Document:

Exhibit 10.1

 

FIFTH AMENDMENT

 

TO

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

DATED AS OF

 

AUGUST 7, 2013

 

AMONG

 

EV PROPERTIES, L.P.,

 

as Borrower,

 

THE GUARANTORS,

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent,

 

and

 

The Lenders Signatory Hereto

 

    	 

    	 

    

 

FIFTH AMENDMENT TO SECOND AMENDED AND
RESTATED CREDIT AGREEMENT

 

This FIFTH AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”) dated as of August 7, 2013, is among
EV PROPERTIES, L.P., a Delaware limited partnership (the “Borrower”); each of the undersigned guarantors (the
“Guarantors”, and together with the Borrower, the “Obligors”); JPMORGAN CHASE BANK, N.A.,
as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”);
and the Lenders signatory hereto.

 

Recitals

 

A.           The
Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated
as of April 26, 2011 (as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of December
21, 2011, by that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of March 29, 2012, by that
certain Third Amendment to Second Amended and Restated Credit Agreement dated as of September 27, 2012 and by that certain Fourth
Amendment to Second Amended and Restated Credit Agreement dated as of February 26, 2013, the “Credit Agreement”),
pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

 

B.           The
Guarantors are parties to that certain Second Amended and Restated Guaranty and Collateral Agreement dated as of April 26, 2011
made by the Borrower and each of the other Obligors in favor of the Administrative Agent (as heretofore amended, modified or supplemented,
the “Guaranty Agreement”).

 

C.           The
Borrower, the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement as more fully
set forth herein.

 

D.           NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section
1.          Defined Terms. Each capitalized term which is defined
in the Credit Agreement, but which is not defined in this Fifth Amendment, shall have the meaning ascribed such term in the Credit
Agreement. Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement.

 

Section
2.          Amendments to Credit Agreement.

 

2.1           Amendments
to Section 1.02.

 

(a)          The
definition of “Agreement” is hereby amended in its entirety to read as follows:

 

    	Page 1

    	 

    

 

“Agreement”
means this Second Amended and Restated Credit Agreement, including the Schedules and Exhibits hereto, as amended by the First Amendment,
the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and as the same may be amended, modified
or supplemented from time to time.

 

(b)          The
definition of “Indebtedness” is hereby amended by adding the following proviso in place of the period at the end thereto:

 

“;
provided, however, that the definition of ‘Indebtedness’ shall not create any guarantee by any Guarantor of (or grant
of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of
determining any obligations of any Guarantor.”

 

(c)          The
following definitions are hereby added where alphabetically appropriate to read as follows:

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) (a) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and
the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes or would
become effective with respect to such obligation or liability in respect of a Secured Hedge Agreement or (b) in the case of
an obligation or liability in respect of a Secured Hedge Agreement that is required to be cleared pursuant to Section 2(h)
of the Commodity Exchange Act (or any successor provision thereto), because such Guarantor is a “financial entity,”
as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee
of (or grant of security interest by, as applicable) such Guarantor becomes or would become effective with respect to such Swap
Obligation. If a Swap Obligation arises under a master agreement governing more than one Swap Agreement, such exclusion shall apply
only to the portion of such Swap Obligation that is attributable to Swap Agreements for which such guarantee or security interest
is or becomes illegal.

 

“Fifth
Amendment” means that certain Fifth Amendment to Second Amended and Restated Credit Agreement, dated as of August 7,
2013, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.

 

“Fifth
Amendment Effective Date” has the meaning set forth in the Fifth Amendment.

 

    	Page 2

    	 

    

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, the Borrower and each Guarantor that, at the time the relevant
guaranty obligation or other liability (or grant of the relevant security interest, as applicable) becomes or would become effective
with respect to such obligation or liability, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible
contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person
to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into
a keepwell pursuant to section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Swap
Obligation” shall mean, with respect to any person, any obligation to pay or perform under any Swap Agreement.

 

2.2           Amendment
to Article VIII.

 

(a)          Article
VIII is hereby amended by inserting the following new Section 8.18 at the end thereto:

 

“Section
8.18         Keepwell. The Parent will, and will cause each Qualified ECP Guarantor
to, provide such funds or other support as may be needed from time to time by the Borrower or each Guarantor to honor all of its
obligations under this Agreement or any Swap Agreements (provided, however, that each Qualified ECP Guarantor shall only be liable
under this Section 8.18 for the maximum amount of such liability that can be hereby incurred without rendering its obligations
under this Section 8.18 or otherwise voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and
not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 8.18 shall remain in full force
and effect until payment in full of the Indebtedness and the termination of this Agreement. The Borrower intends that this Section
8.18 constitute, and this Section 8.18 shall be deemed to constitute, a “keepwell, support, or other agreement” for
the benefit of each other Credit Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act.”

