                                         Redemption. Upon any repayment by Ridgeway Mitchell Smith of that certain note obligation
                                         payable to Millennium Enterprises, LLC, a subsidiary of the Borrower, within 2 business
                                         days the Borrower shall use 100% of such redemption toward the repayment of the Note.

 

		6.	SECURITY
                                         INTEREST

 

		6.1	Grant
                                         of Security Interest.

 

The
Borrower hereby assigns and grants to the Lender a lien and security interest in the Millennium Sapphire (“Sapphire”),
as listed and described on Exhibit B hereto (including, without limitation, all income, benefits and property receivable,
received or distributed which results from the Sapphire, and insurance distributions of any kind related to the Sapphire, including,
without limitation, returned premiums, interest, premium and principal payments); and (ii) all documents, accounts and chattel
paper, whether now existing or hereafter arising directly or indirectly from or related to the Sapphire, together with all books,
data and records pertaining to the Sapphire (the “Books and Records”), whether in the form of a writing, photograph,
microfilm or electronic media, including but not limited to any computer-readable memory and any computer software necessary to
process such memory (all of the foregoing being, collectively, the “Collateral”).

 

		6.2	Certain
                                         Covenants Regarding the Collateral.

 

The
Borrower agrees with regard to the Collateral, unless the Lender agrees otherwise in writing: (i) that the Lender is authorized
to file financing statements in the name of the Borrower to perfect the Lender’s security interest in the Collateral; (ii) that
the Lender is authorized to notify any buyers of the Collateral of the Lender’s interest in the Collateral, (iii) where applicable,
to operate the Collateral in accordance with all applicable statutes, rules and regulations relating to the use and control of
the Collateral, and not to use any Collateral for any unlawful purpose or in any way that would void any insurance required to
be carried; (iv) to pay when due all license fees, registration fees and other charges in connection with the Collateral;
(v) not to permit any lien on the Collateral; (vi) not to sell, hypothecate or dispose of, nor permit the transfer by
operation of law of, any Collateral or any interest in the Collateral; (vii) to keep, in accordance with generally accepted
accounting principles, complete and accurate Books and Records regarding all the Collateral, and to permit the Lender to inspect
the same and make copies at any time during regular business hours; and (viii) to provide any service and do any other acts
which may be necessary to maintain, preserve and protect all the Collateral and, as appropriate and applicable, to keep all the
Sapphire in good and saleable condition, to deal with the Sapphire in accordance with the standards and practices adhered to generally
by holders of like property.

  

    4

     

    

 

The
Borrower will maintain and keep in force all risk insurance covering the Collateral against fire, theft, liability and extended
coverages (including without limitation flood, windstorm coverage and hurricane coverage as applicable), to the extent that any
Collateral is of a type which can be so insured. Upon the request of the Lender, the Borrower will deliver to the Lender a copy
of each insurance policy, or, if permitted by the Lender, a certificate of insurance listing all insurance in force.

 

The
Borrower will not attach any Collateral to any real property or fixture in a manner which might cause such Collateral to become
a part thereof unless the Borrower first obtains the written consent of any owner, holder of any lien on the real property or
fixture, or other person having an interest in such property to the removal by the Lender of the Collateral from such real property
or fixture. Such written consent shall be in form and substance acceptable to the Lender and shall provide that the Lender has
no liability to such owner, holder of any lien, or any other person.

 

		7.	DEFAULT
AND REMEDIES

 

		7.1	Events
                                         of Default.

 

If
any of the following events specified in Sections 7.2 through 7.11 occurs (each an “Event of Default”), the Lender
may do one or more of the following:

 

(a)
Declare the Borrower in default and require the Borrower to repay its entire debt hereunder immediately and without prior notice.

 

(b)
Enforce the security interest given hereunder pursuant to the Uniform Commercial Code and any other applicable law.

 

(c)
Give notice to others of the Lender’s rights in the Collateral, to enforce or forebear from enforcing the same and make
extension and modification agreements.

 

(d)
Demand and collect any payments on and proceeds of the Collateral.

