Loan Renewal Agreement between Evergrowing Bank Co., Ltd. and Wuhan Kingold Jewelry Co., Ltd.
Evergrowing Bank Co., Ltd., Yantai Huanshan Road Branch, and Wuhan Kingold Jewelry Co., Ltd. have agreed to renew a loan of RMB 100 million for 12 months, from October 21, 2018, to October 21, 2019. The loan is to be used exclusively for purchasing gold and carries an interest rate of 6.5%. The loan is secured by a separate collateral pledge agreement and a personal guarantee from Mr. Zhihong Jia. Other terms remain the same as the original agreement.
Exhibit 10.11
Summary Translation
Loan Renewal Agreement
(Contract No. 2018-280003240011)
Lender: Evergrowing Bank Co., Ltd., Yantai Huanshan Road Branch
Borrower: Wuhan Kingold Jewelry Co., Ltd
In consideration of the mutual promises, covenants and agreements, Borrower and Lender agree as follows:
1. Currency: RMB.
2. Loan Amount: ONE HUNDRED MILLION.
3. This loan shall be used for purchasing gold only.
4. Renewal Term: 12 months from 10/21/2018 to 10/21/2019. This agreement is a renewal of the Loan Agreement of Circulating Funds (Evergrowing Bank No. 2016 280003240011).
5. Interest rate: 6.5%
6. Guarantees: the loan is guaranteed by Borrower under a separate collateral pledge agreement and by Mr. Zhihong Jia under a guarantee agreement entered into by the relevant parties thereof.
The remaining terms and conditions of the loan renewal agreement are substantially identical to that of the above-referenced original agreement.
Date: September 28, 2018
/seal/ Evergrowing Bank Co., Ltd., Yantai Huanshan Road Branch
/seal/ Wuhan Kingold Jewelry Co., Ltd