 

2.3           Amendments
to Section 9.01.

 

(a)          Section
9.01(a) is hereby amended in its entirety to read as follows:

 

(a)          Ratio
of Total Debt to EBITDAX. The Parent will not, as of any date of determination from and after March 31, 2015, permit its ratio
of Total Debt as of such date to EBITDAX for the most recent period of four fiscal quarters for which financial statements are
available to be greater than 4.25 to 1.0.

 

(b)          Section
9.01(c) is hereby added which reads in its entirety as follows:

 

(c)          Ratio
of Senior Secured Funded Debt to EBITDAX. The Parent will not, as of any date of determination from and after the Fifth Amendment
Effective Date up to and including March 30, 2015, permit its ratio of Senior Secured Funded Debt as of such date to EBITDAX for
the most recent period of four fiscal quarters for which financial statements are available to be greater than 3.5 to 1.0.

 

    	Page 3

    	 

    

 

Section
3.          Additional Amendment to Credit Agreement Upon Approval
of All Lenders. If the Administrative Agent shall have received executed counterpart signature pages to this Amendment from
all of the Lenders, then Section 10.02(c) of the Credit Agreement is hereby further amended by inserting the following new sentence
immediately following the paragraph that begins with the word “fifth”:

 

“Notwithstanding
the foregoing, amounts received from the Borrower or any other Guarantor that is not a Qualified ECP Guarantor shall not be applied
to any Excluded Swap Obligations.”

 

Section
4.          Conditions Precedent. This Fifth Amendment shall become
effective on the date (such date, the “Fifth Amendment Effective Date”) when each of the following conditions
is satisfied (or waived in accordance with Section 12.02):

 

4.1           The
Administrative Agent shall have received from the Majority Lenders and the Obligors counterparts (in such number as may be requested
by the Administrative Agent) of this Fifth Amendment signed on behalf of such Persons.

 

4.2           Both
before and immediately after giving effect to this Fifth Amendment, no Default shall have occurred and be continuing.

 

4.3           The
Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably
require.

 

The Administrative
Agent is hereby authorized and directed to declare this Fifth Amendment to be effective (and the Fifth Amendment Effective Date
shall occur) when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance
with the conditions set forth in this Section 4 or the waiver of such conditions as permitted in Section 12.02. Such declaration
shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

 

For the avoidance of
doubt, the amendment to Section 10.02(c) of the Credit Agreement set forth in Section 3 of this Amendment shall only be implemented
if (a) the Fifth Amendment Effective Date shall have occurred and (b) the Administrative Agent shall have received executed counterpart
signature pages to this Amendment from all of the Lenders and the Obligors.

 

Section
5.          Miscellaneous.

 

5.1           Confirmation.
The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the
Fifth Amendment Effective Date.

 

    	Page 4

    	 

    

 

5.2           Ratification
and Affirmation; Representations and Warranties. Each Obligor hereby (a) acknowledges the terms of this Fifth Amendment; (b)
ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document and agrees that
each Loan Document remains in full force and effect as expressly amended hereby; (c) agrees that from and after the Fifth Amendment
Effective Date each reference to the Credit Agreement in the Guaranty Agreement and the other Loan Documents shall be deemed to
be a reference to the Credit Agreement, as amended by this Fifth Amendment; and (d) represents and warrants to the Lenders that
as of the date hereof: (i) all of the representations and warranties contained in each Loan Document are true and correct in all
material respects (without duplication of materiality), except to the extent any such representations and warranties are expressly
limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material
respects (without duplication of materiality) as of such specified earlier date, (ii) no Default has occurred and is continuing
and (iii) no event, development or circumstance has have occurred or exists that has resulted in, or could reasonably be expected
to have, a Material Adverse Effect.

 

5.3           Counterparts.
This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a
signature page of this Fifth Amendment by telecopy, facsimile or email transmission shall be effective as delivery of a manually
executed counterpart of this Fifth Amendment.

 

5.4           No
Oral Agreement. This Fifth Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and
therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous,
or unwritten oral agreements of the parties. There are no subsequent oral agreements between the parties.

