Creditor’s Rights and Liability Confirmation Agreement
Creditor’s
Rights
and Liability Confirmation Agreement
Party
A:
Tibet Changdu Huiheng Development Co., Ltd.
Party
B:
Shenzhen OUR International Technology Development Co., Ltd.
Party
C:
Shenzhen Jiancheng Investment Co., Ltd.
1.
Whereas: both Party A and Party B are shareholders of Shenzhen Hyper Technology
Incorporation (“Shenzhen Hyper” hereinafter), Party A holds 75% equity interest
while Party B holds 25% equity interest of Shenzhen Hyper; By the end of
December 31, 2007, Party C still owes Party A 5 million RMB.
2.
Whereas: Party A, B and C agreed in early 2006 on the following: Party B would
transfer its 25% equity interest of Shenzhen Hyper to Party A; Party C would
pay
5 million RMB to Party B on behalf of Party A.
3.
Whereas Party B can not execute the equity interest transfer up to now, Party
A,
B and C reach an agreement by negotiation: the equity interest transaction
between Party A and B should be suspended, Party B still keeps the 25% equity
interest of Shenzhen Hyper, and Party C would pay back by 5 million RMB to
Party
A by installment. The specific repayment schedule is as follows:
By
the
end of June, 2008: pay back 1.5 million RMB;
By
the
end of August, 2008: pay back 1.5 million RMB;
By
the
end of October, 2008: pay back 1 million RMB;
By
the
end of December, 2008: pay back the balance of 1 million RMB;
4.
The
agreement should come into effective after signed and sealed by Party A, B
and
C. Three copies of the agreement should be signed, and each party should hold
one copy.
5.
Should
any dispute arise for the execution of the agreement, Party A, B and C should
go
for a settlement through negotiation. If no agreement can be made through
negotiation, any party can place an arbitration the place of signing the
agreement. The result of arbitration is considered to be final.
Party
A:
Tiber Changdu Huiheng Development Co., Ltd.
By:
/s/
Xxxxxxx Xxxx
Representative:
Xx. Xxxxxxx Xxxx
Party
B:
Shenzhen OUR International Technology Development Co., Ltd.
By:
/s/
Xxx Xxxx
Representative:
Xx. Xxx Xxxx
Party
C:
Shenzhen Jiancheng Investment Co., Ltd.
By:
/s/
Xx
Xxx
Representative:
Mr. Xx Xxx
|
Date
of signing:
|
Place
of signing:
|
|
January
3, 2008
|
Shenzhen,
Guangdong, PRC
|