 

(e)
Exercise all rights, powers and remedies which the Borrower would have, but for this Agreement, with respect to all Collateral.

 

(f)
Exercise any other remedies available to the Lender at law or in equity.

 

In
addition, if any Event of Default occurs, the Lender shall have all rights, powers and remedies available under any instruments
and agreements required by or executed in connection with this Agreement. If an event of default occurs under the paragraph entitled
“Bankruptcy/Receivers,” below, with respect to the Borrower, then the entire debt outstanding under this Agreement will
automatically be due immediately.

  

    5

     

    

 

		7.2	Failure
to Pay.

 

The
Borrower fails to make a payment of principal, interest, or other sum under this Agreement within five (5) business days of when
due.

 

		7.3	Covenants.

 

Any
default in the performance of or compliance with any obligation, agreement or other provision contained in this Agreement (other
than those specifically described as an Event of Default in this Article), and the continuance of any such default for a period
of thirty (30) days after Lender notifies the Borrower thereof. 

 

		7.4	Other
Agreements.

 

Any
default occurs under any guaranty, subordination agreement, security agreement, pledge agreement or other document required by
or delivered in connection with this Agreement or any such document is no longer in effect and the continuance of any such default
for a period of thirty (30) days after Lender notifies the Borrower thereof.

 

		7.5	False
Information.

 

The
Borrower has given the Lender materially false or misleading information or representations.

 

		7.7	Bankruptcy/Receivers.

 

The
Borrower files a bankruptcy petition, a bankruptcy petition is filed against the Borrower and such petition is not dismissed within
a period of ninety (90) days after the filing, or the Borrower makes a general assignment for the benefit of creditors; or a receiver
or similar official is appointed for a substantial portion of Borrower’s business that is not dismissed within a period of ninety
(90) days after such appointment; or the Borrower’s business is terminated.

 

		7.8	Judgments.

 

Any
notice of judgment lien is filed against the Borrower; or a notice of levy and/or of a writ of attachment or execution, or other
like process, is served against the assets of the Borrower in an aggregate amount of $1,000,000 or more.

 

		7.9	Material
                                         Adverse Change.

 

A
material adverse change occurs, or is reasonably likely to occur, in the Borrower’s business condition (financial or otherwise),
operations, properties or prospects, or ability to repay the Note.

  

    6

     

    

 

		7.10	Lien
                                         Priority.

 

Except
as provided in Section 6.2, the Lender fails to have an enforceable first lien on and security interest in the Collateral.

 

		8.	ENFORCING
THIS AGREEMENT; MISCELLANEOUS

 

		8.1	Governing
Law.

 

This
Agreement shall be governed and interpreted according to the laws of the State of New York (the “Governing Law State”),
without regard to any choice of law, rules or principles to the contrary.

 

		8.2	Venue
and Jurisdiction.

 

The
Borrower and Lender agree that any action or suit arising out of or relating to this Agreement shall be filed in federal court
or state court located in the Governing Law State. The Borrower and Lender consent to personal jurisdiction and venue in the Governing
Law State and waive any right to contest jurisdiction and venue and the convenience of any such forum.

 

		8.3	Successors
                                         and Assigns.

 

This
Agreement is binding on the Borrower’s successors and assigns and on the Lender’s successors and assigns. Neither party may assign
this Agreement without the other’s prior consent.

 

		8.4	Waiver
                                         of Jury Trial.

 

EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER DOCUMENTS CONTEMPLATED HEREBY BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION AND (c) CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY
AND VOLUNTARILY MADE.

  

    7

     

    

 

		8.5	Severability;
                                         Waivers.

 

If
any part of this Agreement is not enforceable, the rest of the Agreement may be enforced. The Lender retains all rights, even
if it makes a loan after default. If the Lender waives a default, it may enforce a later default. Any consent or waiver under
this Agreement must be in writing.

 

		8.6	Expenses.

 

		(a)	The
                                         Borrower shall pay to the Lender all reasonable attorneys’ fees, expended or incurred
                                         by the Lender, in connection with the negotiation and preparation of this Agreement and
                                         any related agreements.