 

5.5           GOVERNING
LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

5.6           Payment
of Expenses. In accordance with Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent for all of
its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents
prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of counsel to the Administrative Agent.

 

5.7           Severability.
Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

5.8           Successors
and Assigns. This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

[Signature Pages Follow]

 

    	Page 5

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Fifth Amendment to be duly executed effective as of the Fifth Amendment Effective Date.

 

	BORROWER:	EV PROPERTIES, L.P.
	 	 	 
	 	By:	EV Properties GP, LLC, its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	PARENT:	EV ENERGY PARTNERS, L.P.
	 	 	 
	 	By:	EV ENERGY GP, L.P.,
	 	 	its general partner
	 	 	 
	 	 	By: EV MANAGEMENT, LLC, its general 

partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	GUARANTORS:	EV PROPERTIES GP, LLC
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	 	ENERVEST PRODUCTION 
	 	PARTNERS, LTD.
	 	 	 
	 	By:	EVPP GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer

 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	EVPP GP, LLC
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	 	CGAS PROPERTIES, L.P.
	 	 	 
	 	By:	EVCG GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	 	ENERVEST-CARGAS, LTD.
	 	 	 
	 	By:	EVPP GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	 	EVCG GP, LLC
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer

 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	ENERVEST MONROE MARKETING, LTD.
	 	 	 
	 	By:	EVPP GP, LLC, its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer
	 	 	 
	 	ENERVEST MONROE GATHERING, LTD.
	 	 	 
	 	By:	EVPP GP, LLC, its general partner
	 	 	 
	 	By:	/s/ MICHAEL E. MERCER
	 	 	Michael E. Mercer
	 	 	Senior Vice President and Chief
	 	 	Financial Officer

 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	ADMINISTRATIVE AGENT:	JPMORGAN CHASE BANK, N.A., as
	 	 	Administrative Agent and a Lender
	 	 	 
	 	By: 	/s/ MICHAEL A. KAMAUF
	 	 	Name: Michael A. Kamauf
	 	 	Title: Authorized Officer
	 	 	 	 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	LENDERS:	
        WELLS FARGO BANK, NATIONAL

        ASSOCIATION, as a Lender

	 	 	 
	 	By: 	/s/ BETSY JOCHER
	 	 	Name: Betsy Jocher
	 	 	Title: Director
	 	 	 	 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	COMPASS BANK, as a Lender
	 	 	 
	 	By: 	/s/ ANN VAN WAGENER
	 	 	Name: Ann Van Wagener
	 	 	Title: Senior Vice President
	 	 	 	 

 Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

  

	 	CITIBANK, N.A., as a Lender
	 	 	 
	 	By: 	/s/ EAMON BAQUI
	 	 	Name: Eamon Baqui
	 	 	Title: Vice President
	 	 	 	 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	COMERICA BANK, as a Lender
	 	 	 
	 	By: 	/s/ PAUL J. EDMONDS
	 	 	Name: Paul J. Edmonds
	 	 	Title: Senior Vice President
	 	 	 	 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	
        CREDIT AGRICOLE CORPORATE AND

        INVESTMENT BANK, as a Lender

	 	 	 
	 	By: 	/s/ MICHAEL D. WILLIS
	 	 	Name: Michael D. Willis
	 	 	Title: Managing Director
	 	 	 	 
	 	By:	/s/ SHARADA MANNE
	 	 	Name: Sharada Manne
	 	 	Title: Managing Director
	 	 	 	 

 Fifth
Amendment to Second Amended and Restated Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	ING CAPITAL LLC, as a Lender
	 	 	 
	 	By: 	/s/ CHARLES HALL
	 	 	Name: Charles Hall
	 	 	Title: Managing Director
	 	 	 	 

 Fifth Amendment to Second Amended and
Restated Credit Agreement

Signature Page

  

    	 

    	 

    

 

	 	ROYAL BANK OF CANADA, as a Lender
	 	 	 
	 	By: 	/s/ MARK LUMPKIN, JR.
	 	 	Name: 	Mark Lumpkin, Jr.
	 	 	Title:	Authorized Signatory

 

Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	THE BANK OF NOVA SCOTIA, as a Lender
	 	 	 
	 	By: 	/s/ TERRY DONOVAN
	 	 	Name: Terry Donovan
	 	 	Title: Managing Director
	 	 	 	 

 Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature Page

 

 

    	 

    	 

    

 

