Common use of Debt Settlement Clause in Contracts

Debt Settlement. 1.01 The Company will pay and satisfy the Debt by issuing the Shares to the Creditor at a deemed price of US$0.01 per share for an aggregate amount equal to the Debt payable on July 8th , 2008. 1.02 The Creditor acknowledges and agrees that all outstanding accounts have been rendered by the Creditor to the Company to the date of this Agreement and upon issuance and registration of the Shares to the Creditor there will be no outstanding liability of the Company to the Creditor.

Debt Settlement. 1.01 The Company will pay and satisfy the Debt by issuing the Shares to the Creditor at a deemed price of US$0.01 3.00 per share for an aggregate amount equal to the Debt payable on July 8th April 18, 20082000. 1.02 The Creditor acknowledges and agrees that all outstanding accounts have been rendered by the Creditor to the Company to the date of this Agreement and upon issuance and registration of the Shares to the Creditor there will be no outstanding liability of the Company to the Creditor.