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Agreement to Extend Date of Installment Contribution
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AGREEMENT TO EXTEND THE DATE OF THE LAST INSTALMENT OF CAPITAL CONTRIBUTION
(LJ5-05)
Party A: Liuzhou OVM Joint Stock Co., Ltd.
Party B: Kolcari Investments Limited
WHEREAS, both parties entered into a Joint Venture Contract ( the "Contract")
dated May 10, 1995, pursuant to which, both parties agreed to establish Liuzhou
OVM Construction Machinery Co., Ltd., ("Liuzhou OVM") as a joint venture limited
liability company. The Contract also provided that Party A should contribute
certain production facilities and fixed assets with a value equivalent to
US$1,200,000 and Party B should contribute cash in an amount equivalent to
US$2,800,000. Up to the date of this Agreement, Party A completed its
contribution of fixed assets as capital in full and Party B had made cash
contribution by two instalments, in aggregate of US$1,960,000 to Liuzhou OVM.
WHEREAS, according to the Contract, Party B should further contribute cash of
US$840,000 as its last instalment of capital contribution.
NOW, pursuant to friendly mutual consultations, both parties agreed to extend
the due date for the last instalment payment by Party B of US$840,000 up to
December 31, 1997. The extension of the due date for the last capital instalment
shall not, in any way, affect the rights enjoyed by Party B under the Contract.
Party A: Liuzhou OVM Joint Stock Co., Ltd.
/s/ Xx Xxx Sen
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(Xx Xxx Sen)
Corporate Representative
Party B: Kolcari Investments Limited
/s/ Ching Lung Po
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(Ching Lung Po)
Corporate Representative
Dated March 28, 1997
October 3, 1997
OVM International Holding Corporation
x/x Xxxx capital Limited
Room 2005, 20/F., Universal Trade Center,
0-0X Xxxxxxxxx Xxxx, Xxxxxxx,
Xxxx Xxxx
Attn: Xx. Xxxxx Lung Po
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Dear Xx. Xxxxx,
Re: English Translation of a Chinese Agreement
We have reviewed the Chinese version of the "Agreement to Extend the Date of the
Last Instalment of Capital Contribution" and the English translation which you
have provided.
Please note that we do not hold qualification in translation but to the extent
that we have reviewed the above English translation, we believe the translation,
should be a fair and correct translation of the original Chinese version.
Yours sincerely,
/s/ Li Xxxx Xxxxx
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Li Xxxx Xxxxx
Senior Lawyer