 

		(b)	The
                                         Borrower will indemnify and hold the Lender harmless from any loss, liability, damages,
                                         judgments, and costs of any kind relating to or arising directly or indirectly out of
                                         (i) this Agreement or any document required hereunder, (ii) any credit extended or committed
                                         by the Lender to the Borrower hereunder, (iii) the Borrower’s business and operations
                                         or any governmental or non-governmental investigation into or action arising out of the
                                         business of the Borrower, and (iv) any litigation or proceeding related to or arising
                                         out of this Agreement, any such document, or any such credit, including, without limitation,
                                         any act resulting from the Lender complying with instructions the Lender reasonably believes
                                         are made by any Authorized Individual; provided that the foregoing indemnity shall not
                                         include any actions of the Lender constituting gross negligence, bad faith or willful
                                         misconduct. This paragraph will survive this Agreement’s termination, and will benefit
                                         the Lender and its officers, employees, and agents..

 

		8.7	One
Agreement.

 

This
Agreement and any related security or other agreements required by this Agreement constitute the entire agreement between the
Borrower and the Lender with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions
and correspondence concerning the subject matter hereof. In the event of any conflict between this Agreement and any other agreements
required by this Agreement, this Agreement will prevail.

 

		8.8	Notices.

 

Unless
otherwise provided in this Agreement or in another agreement between the Lender and the Borrower, all notices required under this
Agreement shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses
on the signature page of this Agreement, or sent by facsimile to the fax numbers listed on the signature page, or to such other
addresses as the Lender and the Borrower may specify from time to time in writing. Notices and other communications shall be effective
(i) if mailed, upon the earlier of receipt or five (5) days after deposit in the U.S. mail, first class, postage prepaid, (ii)
if telecopied, when transmitted, or (iii) if hand-delivered, by courier or otherwise, when delivered.

 

		8.9	Amendments.

 

This
Agreement may only be amended by a writing signed by the parties hereto.

  

    8

     

    

 

		8.10	Headings.

 

Article
and paragraph headings are for reference only and shall not affect the interpretation or meaning of any provisions of this Agreement.

 

		8.11	Counterparts.

 

This
Agreement may be executed in as many counterparts as necessary or convenient, and by the different parties on separate counterparts
each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement.

 

		8.12	Limitation
                                         of Interest and Other Charges.

 

If,
at any time, the rate of interest, together with all amounts which constitute interest and which are reserved, charged or taken
by the Lender as compensation for fees, services or expenses incidental to the making, negotiating or collection of the loan evidenced
hereby, shall be deemed by any competent court of law, governmental agency or tribunal to exceed the maximum rate of interest
permitted to be charged by the Lender to the Borrower under applicable law, then, during such time as such rate of interest would
be deemed excessive, that portion of each sum paid attributable to that portion of such interest rate that exceeds the maximum
rate of interest so permitted shall be deemed a voluntary prepayment of principal. As used herein, the term “applicable
law” shall mean the law in effect as of the date hereof; provided, however, that in the event there is a change in the law
which results in a higher permissible rate of interest, then this Agreement shall be governed by such new law as of its effective
date.

 

[Reminder
of page intentionally left blank]

  

    9

     

    

 

The
parties executed this Agreement as of the date stated at the top of the first page.

   

	CVI INVESTMENTS, INC.	 
	 	 
	By:	 	 
	 	Martin Kobinger, Investment Manager	 
	 	 
	YULONG ECO-MATERIALS LIMITED	 
	 	 
	By:	 	 
	 	Name: Daniel McKinney, CEO	 

 

Address
where notices to the Lender are to be sent:

  

With
a copy to (which shall not constitute notice):

 

Address
where notices to the Borrower are to be sent:

  

    10

     

    

 

Exhibit
A

 

(Form
of Promissory Note)

  

    11

     

    

 

Exhibit
B

 

12.3
kilogram carved natural blue sapphire known as the Millenium Sapphire

  

    12

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