Document:

Exhibit 10.1

 

AMENDMENT
TO FORBEARANCE AGREEMENT

 

This
Amendment to Forbearance Agreement (this “Amendment”) is entered into as of December 16, 2019, by and between
ILIAD RESEARCH AND TRADING, L.P., a Utah limited partnership (“Lender”), and CHINA RECYCLING ENERGY CORPORATION,
a Nevada corporation (“Borrower”). Capitalized terms used in this Amendment without definition shall have the
meanings given to them in the Forbearance Agreement (as defined below).

 

A. Borrower
and Lender previously entered into that certain Forbearance Agreement dated September 11, 2019 (the “Forbearance Agreement”).

 

B. Borrower
and Lender have agreed to amend the Forbearance Agreement, subject to the terms, amendments, conditions and understandings expressed
in this Amendment.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

 

1. Recitals.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and
are hereby incorporated into and made a part of this Amendment.

 

2. Amendments.
Section 3 of the Forbearance Agreement is deleted in its entirety and replaced with the following:

 

“3. Redemption
Adjustments. Notwithstanding anything to the contrary in the Note, in the event Lender delivers a Redemption Notice to Borrower
and the Redemption Amount set forth therein is not paid in cash to Lender within three (3) Trading Days, then the applicable Redemption
Amount shall be increased by 25% (the “First Adjustment,” and such increase to the Redemption Amount, the “First
Adjusted Redemption Amount”). In the event the First Adjusted Redemption Amount is not paid within three (3) Trading
Days after the date of First Adjustment, then the First Adjusted Redemption Amount shall be increased in accordance with the following
formula: $0.30 divided by the lowest Closing Trade Price of the Common Stock during the twenty (20) Trading Days prior to the
date of Lender delivers the Redemption Notice and the resulting quotient multiplied by the First Adjusted Redemption Amount (the
“Second Adjustment,” and such increase to the First Adjusted Redemption Amount, the “Second Adjusted
Redemption Amount”); provided, however, that such formula shall only be applied if the resulting quotient is greater
than one (1) and such formula shall in no event be used to reduce the First Adjusted Redemption Amount. Upon payment in cash of
the First Adjusted Redemption Amount or Second Adjusted Redemption Amount, the Outstanding Balance will be reduced by the original
amount set forth in the Redemption Notice. The foregoing adjustment procedure shall terminate at such time as Lender has submitted
(and been paid on) redemptions or have repaid Note amount equal to $1,173,480.00, including all redemptions that have occurred
prior to the date of this Amendment.”

 

    

     

    

 

3. Representations
and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors
and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

a. Borrower
has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or
notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of
the obligations of Borrower hereunder.

 

b. There
is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the
date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment
or any representation, warranty, or recital contained in this Amendment.

 

c. Except
as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment
nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen,
modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.

 

d. Borrower
has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of
action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected
with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun
prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to,
or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise,
rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights,
claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and
agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the
existence of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

e. Borrower
represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction
Documents or have occurred prior to the date hereof.

 

4. Certain
Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever
has been or shall be given by Lender to Borrower in connection with this Amendment.

 

    2

     

    

 

5. Other
Terms Unchanged. The Forbearance Agreement, as amended by this Amendment, remains and continues in full force and effect,
constitutes legal, valid, and binding obligations of each of the parties, and is in all respects agreed to, ratified,
and confirmed. Any reference to the Forbearance Agreement after the date of this Amendment is deemed to be a reference to the
Forbearance Agreement as amended by this Amendment. If there is a conflict between the terms of this Amendment and the
Forbearance Agreement, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment.
Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment to, any right, power, or remedy of Lender under the Forbearance Agreement, as in effect prior
to the date hereof.

 

6. No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Amendment, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Amendment.

 

7. Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart
of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

8. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated
hereby.

 

[Remainder
of page intentionally left blank]

 

    3

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

	 	BORROWER:
	 	 	 
	 	CHINA RECYCLING ENERGY CORPORATION
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 
	 	 	 
	 	LENDER:	 
	 	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 	 
	 	By:	Iliad Management, LLC, its General Partner
	 	 	 
	 	By:	Fife Trading, Inc., its Manager
	 	 	 
	 	By:	 
	 	 	John M. Fife, President 

 

[Signature page
lo Amendment to Forbearance Agreement] 

 

4Exhibit (10)(a)

    

    

    

    

    

    

    Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

    

    

    

    

    We consent to the reference to our firm under the caption “Independent Registered Public Accounting Firm” in Post-Effective Amendment No. 28 to the 1933 Act
      Registration Statement (Form N-4 No. 333-170897) and Amendment No. 738 to the 1940 Act Registration Statement (Form N-4 No. 811-08517), and to the use therein of our reports dated (a) March 13, 2019, with respect to the consolidated
      financial statements of The Lincoln National Life Insurance Company and (b) April 16, 2019, with respect to the financial statements of Lincoln Life Variable Annuity Account N for the registration of interests in a separate account under individual
      flexible payment deferred variable annuity contracts.

