Debt Transfer and Assumption Agreement (English Translation)
EXHIBIT 10.1
Debt Transfer and Assumption Agreement
(English Translation)
Parties:
Suining Shi Yinfa Bai Zhi Chuan Ye You Xxxx Xxxx Si (“Yinfa”);
Suining Yinfa Building Construction and Development Co., Ltd. (“Construction”);
Chengdu Lianqiang Investment Co. (“Lianqiang”); and
Sichuan Yinfa Resource Development Group Co. Ltd. (“Yinfa Resource,” together, “Parties”).
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1. |
According to the following debt situation as of the date hereof: |
(a) Yinfa owes Construction RMB 2,113,077.11;
(b) Yinfa Resource owes Yinfa RMB 3,158,138.31; and
(c) Lianqiang owes Yinfa RMB 1,350,000.00
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2. |
Agreed Debt Transfers: |
(a) The Parties agree that Yinfa shall transfer its entire debt obligation owed to Construction in the amount of RMB 2,113,077.11 to Yinfa Resource in consideration for Construction cancelling the debt owed to it by Yinfa. Yinfa Resource shall be responsible for the original debt obligation owed by Yinfa to Construction in amount of RMB 2,113,077.11 and shall reduce its debt obligation owed to Yinfa by RMB 2,113,077.11.
(b) The Parties further agree that Yinfa Resource shall assume the entire debt obligation of Lianqiang owed to Yinfa in the amount of RMB 1,350,000.00. In consideration thereof, Yinfa agrees to cancel Lianqiang’s debt obligation to it. As a result of the foregoing, Yinfa Resource shall owe Yinfa RMB 1,350,000.00 in addition to Yinfa Resource’s original debt obligation to Yinfa.
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3. |
The Parties further agree that, upon completion of the foregoing transfers and assumptions, Yinfa Resource shall owe Yinfa a total amount of RMB 2,395,061.20. |
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4. |
The commitments and promises in this agreement are only enforceable to the debts listed under Article 1. |
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5. |
Any dispute arising under this agreement shall be resolved in accordance with the authority of Sichuan Province Suining City Intermediate People’s Court. |
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6. |
This agreement contains eight (8) copies. It is enforceable as of the date hereof. |
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7. |
The above agreement content is signed by the Parties as of September 20, 2008. |
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Suining Shi Yinfa Bai Zhi Chuan Ye
/s/ Wang, Xxxxxx Xxxx, Jiayin September 20, 2008
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Suining Yinfa Building Construction and
/s/ Ren, Min Ren, Min September 20, 2008
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Chengdu Lianqiang Investment Co.
/s/ Lian, Xxxxxxxx Xxxx, Xiaojian September 20, 2008
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Sichuan Yinfa Resource Development Group Co. Ltd.
/s/ Wang, Xxxxxx Xxxx, Xianyi September 20, 2008
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