Agreement
Exhibit 10.11
Agreement
This Agreement is executed by the following Parties on 18 September 2007:
| Party A: | MI Energy Corporation |
| Address: | Room 406, Xxxxx X, Xxxxx Xxxxx, 0 Xxxxxxxx Xxxx, Xxxxxxxx Xxxxxxxx, Xxxxxxx |
Legal Representative: Xxxxx Xxxxxx
Party B: Xxxxx Xxxxxx
Passport Number: X00000000
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G18206054 |
Party A and Party B shall be referred to individually as a “Party” or collectively as the
“Parties”.
Whereas:
| 1. | Party A has paid several sums of amount on behalf of Party B to third parties upon requests of Party B accumulatively in an aggregate amount of RMB equal to USD 119,206,906.36 (the “Payments”); | |
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| 2. | Party B agrees to repay the Payments to Party A in accordance with this Agreement. | |
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Therefore, the Parties have through friendly consultation reached the following agreement on
repayment of the Payments by Party B to Party A:
1
Article 1. Confirmation of Payments and Repayment
The Parties hereby agree and confirm that Party A has made the Payments set out in Annex A
hereto to third parties on behalf of Party B.
Party B shall make a repayment to Party A of all the amount of the Payments in accordance
with the Repayment Schedule attached as Annex B to this Agreement, provided that Party B shall be
permitted to prepay the amount of the Payments in whole or in part at any time prior to the dates
referenced therein without premium or penalty.
Article 2. Representations and Warrants
The Parties hereby make the following Representations and Warrants:
The Parties have full power, authority and legal rights to execute this Agreement;
Each party’s obligations under this agreement shall be lawful, valid and
enforceable;
The fact that the Parties execute this Agreement shall not contradict with or cause the
violation of any laws, regulation, judgments, orders, authorizations, agreements or
obligation applicable to them.
Article 3. Governing Law
This Agreement shall be governed by and construed according to the laws of Hong Kong.
Article 4. Dispute Settlement
2
Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach
termination or invalidity thereof, shall be settled by arbitration in accordance with the UNCITRAL
Arbitration Rules as at present in force and as may be amended by the rest of this clause. The
appointing authority shall be Hong Kong International Arbitration Centre. The place of arbitration
shall be in Hong Kong at Hong Kong International Arbitration Centre (HKIAC), There shall be only
one arbitrator. The languages to be used in the arbitral proceedings shall be Chinese and English.
Any such arbitration shall be administered by HKIAC in accordance with HKIAC Procedures for
Arbitration in force at the date of this Agreement including such additions to the UNCITRAL
Arbitration Rules as are therein contained.
Article 5. Miscellaneous
| 1. | Any amendment, modification or supplement to this Agreement must adopt the written form and shall be effective upon its execution by the Parties to this Agreement. | |
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| 2. | This Agreement shall take on effect as of the date on which the Agreement is executed by the Authorized Representative of Party A with its signature and official seal and by Party B with its signature affixed thereon. | |
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| 3. | This Agreement shall be executed in bilingual form in four original copies; each Party shall hold two (2) original copies. All of the original copies shall be equally effective. In the event of any inconsistency between the English and Chinese language in this Agreement, the English language shall prevail. | |
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3
Signature Page
Party A: MI Energy Corporation (Official Seal) [Official Seal affixed]
Authorized Representative: Xxxxxxx Xxxxxxxx
Signature: /s/ Xxxxxxx Xxxxxxxx
Date: 18 September 2007
Party B: Xxxxx Xxxxxx
Signature: /s/ Xxxxx Xxxxxx
Date: 18 September 2007
4
Annex A:
Payment made by MIE on behalf of Xxxxx Xxxxxx as at 18 September 2007
 (Ref) |
 (Names) |
 (RMB) |
 (USD) |
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| 1 | Songyuan Fu Yuan Agriculture Production Material Corp. |
132,326,200.00 | 17,501,845.07 | |||||||||
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| 2 | Jillin San
Huan Petrolum Corp. |
270,483,900.00 | 35,774,981.16 | |||||||||
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| 3 | Hua You Guo
Tai(Beijing) Petrolum Technology Corp. |
55,201,967.41 | 7,301,171.51 | |||||||||
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| 4 | Zhong Kai Century(Beijing) Investment Consultant Corp. |
1,696,071.97 | 224,327.38 | |||||||||
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| 5 | Jilin Guo Tai Oilfield Development Corp. |
884,712.00 | 117,014.57 | |||||||||
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| 6 | Mudan River
Oil Equipment Corp. |
6,450,000.00 | 853,095.62 | |||||||||
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| 7 | No.2 Drilling Company of Zhongyuan Oilfield |