    

    

    /s/ Ernst & Young, LLP

    

    

    Philadelphia, Pennsylvania

    December 20, 2019Exhibit 10b

  

  

  POWER OF ATTORNEY

  

  

  We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher,
    Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Michelle Grindle,  Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur and John D. Weber,  individually, our true and lawful attorneys-in-fact, with full power to each of them to sign for us, in
    our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on Forms N-6, N-4 or S-3 or any successors or amendments to these Forms,
    filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of its Separate Accounts, hereby ratifying and confirming our signatures
    as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:

  

  

  Variable Life Insurance Separate Accounts:

    

  

  	
          Account

        	
          Product name

        
	
          Lincoln Life Flexible Premium Variable Life Account D (811-04592)

        	
          Variable Universal Life Leadership Series

        
	
          Lincoln Life Flexible Premium Variable Life Account F (811-05164)

        	
          American Legacy Life

          American Legacy Estate Builder

        
	
          Lincoln Life Flexible Premium Variable Life Account G (811-05585)

        	
          VUL-III

        
	
          Lincoln Life Flexible Premium Variable Life Account J (811-08410)

        	
          American Legacy Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account K (811-08412)

        	
          Multi Fund Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account M (811-08557)

        	
          VULdb / VULdb ES

          VULdb-II ES

          VUL-I / VULcv

          VULcv-II / VULcvII ES / VUL Flex

          VULcv-III ES

          MoneyGuard VUL

          VULone ES / VULone 2005 ES

          Momentum VULone / Momentum VULone 2005

          VULcv-IV ES

          VULdb-IV ES

          Momentum VULone 2007

          VULone 2007

          AssetEdge VUL

          AssetEdge VUL2015/AssetEdge Exec VUL 2015

          VULone2012

          VULone2014

          InReach VULone2014

          VULone2019

          AssetEdge VUL2019/AssetEdge Exec VUL 2019

          AssetEdge VUL2019-2/AssetEdge Exec VUL 2019-2

        
	
          Lincoln Life Flexible Premium Variable Life Account R (811-08579)

        	
          SVUL / SVUL-I

          SVUL-II / SVUL-II ES

          SVUL-III ES

          SVUL-IV ES / PreservationEdge SVUL

          SVULone ES

          Momentum SVULone

          SVULone 2007 ES

          Momentum SVULone 2007

          SVULone2013

          SVULone2016

          SVULone2019

        
	
          Lincoln Life Flexible Premium Variable Life Account S (811-09241)

        	
          CVUL / CVUL Series III / CVUL Series III ES

          LCV4 ES

          LCV5 ES / LCC VUL

          Lincoln Corporate Executive VUL

        
	
          Lincoln Life Flexible Premium Variable Life Account Y (811-21028)

        	
          American Legacy VULcv-III

          American Legacy VULdb-II

          American Legacy SVUL-II

          American Legacy SVUL-III

          American Legacy VULcv-IV

          American Legacy VULdb-IV

          American Legacy SVUL-IV/PreservationEdge SVUL

          American Legacy AssetEdge

        

  

  

  

  

  Variable Annuity Separate Accounts:

  

  

  	
          Account

        	
          Product name

        
	
          Lincoln National Variable Annuity Account C (811-03214)

        	
          Multi-Fund

          Multi-Fund Select

          Multi-Fund 5 Retirement Annuity

        
	
          Lincoln National Variable Annuity Account E (811-04882)

        	
          The American Legacy

        
	
          Lincoln National Variable Annuity Account H (811-05721)

        	
          American Legacy II

          American Legacy III

          American Legacy III B Class

          American Legacy III C Share

          American Legacy III Plus

          American Legacy III View

          American Legacy Design

          American Legacy Signature

          American Legacy Fusion

          American Legacy Series

          American Legacy Advisory

          American Legacy Target Date Income B Share

          American Legacy Target Date Income Advisory

          Shareholder’s Advantage

          Shareholder’s Advantage A Class

          Shareholder’s Advantage purchased on and after May 21, 2018

        
	
          Lincoln National Variable Annuity Account L (811-07645)