	 	UNION BANK, N.A., as a Lender
	 	 	 
	 	By: 	/s/ DAVID HELFFRICH
	 	 	Name: David Helffrich
	 	 	Title: Vice President
	 	 	 	 

 Fifth Amendment to Second Amended and
Restated Credit Agreement

Signature Page

 

 

    	 

    	 

    

 

	 	
        U.S. BANK NATIONAL ASSOCIATION, as a

        Lender

	 	 	 
	 	By: 	/s/ JUSTIN M. ALEXANDER
	 	 	Name: Justin M. Alexander
	 	 	Title: Senior Vice President
	 	 	 	 

 Fifth Amendment to Second Amended and
Restated Credit Agreement

Signature Page

 

 

    	 

    	 

    

 

	 	
        AMEGY BANK NATIONAL ASSOCIATION,

        as a Lender

	 	 	 
	 	By: 	/s/ THOMAS KLEIDERER
	 	 	Name: Thomas Kleiderer
	 	 	Title: Vice President
	 	 	 	 

 Fifth Amendment to Second Amended and
Restated Credit Agreement

Signature Page

 

    	 

    	 

    

 

	 	
        CREDIT SUISSE AG, CAYMAN ISLANDS

        BRANCH, as a Lender

	 	 	 
	 	By:	/s/ VIPUL DHADDA
	 	 	Name: Vipul Dhadda
	 	 	Title: Authorized Signatory
	 	 	 
	 	By: 	/s/ MICHAEL SPAIGHT
	 	 	Name: Michael Spaight
	 	 	Title: Authorized Signatory
	 	 	 	 

 Fifth Amendment to Second Amended
and Restated Credit Agreement

Signature Page

 

    	 

    	 

    

 

 

	 	FROST BANK, as a Lender
	 	 	 
	 	By: 	/s/ ANDREW A. MERRYMAN
	 	 	Name: Andrew A. Merryman
	 	 	Title: Sr. Vice President
	 	 	 	 

 Fifth Amendment to Second Amended and Restated
Credit Agreement

Signature PageLoan Number: HHHT(2013)LDZJ0061

 

Liquid Capital Loan Contract

 

(Unofficial Selective Summary
Translation)

 

	Borrower:	Inner Mongolia Yongye Nongfeng Biotech Co., Ltd.
	Address:	Yongye Industrial Park, Jinshan Boulevard, 
	 	Jinshan Development Zone, Hohhot
	Postal Code:	010050
	Legal Representative:	WU Zishen
	Authorized Agent:	 
	Processing Person:	 
	Telephone:	 
	Fax:	 
	Account Bank:	China Everbright Bank Holdings. Co., Ltd., Hohhot Branch
	Account Number:	50140188000011519
	 	 
	Lender:	China Everbright Bank Holdings. Co., Ltd., Hohhot Branch
	Address:	78 Xinhua Road East, Sai'an District, Hohhot
	Postal Code:	010010
	Legal Representative:	ZHANG Ling
	Authorized Agent:	HUANG Zhangren
	Processing Person:	YUN Jiaqi
	Telephone:	0471-5165021
	Fax:	 

 

Article
I Generals

 

Because of the need of business operations,
the Borrower applies to the Lending Bank for a loan, and the Lending Bank, upon review, agrees to issue a loan to the Borrower
on the terms and conditions set forth in this contract.

 

    	 

    	 

    

 

Now, pursuant to the relevant law and the
policies of the regulatory authorities of our country, the two parties, after reaching consensus through consultation, have reached
the agreement on the following provisions, which are to be adhered to by both parties.

 

Article
II Purpose of the Loan

 

1.             The
two parties agree that:

 

1.1           The
loan amount hereunder is to be used as revolving liquid capital, for the specific purpose of purchasing raw material. 

1.2           The
Borrower shall not change the purpose of the loan specified herein without prior written consent from the Lending Bank.

 

Article III Currency, Amount, Term
and Disbursement of the Loan

 

2.          The
currency of the loan hereunder is Renminbi and the amount is ¥100,000,000.00

 

3.          The
term of the loan hereunder is from April 18, 2013 to October 18, 2013

 

4.          Upon
complete satisfaction of the preconditions set forth in Section 11 below, the Lending Bank must disburse the loan amount in one
sum in full and have it deposited on April 18, 2013 into the Borrower's account established with the Lending Bank.

 

Article IV Interest of the Loan and
Calculation Method

 

5.          The
Borrower must make interest payments on the loan amount to the Lending Bank in accordance with the provisions herein. The interest
rate of the loan hereunder is fixed annual rate of 7.28%.