7,700,000.00 | 1,018.424.22 | |||||||||
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| 0 | Xxxxxxx
Xxxxxxxxxx Xxxxxx xx Xxxxxxxxx Xxxxxxxx |
100,000.00 | 13,226.29 | |||||||||
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| 9 | Songyuan Refinery Corp. |
10,000,000.00 | 1,322,628.86 | |||||||||
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| 10 | Songyuan Hai Bin Service Crop. |
53,060,000.00 | 7,017,868.72 | |||||||||
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| 11 | Songyuan Xxxxx Xxxx Trading Corp. |
8,100,000.00 | 1,071,329.38 | |||||||||
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| 12 | Songyuan
Water Supply Construction Corp. |
2,000,000.00 | 264,525.78 | |||||||||
 |
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| 13 | Songyuan Xxx Xxxx Trading Corp. |
350,000.00 | 46,292.01 | |||||||||
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| 14 | Hua You Xxxxx Xxx Energy Corp. |
5,110,000.00 | 675,863.35 | |||||||||
 |
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| 15 | Excel Delight (Beijing) Energy Corp. |
100,000.00 | 13,226.29 | |||||||||
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| 16 | Beijing Jin Shui Si Yuan Information Centre |
500,000.00 | 66,131.45 | |||||||||
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| 17 | Beijing An Ping Xxxx Xx Xxx Technology Corp. |
250,000.00 | 33,065.73 | |||||||||
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| 18 | Beijing Xin Xxx Xxx Technology Corp. |
2,500,000.00 | 330,657.22 | |||||||||
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| 19 | Beijing Na Er Da Trading Corp. |
1,662,000.00 | 219,820.92 | |||||||||
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| 20 | Beijing Gu
Da Er Trading Corp. |
1,500,000.00 | 198,394.33 | |||||||||
5
| (Ref) |
(Names) |
(RMB) |
(USD) |
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| 21 | Beijing Tian Du Xxx Xx Energy Technology Corp. |
1,500,000.00 | 198.394.33 | |||||||||
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| 22 | Beijing Haidian District Tranning School |
831,000.00 | 109,910.46 | |||||||||
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| 23 | Beijing Da Bao Resturant |
300,000.00 | 39,678.87 | |||||||||
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| 24 | Beijing
Zhong Ke Xxx Xxx Agent for Registration |
300,000.00 | 39,678.87 | |||||||||
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| 25 | Beijing
Xxxxx Xxxxx Tong Public Relation Corp. |
7,293,450.00 | 964,652.75 | |||||||||
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| 26 | Beijing Tong Xxxx Xxxxx Corporation Image Design Company |
1,300,000.00 | 171,941.76 | |||||||||
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| 27 | Daan Hong Wei Construction Material Corp. |
200,000.00 | 26,452.58 | |||||||||
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| 28 | Daqing Song Zheng Material Trading Corp. |
200,000.00 | 26.452.58 | |||||||||
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| 29 | Daan Xxxx Xxxx Material Trading Corp. |
700.000.00 | 92,584.02 | |||||||||
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| 30 | Project Company of Drilling & Exploration |
1,150.000.00 | 152,102.32 | |||||||||
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| 31 | Mei Xx Xxx Fu Xxxx Fertilizer Company |
4,000,000.00 | 529,051.55 | |||||||||
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| 32 | Beijing Xxxx
Xxxx Xx Xxx Technology Corp. |
1,000,000.00 | 132.262.89 | |||||||||
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| 33 | Daqing Xxxx Xxx Shopping Mall |
200,000.00 | 26.452.58 | |||||||||
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| 34 | Shanghai Xxxxx Xxxx Group Corp. |
1,000,000.00 | 132,262.89 | |||||||||
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| 35 | Xxxxxxxx
Xxxxx Xxxx Xxxxx Drilling Corp. |
1,000,000.00 | 132.262.89 | |||||||||
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| 36 | Songyuan Xing Da Drilling Corp. |
1,250,000.00 | 165,328.61 | |||||||||
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| 37 | Xi An Hai
Qin Energy Technology Corp. |
5,400,000.00 | 714,219.59 | |||||||||
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| 00 | Xxxxxxx
Xxxxx Xx Xxx Xxxxx Energy Service Corp. |
2,000,000.00 | 264,525.78 | |||||||||
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| 39 | Xxxx Xxx Xxxx Xxx Hai Construction Corp. |
1,300,000.00 | 171,941.76 | |||||||||
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| 40 | Beijing Guo Long Wei Ye Trading Corp. |
300,000.00 | 39,678.87 | |||||||||
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6
| (Ref) |
(Names) |
(RMB) |
(USD) |
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| 41 | Shenzhen
Xinlong Investment Corp. |
13,310.000.00 | 1,760,419.01 | |||||||||
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| 42 | Huai Ren Xin Da Trading Corp. |
300,000.00 | 39.678.87 | |||||||||
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| 43 | Dalian Xxx Xxxx Real Estate Corp. |
14,736,150.00 | 1,949,045.73 | |||||||||
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| 44 | Tongliao firecraker Corp. |
300,000.00 | 39,678.87 | |||||||||