        	
          Group Variable Annuity

          Secured Retirement Income Version 1

          Secured Retirement Income Version 2

          Secured Retirement Income Version 3

          Secured Retirement Income Version 4

          Retirement Income Rollover Version 1

          Retirement Income Rollover Version 2

          Retirement Income Rollover Version 3

          Retirement Income Rollover Version 4

        
	
          Lincoln Life Variable Annuity Account N (811-08517)

        	
          ChoicePlus Assurance (A Share)

          ChoicePlus Assurance (A Class)

          ChoicePlus Assurance (B Share)

          ChoicePlus Assurance (B Class)

          ChoicePlus Assurance (C Share)

          ChoicePlus Assurance (L Share)

          ChoicePlus Assurance (Bonus)

          Choice Plus

          Choice Plus II

          ChoicePlus Access

          ChoicePlus II Access

          ChoicePlus Bonus

          ChoicePlus II Bonus

        
	
          Lincoln Life Variable Annuity Account N (811-08517) Continued

        	
          ChoicePlus II Advance

          ChoicePlus Design

          ChoicePlus Signature

          ChoicePlus Rollover

          ChoicePlus Fusion

          ChoicePlus Series

          ChoicePlus Prime

          ChoicePlus Advisory

          InvestmentSolutions

          InvestmentSolutions RIA

          Lincoln Investor Advantage

          Lincoln Invester Advantage 2018

          Lincoln Investor Advantage Fee-Based

          Lincoln Investor Advantage RIA

          Lincoln Investor Advantage Advisory

          Lincoln Investor Advantage RIA Class

          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

          Lincoln Level Advantage Fee-Based Indexed Variable Annuity

          Lincoln Level Advantage Select B-Share Indexed Variable Annuity

          Core Income

        
	
          Lincoln Life Variable Annuity Account Q (811-08569)

        	
          Multi-Fund Group

        
	
          Lincoln Life S-3 Filing

        	
          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

          Lincoln Level Advantage Fee-Based Indexed Variable Annuity

          Lincoln Level Advantage Select B Share Indexed Variable Annuity

        

  

  

  Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that each person whose signature appears below has
    previously executed.  This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers to this power-of-attorney or specifically
    states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.

  

  

  This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall together constitute one and the same
    instrument.  Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.

  

  

  Signature                                                                                    Title

  

  

  

  

  /s/Dennis R. Glass

  
    
      	______________________________	
              President, Chairman and Director

            

    

  

  Dennis R. Glass

  

  

  

  

  /s/Ellen Cooper

  
    
      	______________________________	
              Executive Vice President, Chief Investment Officer

            

    

  

  Ellen Cooper                                                                                    and Director

  
    
      

  

  

  

  /s/Randal J. Freitag

  
    
      	______________________________	
              Executive Vice President; Chief Financial Officer and Director

            

    

  

  Randal J. Freitag

  

  

  

  

  /s/Leon E. Roday

  
    
      	______________________________	
              Executive Vice President, General Counsel and Director

            

    

  

  Leon E. Roday

  

  

  

  

  /s/Wilford H. Fuller

  
    
      	______________________________	
              Executive Vice President and Director

            

    

  

  Wilford H. Fuller

  

  

  

  

  /s/Keith J. Ryan

  ______________________________                                    Vice President and Director

  Keith J. Ryan

  

  

  

  

  

  

  We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur and John D. Weber, have
    read the foregoing Power of Attorney. We are the person(s) identified therein as agent(s) for the principal named therein.  We acknowledge our legal responsibilities.

  

  

  /s/Delson R. Campbell                                                                                                                              /s/Scott
    C. Durocher

  ____________________________________                         _____________________________________

  Delson R. Campbell                                                                                                                              Scott
    C. Durocher

  

  

  /s/Kimberly A. Genovese                                                                                                                /s/Daniel
    P. Herr

  ____________________________________                          _____________________________________

  Kimberly A. Genovese                                                                                                                              Daniel
    P. Herr

  

  

  /s/Donal E. Keller                                                                                                                /s/Michelle
    Grindle

  ____________________________________                         _____________________________________

  Donald E. Keller                                                                                                                Michelle
    Grindle

  

  

  /s/Jeffrey L. Smith                                                                                                                /s/John
    D. Weber

  _____________________________________                             _____________________________________

  Jeffrey L. Smith                                                                                                                              John
    D. Weber

  

  

  /s/Jassmin McIver-Jones                                                                                                                /s/Carolyn
    Augur

  _____________________________________                          _____________________________________

  Jassmin McIver-Jones                                                                                                                              Carolyn
    Augur

  

  

  

  

  

  

  

  

  

  

  Version dated: October 2019

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