 

6.          The
two parties agree that, in the event that the People's Bank of China adjusts loan base rate or the calculation method thereof and
the said loan base rate is applicable to the loan hereunder, the Lending Bank has the right to determine the contract's new loan
interest rate on the basis of the said adjusted loan base rate or the calculation method. The Lending Bank shall not be required
to obtain prior consent from the Borrowerbefore making such adjustment and shall have the right to assess interest according to
the adjusted loan rate or calculation method.

 

7.          The
interest on the loan hereunder is settled quarterly and the settlement date is the 20th of the last month of each quarter.

 

    	 

    	 

    

 

8.          The
loan interest calculation hereunder is based on 360 days a year, starting on the date when the loan is disbursed.

 

9.          If
the Borrower fails to repay the loan in accordance with the provisions herein, the Lending Bank shall have the right to charge
past-due penalty rate; the past-due penalty rate is 50% of the loan interest rate specified in Section 5 herein in addition to
the said loan interest rate starting from the past-due date, until the loan principal and interest are repaid in full.

 

If the Borrower uses the loan for any purpose
other than that specified herein, the Lending Bankshall have the right to charge loan misappropriation penalty rate; misappropriation
penalty rate is 100% of the loan interest rate specified in Section 5 herein in addition to the said loan interest rate starting
from the date when the loan is misappropriated, until the loan principal and interest are repaid in full.

 

10.         If
the Borrower fails to make interest payment on time, the Lending Bank shall have the right to assess compound interest at the penalty
rate.

 

Article V Release and Use of the Loan

 

11.           The
Lending Bank shall have no obligation to provide the loan hereunder to the Borrower unless the following preconditions are satisfied:

 

11.1         The
Borrower has provided all the documents requested by the Lending Bank; 

11.2         The
Borrower has filled all the forms and notes required for the withdrawal of the loan; such forms and notes are the component part
of this contract and have the same legal effect; 

11.3         The
Borrower has obtained all the government permits, licenses and registrations in accordance with the relevant law and statutes; 

11.4         If
the loan hereunder is guaranteed, the Borrower has processed all the certification and registration of, and obtained the insurance
on, the security properties provided as guarantee and such certification, registration and insurance remain effective and valid; 

11.5         The
Borrower has committed no acts of breachspecified herein;

 

Upon satisfaction of the above preconditions,
the Lending Bank will arrange the disbursement of the loan in accordance with Section 4 herein and have the loan amount deposited
into the Borrower's bank account below:

 

		Account Bank:	China Everbright Bank Holdings. Co., Ltd., Hohhot
Branch

		Account Number:	50140188000011519

 

    	 

    	 

    

 

12.           Loan
Fund Payment Method

 

12.1         The
loan payment methods hereunder are entrusted payment by the Lending Bank and the payment by the Borrower at its own discretion.

 

12.2         The
Borrower agrees that the Lending Bank shall have the right to use the entrusted payment method in accordance with the relevant
State law and policies of regulatory authorities if:

(1)         The
loan relationship with the Borrower is new and the Borrower's credit is just average;

(2)         The
recipient of the payment is very clear and the amount of single loan payment is large;

(3)         Other
situations that the Lending Bank deems appropriate.

 

The Borrower agrees that the starting amount
of single payment under the entrusted payment method is RMB 10,000,000.00.

 

If the method of payment by the Borrower
at its own discretion is used, the Borrower must submit loan fund payment plan to the Lending Bank for approval.

 

13.         During
the course of paying the loan amount, if the Borrower experiences any of the following, the Lending Bank shall have the right to
discuss with the Borrower to supplement the conditions for loan release and payment or change the loan payment method or even suspend
the release and payment of the loan amount:

		(1)	The credit situation of the Borrowerdeteriorates;

		(2)	The Borrower’s profit-making ability is weak;

		(3)	There is abnormalities in the use of the loan funds;

		(4)	Other situations that the Lending Bank deems appropriate.

 

14.         Restrictions
on the Payment of the Loan Fund; Prohibited Activities

 

Upon the occurrence of any of the following,
the Lending Bank may restrict or suspend the release and payment of the loan:

 

14.1         Occurrence
of any events listed in Section 13 above.

 

14.2         The
Borrower fails to use the loan for the purpose specified herein or there is other activities in violation of this contract.

 

14.3         The
Borrower breaks the loan amount into smaller sums in order to circumvent the provision regarding the entrusted payment method.

