Debt Transfer and Offset Agreement among Xianggang Fuhong Development Co., Ltd., Tianshi International Holdings Group Co., Ltd., and Tianshi International Investment Group Co., Ltd.

Contract Categories: Business Finance › Assignment Agreements
Summary

This agreement, dated June 10, 2010, is between Xianggang Fuhong Development Co., Ltd. (Party A), Tianshi International Holdings Group Co., Ltd. (Party B), and Tianshi International Investment Group Co., Ltd. (Party C). Party C agrees to pay $3,000,000 directly to Party A on behalf of Party B. In return, Party A will cancel Party B's debt, and Party B will cancel Party C's debt for the same amount. All parties agree to complete the necessary paperwork by June 11, 2010. The agreement is effective upon signing by all parties.

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EX-10.1 2 v194550_ex10-1.htm
Exhibit 10.1

Agreement on Debt Transfer and Offset

 
Party A: Xianggang Fuhong Development Co., Ltd.
 
Party B: Tianshi International Holdings Group Co., Ltd.
 
Party C: Tianshi International Investment Group Co., Ltd.
 
Party A, Party B and Party C enter into this Agreement on June 10, 2010, which shall be observed by all parties of this Agreement.
 
Whereas, Party A is a creditor of Party B and Party B is a creditor of Party C.  After consultation, Party A, Party B and Party C agree the provisions as follows:
 
1.           Party C pays off the loan payable of USD3,000,000.00 to Party A in place of Party B;
 
2.           Party A writes off the debt of Party B with the same amount;
 
3.           Party B writes off the debt of Party C with the same amount;
 
4.           Party A, Party B and Party C shall perform this Agreement, including writing proper receipts on June 11, 2010.
 
5.           This Agreement is effective as of the date first written above and is signed by three parties for confirmation.

 
Party A: Xianggang Fuhong Development Co., Ltd.
 
Legal Representative: Jinyuan Li
 
Signature: /s/ Jinyuan Li

 
Party B: Tianshi International Holdings Group Co., Ltd.
 
Legal Representative: Jinyuan Li
 
Signature: /s/ Jinyuan Li

 
Party C: Tianshi International Investment Group Co., Ltd.
 
Legal Representative: Jinyuan Li
 
Signature: /s/ Jinyuan Li