Common use of 1Settlement Clause in Contracts

1Settlement. With effect from the date of this Deed, (i) HK ▇▇▇▇▇▇ agrees to assume and repay any and all of liabilities of Mr. Hue under the Debt Agreements (including, without limitation, all interests accrued and payable under the Debt Agreements), and (ii) Fuzhou Jiabin agrees to seek repayments of all liabilities under the Debt Agreements (including, without limitation, all interests accrued and payable under the Debt Agreements) from HK Jiabin and not to seek repayment of any such liability under the Debt Agreements from Mr. Hue . Each of Fuzhou Jiabin, HK Jiabin and ▇▇. ▇▇▇ hereby acknowledges and agrees to the transactions referred to in this section. For the avoidance of doubt, each of Fuzhou Jiabin, HK Jiabin and ▇▇. ▇▇▇ hereby acknowledges and agrees that after completion of such transactions, Mr. Hue shall be deemed to have discharged his liabilities under the Debt Agreements in its entirety and the remaining of the APs that HK Jiabin owes to Mr. Hue shall be RMB10.99