 

14.4         The
Borrower violates other provisions herein.

 

14.5         Other
situations that the Lending Bank deems appropriate.

 

15.          The
Borrower Must Promptly Provide Records and Documentation on the Use of the Loan

 

    	 

    	 

    

 

The Borrower promises to provide promptly
documentation on the use of the loan at the Lending Bank’s request, including but not limited to:

 

15.1         Trade
documents.

 

15.2         Proof
of fund transfer and settlement receipts.

 

15.3         Other
documents requested by the Lending Bank.

 

Article VI Repayment of the Loan

 

16.         The
Borrower must make interest payments in accordance with the provisions herein and repay the principal in full and in one lump sum
on October 18, 2013.

 

17.         The
Borrower must ensure that there is sufficient amount in the account set up with the Lending Bank on the interest settlement dates
or on the loan principal repayment date to repay interest, loan principal and other fees and must authorize the Lending Bank to
deduct automatically from that account on the said dates.

 

18.         The
Borrower must repay the loan principal in full and on time to the Lending Bank. If the Borrower fails to repay the loan principal
or to make interest payment on time, the Lending Bank shall have the right to deduct the corresponding amounts, in the order of
fees payable, loan interest and compound interest and loan principal, from any accounts set up with the Lending Bank or within
the banking system of the Lending Bank’s branch organizations.

 

19.         If
the Borrower desires to repay the loan ahead of the schedule, the Borrower must submit an application to the Lending Bank 30 business
days in advance for approval.

 

20.         If
the Borrower is unable to repay the loan hereunder on time and desires to extend the term of the loan, the Borrower must submit
an application for extension in writing 10 business days in advance to the Lending Bank. Upon the Lending Bank’s approval,
the two parties must execute a loan extension contract as a supplement hereto.

 

Article VII Guarantee

 

21.         The
guarantee method for the loan hereunder is maximum natural person guarantee. The guarantee is provided by WU Zishen and YIN Ping
and the guarantee is joint and several liability guarantee (Guarantee Contract Numbers are HHHT(2012)ZGZRRBZ0051 and HHHT(2012)ZGZRRBZ0052
respectively).

 

    	 

    	 

    

 

22.         The
Lending Bank and the guarantor must enter into a guarantee contract and process necessary certification and registration of and
insurance on the security property.

 

23.         If
the term of the loan is extended, the Borrower and the guarantor must continue to bear responsibility to provide guarantee
for the loan during the extended term.

 

Article VIII Assumption of Fees and
Reimbursement

 

24.         The
Borrower must bear all the fees in connection with this contract and the corresponding guarantee contract, including but not limited
to fees for certification, registration and insurance.

 

25.         Upon
request by the Lending Bank, the Borrower must immediately reimburse the Lending Bank in full for all the fees incurred by the
Lending Bank in exercising its rights hereunder, including but not limited to litigation expenses, attorney fees, travel
and lodging expenses and other fees.

 

Article IX The Borrower’s Representations,
Warranties and Promises

 

26.         The
Borrower is a valid and existing legal person entity incorporated in accordance with the PRC law, has the ability to conduct independent
civil activities and has the full power, authorization and assets to bear civil responsibilities and conduct business activities.

 

27.         The
Borrower has the full power and authorization to execute this contract and conduct the transactions hereunder and has taken all
actions necessary for the execution and performance of this contract.

 

28.         The
Borrower has obtained all the government approval and third party consent required for the execution of this contract and the execution
and performance of this contract will not violate any of the Borrower’s incorporation documents or any other contracts to
which the Borrower is a party.

 

29.         All
the documents, material and certificates provided by the Borrower in connection with the execution of this contract and the transaction
hereunder are authentic, complete, accurate and valid and the financial reports provided by the Borrower truthfully reflect the
financial situation of the Borrower as of the time of the issuance of such reports.

 

30.         This
contract is legally effective and is legally binding to the Borrower.

 

    	 

    	 

    

 

31.         The
Borrower must set up an account with the Lending Bank according to the Lending Bank’s requirements to be used as the settlement
account for the loan hereunder.

 

32.         The
Borrower has completed or will complete all the required registration, filing and certification procedures to ensure the validity,
effectiveness and enforceability of this contract.

 

33.         The
Borrower has no pending litigation, arbitration or administrative proceedings that will have a substantively adverse effect on
the Borrower’s ability to perform its obligations hereunder.

 

34.         The
Borrower’s representations, warranties and promises must remain true and accurate before the full repayment of the loan principal
and interest and the Borrower will provide any relevant documents at the Lending Bank’s request.

