Agreement on Enforcement of Arbitration Award
Exhibit 4.118
Agreement on Enforcement of Arbitration Award
Party A: Fortune (Beijing) Huiying Investment Consultation Co., Ltd. (“CIC”)
Residence: Xxxx 0000, 00, Xxxxxxxxxxxx Xxxxxx, Xxxxxxx Xxxxxxxx, Xxxxxxx
Legal representative: Xxxx Xxx
Party B: Langfang Shengshi Real Estate Development Co., Ltd.
Residence: North of Eastern Section, Langba Road, Hancun Town, Yongqing County, Langfang
Legal representative: Zhan Jiantao
Party C: Beijing Bluestone Investment Management Co., Ltd.
Residence: Xxxx 000, Xxxxxxx Xxxxxxx Xxxxxxxx, 0, Xxxxxxxxxxxxxxx Community, Xxxxxxx Xxxx, Haidian District, Beijing
Legal representative: Wang Ling
Party D: Wang Ling
Residence: 301, Xxxx 0, Xxxxxxxx 00, Xxx Xxx Xxx Xxxx Xxx Xin Community, Haidian District, Beijing
ID card number:
Whereas award Z. G. M. J. C. Zi No. 1130 (the “Award”) was made on October 23, 2015 with respect to dispute arising out of loan and equity transfer among the said four parties, which has been submitted to China International Economical and Trade Arbitration Commission. NOW THEREFORE the said four parties (collectively referred to as “the Parties”) have reached the following agreement with respect to enforcement of the award through equal negotiations for mutual observance and performance:
Article 1
The Parties have no objection to the result of the arbitration, and they all agree that Party A has the following creditor’s rights to Party B, Party C and Party D according to such result:
1. Loan
1.1 Principal: RMB55, 885, 080.65;
1.2 Fund occupation cost: RMB8, 833, 448.22 (from March 10, 2015 to December 10, 2015 at annual interest rate of 21%);
2. Equity transfer price
2.1 Principal: RMB82, 000,000;
2.2 Fund occupation cost: RMB 4, 373, 333.33(from September 21, 2014 to December 31, 2014);
2.3 Fund occupation cost: RMB16, 247, 903.23 (from January 1, 2015 to December 10, 2015 at annual interest rate of 21%);
3 Attorney fee: XXX 000, 000.
4 Arbitration fee: RMB 890.904.7
The Parties acknowledge the said debts are RMB168, 730, 670.13 in total.
Article 2
Party A agrees that all the debts determined in the result of the arbitration will be discharged by Party B. If Party B could discharge the debts prior to December 10, 2015, Party A agrees to reduces the debt by RMB13,845,589.48 (including attorney fee of RMB500,000, arbitration cost of RMB890.904.7 and fund occupation cost of RMB12,454.684.78), that is to say, the total amount payable by Party B is RMB154,885,080.65, and Party B shall remit all the amounts to the following account of Party A prior to December 10, 2015:
Opening bank: China Construction Bank Beijing Fuxing Branch;
Account name: Fortune (Beijing) Huiying Investment Consultation Co., Ltd.;
Account number: 11001046500053004058
Article 3
If Party B fully repaid the above debt within the agreed time limit, Party A shall, within 5 working days upon receipt of full repayment, coordinate with Party B in discharging all securities created for the said debt, and the result of the arbitration shall be deemed as have been enforced without objections by any party.
Article 4
In the event that Party B fails to fully repaid the said debts within the agreed time limit set forth herein, Party A’s undertaking of debt reduction will become invalid immediately, in which case Party A has the right to initiate award enforcement procedures and has the right of indemnity of all creditor’s rights, and Party B, Party C and Party D shall bear the relevant legal liabilities according to result of the arbitration.
Article 5
This agreement represents the consensus reached by the Parties in order to promote enforcement of the award, and shall not be deemed as replacement or alteration of the arbitration.
Article 6
This agreement is made in quadruplicate, with each Party holding one copy. This agreement shall come into force immediately after being signed or affixed with seals by each Party. Each of those copies shall have the same legal effect.
(Intentionally left blank below)
Party A (seal):
Authorized signatory:
Date: December 9, 2015
Party B (seal):
Authorized signatory:
Date: December 9, 2015
Party C (seal):
Authorized signatory:
Date: December 9, 2015
Party D (seal):
Authorized signatory:
Date: December 9, 2015
