Debt Forgiveness Agreement between Tianfu Li and Korea Hyundai Light & Electric (International) Holding Limited

Contract Categories: Business Finance › Release Agreements
Summary

This agreement, dated December 26, 2008, is between Tianfu Li and Korea Hyundai Light & Electric (International) Holding Limited. Tianfu Li agrees to forgive and waive an account receivable of HKD 7,772,180.73 owed by the company, with no compensation in return. As a result, there are no further debts or obligations between the parties as of December 25, 2008.

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EX-10.13 66 v171382_ex10-13.htm
Exhibit 10.13
 
Debt Forgiveness Agreement

Date: Dec 26, 2008

I, Tianfu Li, am willing to waive the below direct debt of Korea Hyundai Light & Electric (International) Holding Limited without any compensation. The category is as following:

Tianfu Li is willing to waive account receivable of amount HKD7,772,180.73, say seven million, seven hundred and seventy two thousand, one hundred and eighty HK dollar, seventy three cents, ended as of Dec 25, 2008, from Korea Hyundai Light & Electric (International) Holding Limited  without any compensation.

There is no any right and debt between Tianfu Li and Korea Hyundai Light & Electric (International) Holding Limited from now on.

/s/  Tianfu Li

Signature: Tianfu Li