Exhibit 10.2
TERMINATION AND
DISCHARGE
of
CONVERTIBLE NOTE
AGREEMENT
This
Termination and Discharge of the Convertible Note Agreement
("Agreement") dated the 2nd of February, 2009 is made and effective
the 28 th
day of April,
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Tiger
Renewable Energy Ltd. (the "Company"), a corporation organized and
existing under the laws of the Nevada in the United States of
America, with its head office located at: Sino Favour
Centre, 1 On Yip Street, Suite 1302, Chai Wan,
Hong Kong,
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Wellington
Capital Management Inc., (the "Note Holders"), a corporation organized
and existing under the laws of the Bahamas, with its head office
located at: Centerville House, 4 th Floor, 2 nd Terrace West, Nassau, Bahamas
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WHEREAS, the
Note Holders are to Terminate and Discharge the Company from
Convertible Note Agreement and its obligations for the 8%
Convertible Promissory Notes in the aggregate sum of US$ 1,000,000
on mutual signing and fulfillment of the obligations stated in
Termination Agreement of the Working Interest Purchase and Sale as
attached .
In
consideration of the mutual covenants and conditions herein
contained, the parties hereby agree, represent and warrant as
follows:
On signing of
and fulfillment of the obligations under the Termination Agreement
of the Working Interest Purchase and Sale the Note Holders will
Terminate and Discharge the Company of its payment and obligations
under the 8% Convertible notes (hereinafter called "Notes") in the
aggregate principal amount of US$ 1,000,000 which were to be dated
February 1, 2009 to mature on as follows: US$ 250,000 on
April 30, 2009
$ 250,000 on May 30, 2009
$ 250,000 on June30, 2009
$ 250,000 on July 30, 2009
And to bear
interest on the unpaid principal thereof at the rate of 8% per
annum until maturity, payable on and with each $ 250,000 segment on
the maturity dates states above and after maturity deficient
balances are to bear interest at the rate of 16% per annum until
paid.