 

35.         The
Borrower has committed no act of breach.

 

36.         The
Borrower has carefully read, and fully understands and accepts, the contents herein and the execution and performance of this contract
is voluntary; the Borrower acknowledges that the intents expressed herein are the Borrower’s true intents.

 

37.         The
Borrower has provided truthful, complete and effective documents according to the Lending Bank’s request.

 

38.         The
Borrower promises to cooperate with the Lending Bank in the management of the loan payment, and in the management thereafter and
the relevant examination.

 

39.         The
Borrower must accept, and actively cooperate with, the Lending Bank’s investigation of, enquiries about and supervision on
its production, operation and financial situation and has the obligation to provide, on the monthly basis, the balance sheet and
profit/loss statement for the latest month or other documents that reflect the Borrower’s credit situation.

 

40.         During
the effective period of the contract, the Borrower must notify the Lending Bank in writing 30 days in advance in the event of any
changes in the name of the Borrower, its legal representative or its address.

 

41.         If,
before the full repayment of the all the debt hereunder, the Borrowerdesires to engage in external investment or financing that
will substantially increase its debts, or to undertake merger, spin-off, reduction of capital, transfer of equity, transfer of
assets, filing for suspension of business for rectification, filing for dissolution or bankruptcy or any other actions sufficient
to cause any changes to the creditor/debtor relationship hereunder or to affect the rights of the Lending Bank, the Borrower must
notify the Lending Bank in writing 30 business days and obtain the Lending Bank’s written approval. Otherwise, none of the
transactions mentioned above can be conducted.

 

    	 

    	 

    

 

 

42.         The
Borrower promises that, with the Lending Bank’s written approval, the Borrower will not assume, for any other enterprise
legal person or individual, debt obligations, provide guarantee or establish pledges or liens on its assets that will affect the
Borrower’s ability to repay the loan hereunder.

 

43.         If
the Borrower experiences any other events, other than those mentioned above, that will adversely affect the Borrower’s ability
to fulfill its repayment obligations, the Borrowermust immediately notify the Lending Bank in writing.

 

44.         The
Lending Bank has the right to demand that the Borrower set up a special account with the Lending Bank as the account for the return
of the funds. The account information is as follows:

 

	Account Bank:	China Everbright Bank Holdings. Co., Ltd., Hohhot Branch
	Account Number:	50140188000011519

 

Article X Events of Breach

 

45.           Any
of the following events constitutes an event of breach:

 

45.1         The
Borrower fails to make interest payments or repay the loan principal in accordance with the provisions herein;

45.2         The
Borrower fails to use the loan for the purpose specified herein;

45.3         The
Borrower fails to pay loan funds according to the method specified;

45.4         The
Borrower fails to reach the financial targets specified;

45.5         The
Borrower commits any act of cross-breach;

45.6         The
Borrower provides false balance sheet, profit/loss statements or other financial reports or withholds material facts therein, or
refuses to accept the Lending Bank’s supervision over and examination of the Borrower’s use of the loan and its production
operation and financial activities;

45.7         The
representations, warranties or promises made herein by the Borrower or the guarantor, or those made by the guarantor made in the
relevant guarantee contract, prove to be false or misleading;

45.8         The
Borrower or the guarantor violates other contract to which the Borrower or the guarantor is a party;

45.9         The
Borrower’s or the guarantor’s operation or financial situation materially deteriorates;

45.10       The
value of the pledged or mortgaged property in connection with the loan hereunder decreases or such property is damaged or lost;

 

    	 

    	 

    

 

45.11         The
Borrower or the guarantor fails to make arrangement to repay its debts to the satisfaction of the Lending Bank at the time of its
merger, spin-off or reorganization of share structure.

45.12         The
Borrower or the guarantor files bankruptcy, is dissolved or shut down, or its business permit is revoked, cancelled or voided;

45.13         The
Borrower fails to notify the Lending Bank promptly of any major revision of its charter, any changes in its operation activities,
major revision of its accounting principles, or any material changes in the financial, economic or other situation of the Borrower
or of its subsidiaries or parent;

45.14         The
Borrower is involved in any litigation, arbitration or administrative proceeding that will adversely affect its ability to fulfill
its obligations hereunder;

45.15         The
Borrower’s assets is frozen, seized, withheld or put into receivership in accordance with the law and such that the Borrower’s
performance of its obligations hereunder has been or will be materially affected;

45.16         The
Borrower has violated any other provision herein and fails to take any remedial actions to the satisfaction of the Lending Bank;

45.17         Any
other event or situation that will have a substantive adverse effect on the rights of the Lending Bank hereunder.