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| 45 | Songyuan Xxx Xxx Computer Corp. |
200,000.00 | 26,452.58 | |||||||||
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| 46 | Daan Xx Xx Construction Corp. |
800,000.00 | 105,810.31 | |||||||||
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| 47 | Beijing Xxxxx Xxxx LLP(Lawfirm) |
25,274,000.00 | 3,342,812.18 | |||||||||
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| 48 | Ge Gen
Temple of lnner Mongolia |
7,200,000.00 | 952,292.78 | |||||||||
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| 49 | Qingdao Xxxx
Xxxx Logsitical Corp. |
9,800.000.00 | 1,296,176.28 | |||||||||
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| 50 | FullFame Corp. |
80,000,000.00 | 10,581,030.86 | |||||||||
 |
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| 51 | Beijing Xxx
Xxxx Yi De Energy Investment Corp. |
1,550,000.00 | 205,007.48 | |||||||||
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| 52 | Songyuan Hong Yang Energy Service Corp. |
1,000,000.00 | 132,262.89 | |||||||||
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| 53 | Beijing Xxxx Xxxxx Engineering Corp. |
2,400,000.00 | 317,430.93 | |||||||||
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| 54 | Songyuan Xxxx Xx Trading Corp. |
1,000,000.00 | 132,262.89 | |||||||||
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| 55 | Zhejiang Hua Qing Group Corp. |
1,000,000.00 | 132,262.89 | |||||||||
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| 56 | Mongolia Xxx Xx Trading Corp. |
950,000.00 | 125,649.75 | |||||||||
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| 51 | Beijing Xxx Xxx Investment Holding Corp. |
40,262,500.00 | 5,325,234.44 | |||||||||
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| 58 | Daan Contruction Corp. |
1,000,000.00 | 132,262.89 | |||||||||
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| 59 | Shanghai Yong Ji Trading Corp. |
2,400,000.00 | 317,430.93 | |||||||||
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| 60 | Daqing San Xxxxx Xxx Da Trading Corp. |
2,500.000.00 | 330,657.22 | |||||||||
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| 61 | Beijing Tsinghua Technology Corp. |
1,200,000.00 | 158,715.47 | |||||||||
7
| (Ref) |
(Names) |
(RMB) |
(USD) |
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| 62 | Beijing Xxxx Xxxx Trading Corp. |
1,000,000.00 | 132.262.89 | |||||||||
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| 63 | Shandong He Bo Trading Corp. |
2.800,000.00 | 370.336.08 | |||||||||
 |
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| 64 | Tongying Xxx Xx Technology Corp. |
1,000.000.00 | 132.262.89 | |||||||||
 |
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| 65 | Housing Fund
Management Centre of Yunan Province |
32,570,682.00 | 4,307,892.40 | |||||||||
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| 66 | Beijing Jiaming Real Property Ltd. |
21,293,971.00 | 2,816.402.06 | |||||||||
 |
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| 67 | Zibo Huanghe Construction Ltd. |
1,000,000.00 | 132.262.89 | |||||||||
 |
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| 68 | Bejing Zijin Shengshi Investment Ltd. |
1,300,000.00 | 171.941.76 | |||||||||
 |
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| 69 | Dongying Yuanda Petrochemical Ltd. |
4,900,000.00 | 648.088.14 | |||||||||
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| 70 | Beijing Yiáolun Teconlgy Ltd. |
2,500.000.00 | 330,657.22 | |||||||||
 |
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| 71 | Beijing Tongchan Development Corporation |
7.000,000.00 | 925,840.20 | |||||||||
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| 72 | Shanxi Yingxian Minghe China Ltd. |
500,000.00 | 66.131.45 | |||||||||
 |
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| 73 | Xiangfen Longxing Metal Ltd. |
2.900,000.00 | 383.562.37 | |||||||||
 |
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| 74 | Songyuan Huatai Construction Ltd. |
3,000,000.00 | 396,788.66 | |||||||||
 |
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| 75 | Guangrao Zhongyuan Industry Ltd. |
3,000,000.00 | 396.788.66 | |||||||||
 |
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| 76 | Shanxi Dingtao International Hotel Ltd. |
6,800,000.00 | 899,387.63 | |||||||||
 |
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| 77 | Julong Investment Ltd. |
11,395,950.00 | 1,500.000.00 | |||||||||
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 (Total) |
901,342,554.38 | 119,206,906.36 | ||||||||||
8
Annex B: Repayment Schedule
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| Cut Off Date | Accumulated Repayment Proportion | Accumulated Repayment Amount | ||||||||
| 2007-12-31 | 10 | % | 11,920.690.64 | |||||||
| 2008-2-29 | 20 | % | 23,841,381.27 | |||||||
| 2008-4-30 | 30 | % | 35,762,071.91 | |||||||
| 2008-7-31 | 40 | % | 47,632.762.54 | |||||||
| 2008-10-31 | 50 | % | 59,603,453.18 | |||||||
| 2009-1-31 | 60 | % | 71,524,143.82 | |||||||
| 2009-4-30 | 70 | % | 83,444,834.45 | |||||||
| 2009-7-31 | 80 | % | 95.365,525.09 | |||||||
| 2009-10-31 | 90 | % | 107,286,215.72 | |||||||
| 2010-7-31 | 100 | % | 119,206,906.36 | |||||||
9
