Loan Forgiveness and Termination Agreement
This Loan Forgiveness and Termination Agreement (the "Agreement") is made
this 15th day of August 2005, by and between XXX XXXX (XXXXX) XXXX ("Lender")
and MOVING BYTES INC. ("Borrower"), a Canadian company.
WHEREAS, Lender and Borrower have entered into a Loan Agreement dated as
of June 13, 2005 (the "Loan Agreement"), under which Lender agreed to loan up to
US$50,000 to Borrower to be used for general working capital.
WHEREAS, Lender has the right to convert all or any part of the amount
loaned to Borrower into common shares of Moving Bytes Inc. at a price equal to
US$.02 per share at any time until December 31, 2005.
WHEREAS, the outstanding balance under the Loan Agreement is US$10,000
(the "Loan").
WHEREAS, Lender has agreed to accept all of the assets and assume all of
the liabilities of Borrower pursuant to an Assignment and Assumption Agreement,
dated as of August 12, 2005, by and between Warner Technology Development Co. (a
company controlled by Lender) and Moving Bytes Inc. in connection with a Share
Exchange Agreement, dated as of August 15, 2005, by and among Moving Bytes Inc.,
China International Enterprises Corp. ("CIEC"), all CIEC shareholders, Heng Xing
Technology Group Development Limited and the Escrow Agent thereof.
WHEREAS, Lender desires to forgive the Loan and terminate the Loan
Agreement.
NOW, THEREFORE, in consideration of the mutual terms, conditions and other
agreements set forth herein, the parties hereto hereby agree as follows:
1. Lender hereby agrees to forgive the right to repayment of the Loan in
the amount of US$10,000 by Borrower and waive the right of conversion with
respect to the Loan. Borrower shall have no further obligations or liabilities
whatsoever under the Loan Agreement. The loan forgiveness and waiver of
conversion right under this Section 1 shall become effective immediately as of
the date herein.
2. The parties hereto agree to terminate the Loan Agreement, effective
immediately as of the date herein.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.
BORROWER:
MOVING BYTES INC.
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Name: Xxxx Xxx
Title: Secretary & Director
LENDER:
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Xxx Xxxx (Xxxxx) Xxxx