 

46.           The
Lending Bank shall make determination as to whether any event of breachmentioned above has occurred and notify the Borrower. Upon
the occurrence of any of the events of breach, the Lending Bank shall have the right to take one or more of the measures below:

 

46.1         Suspend
the disbursement of the loan amount hereunder;

46.2         Declare
that the loan already released immediately due and demand that the Borrower repay the loan principal, interest and other fees immediately;

46.3         Demand
that the Borrower provide additional pledge or lien or replace the guarantor;

46.4         Deduct
directly any outstanding amount payable hereunder from the account established with the Lending Bank or any of the Lending Bank’s
branches;

46.5         Declare
the exercise of its rights under the guarantee contract for the loan;

46.6         Other
measured deemed appropriate by the Lending Bank.

 

Article XI Others

 

47.          During
the effective period of this contract, the Lending Bank shall have the right to examine the Borrower’s use of the loan and
the Borrower must provide explanation and documents to the Lending Bank at the Lending Bank’s request.

 

48.          Both
parties hereto must maintain confidentiality on the debts, financial, production and operation situation and other information
obtained for the purpose of executing and performing this contract from the other party; however, the situation of any inquiry
on the Borrower’s situation in accordance with the law is excepted.

 

    	 

    	 

    

 

49.         Without
prior consent from the Lending Bank, the Borrower shall not transfer or dispose of all or part of its obligations hereunder.

 

50.         The
Lending Bank may transfer the creditor’s right hereunder to any third party without the need to obtain prior consent from
the Borrower, provided, however, that the Borrower is notified in writing at the time of such transfer.

 

51.         The
Borrower must pay all the amount due hereunder in full and shall not make offsets, deductions or withholdings of any nature or
use any debt owed by the Lending Bank to the Borrower to offset any debt obligations.

 

52.         Any
grace period, favorable treatment or extension granted by the Lending Bank to the Borrower shall not affect, damage or restrict
any other rights to which the Lending Bank is entitled in accordance with the provisions herein and with the law and statutes,
nor shall they be considered a waiver by the Lending Bank of its rights and interests hereunder or affect the Lending Bank's responsibilities
and obligations hereunder.

 

53.         If,
at any time, any of the provisions herein becomes illegal, invalid or unenforceable in any aspect, the legality, validity or enforceability
of other provisions herein shall not be affected or diminished.

 

54.         Any
revisions of or supplement to this contract must be in writing and be signed by both parties.

 

55.         The
titles and headings herein are inserted for reference only.

 

56.         All
notices or requests regarding this contract must be sent in writing to the addresses or fax numbers listed on the first page of
this contract. One party must notify the other party promptly of any changes of addresses or fax numbers.

 

57.         The
documents sent by one party to the other shall be considered delivered if sent by courier, three days after its being sent if by
registered mail, and immediately if by fax.

 

Article XII Governing Law and Resolution
of Dispute

 

58.         This
contract is governed by the Chinese law and must be interpreted accordingly. Any dispute in connection with this contract must
be settled through consultation; if consultation fails, the dispute should be submitted to legal proceedings at the local court
where the Lending Bank resides.

 

    	 

    	 

    

 

Article XIII Effectuation, Revision
and Dissolution of the Contract

 

59.         This
contract must be signed by the representatives of both parties before it can become effective.

 

60.         No
party can revise or dissolve this contract without authorization, unless otherwise stipulated or by law. Any revision or
dissolution must be agreed to by both parties in a signed written agreement.

 

Article XIV Attachments

 

61.         Other
matters not covered herein may be provided in a written agreement to be attached hereto.

 

Article XV Supplemental Provisions

 

62          This contract has to three copies,
with one to the Borrower and two to the Lending Bank, and both have the same legal effect.

 

63.         This
contract is executed on April 17, 2013 in Hohhot.

 

64.         The
parties hereto agree that this contract must be certified (optional provision; not applicable to this contract.)

 

		Borrower:	/seal/ Inner Mongolia Yongye Nongfeng Biotech Co.,
Ltd.

		Legal Representative:	/s/ WU Zishen

 

		Lender:	/seal/ China Everbright Bank Holdings. Co., Ltd.,
Hohhot Branch

		Authorized Agent:	/s/ SHI Jiaxin

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