Borrower’s commitments Sample Clauses
Borrower’s commitments. 1. The borrower is entitled to the access to the loan and to use it.
2. The account opened pursuant to the section II under the contract, shall be used for deposit and settlement between the both parties.
3. The loan under the contract is a foreign currency loan, the Authorized approval, registration permit and other legal processing document in connection with the loan shall be completed pursuant to certain laws and regulations.
4. The borrower shall pay the principal and interest as scheduled. The borrower may needs a extension for the loan set forth, a writing request shall be raised out in 15 working days before the loan end date, a renewal contract between the both parties shall be signed with the consent from the Lender.
5. To use the loan in a manner of respecting the Loan purpose under the Contract, no impropriation or other purposes is allowed to carry out.
6. The Borrower shall monthly provide the Lender the true, complete, valid financial statement, or other documents and information, and assistant the Lender to review its business operating, financial activities, and the loan flows.
7. Such events occur to the borrower: operating in a contract, lease, shareholding reform, affiliation, merger, acquisition, split, joint venture, asset transfer, apply for suspension and reform, apply for dismiss, apply for bankrupt and other events may affect the liability between the creditor and debtor, or the actions may impact the Leading party to complete the creditor’s rights, a writing notice letter shall be provide to the Lender in advance, with the consent from the Lender, to start processing the debt paying-back or complete the debt paying-back in advance before the forth events occurs, otherwise, the above activities and actions is prohibited to carry out.
8. Any events other than described in the previous paragraph occur to the Borrower may cause material effect to fulfill the paying-back of the loan, such as, business suspension, business activities dormant, registration cancellation, withdraw of business license, corporate representative involved into a criminal, material lawsuit and arbitration involved, difficult situation in business operation, financial statement worsening, etc. the Lender shall be provided a writing notice, a protective measure to creditor shall be carried out with the consent from the Lender.
9. The Borrower provides a debt guarantee for the thirty party, or in connection with a mortgage, pledge with its major asset or property...
Borrower’s commitments. The Borrower promises the following:
8.1 The Borrower operates pursuant to laws, complies with national laws and regulations, and uses the loan in full accordance with the purposes agreed herein.
8.2 The Lender may at any time in any reasonable manner inspect and supervise the use of the loans and understand the Borrower's plan execution, operation management, financial activities, materials inventory and major transaction contracts, etc. The Borrower must actively cooperate with the Lender on the supervision of the use of loans and the operation, provide relevant information like financial statements and be responsible for the authenticity, integrity and effectiveness of the information.
8.3 The Borrower promises to liquidate loans in priority without violating the normal reimbursement order, and is not entering or will not enter into any agreements or other legal documents that cause the loans hereunder to be subordinate.
8.4 The Borrower shall promptly notify the Lender of the failure of the Guarantor in the event of production halts, closing a business, the cancellation of registration, the revocation of the business license, bankruptcy, revocation and operating loss, being partly or totally incapacitated with the loan, and provide other guarantees approved by the Lender.
8.5 The Borrower shall notify the Lender in writing within seven days of any of the following circumstances:
(1) All legal proceedings, arbitration or administrative investigation procedures that affect the interests of the Borrower occur.
(2) Any breach of contract occurs or will occur.
(3) The Borrower is informed that its or any of its important assets relating to any proceeding or arbitral proceeding, compulsory execution, attachment, seizure or similar measures, or events or circumstances that may result in such proceedings or measures.
(4) The Borrower has an economic dispute with a third party due to economic activities or conducts affecting the Borrower to carry out normal operating activities.
(5) Any event that may be seriously detrimental to the Borrower's business, asset status, etc.
(6) The Borrower is required to change the legal representative, the name of the unit, modify the articles, or make significant changes in financial and personal matters.
(7) The Borrower transfers the equity, makes foreign investment, and increases debt financing substantially.
8.6 The Borrower undertakes that no merger, division, dissolution, liquidation and any other action affecting the in...
Borrower’s commitments. 4.1 The borrower commits to providing the lender with true, complete, and valid materials.
4.2 The borrower will cooperate with the lender in loan disbursement management, post-loan management, and related inspections.
4.3 The borrower will not use loan funds for investments in fixed assets, equity, or in areas prohibited by the state. The borrower will also not attempt to circumvent the lender’s payment control.
4.4 The borrower commits to fully performing all obligations under this contract.
Borrower’s commitments. The Borrower hereby declares as follows:
2.1 The Project construction and the loan application are in compliance with the laws and regulations. The Borrower is an approved and registered business entity established in accordance with the laws or other entities which can be the Borrower pursuant to the relevant provisions; being an eligible investor possessed the required business qualifications; the Borrower and its controlling shareholder have good credit and no significant adverse record; the purpose of use and source of repayment is definite and legal; the Project is in compliance with the relevant policies of industry, land, and environment protection; going through the relevant legal management procedures and rental procedures on the Fixed Investment; in compliance with the relevant provisions on capital system of investment project; have already paid the relevant fees in accordance with laws and regulations and contracts; and there is no case of violation of the laws and regulations.
2.2 Executing the Contract is flawless: The Borrower has already gone through the necessary formalities as required by the laws and regulations and the articles of associations to enter into the Contract; The Person who signed or sealed the Contract is the Legal Representative or the authorized representative; going through the formalities of Contract approval, registration or filing; and there is no case of other flaws of the validity of the Contract due to the Borrower.
2.3 The guarantee is legal and valid: the Borrower warrants that all the necessary formalities have been gone through for the Guarantor to sign this Contract or fulfill obligations hereunder; the Guarantor is authorized to establish security with the collateral; the signatory is the authorized signatory for the Guarantee Contract;
Borrower’s commitments. 7.1 The Borrower shall withdraw and use loans in accordance with the contract terms. The loans cannot in any form flow into the stock market, futures market and other areas, which are prohibited or restricted by the relevant laws and regulations.
7.2 The Borrower shall repay loan principal, interest and other payables in accordance with this contract.
7.3 The Borrower shall accept and actively cooperate with the Lender to do account analysis, certificate inspection, site investigation, etc., for the purpose of inspect and supervise the use of loan funds. Furthermore the Borrower shall provide periodic summary reports of the use of funds as requested by the Lender.
7.4 The Borrower shall accept credit check by the Lender, shall timely provide true, accurate, and complete financial information and other information requested by the Lender which reflect the Borrower’s solvency, including all banks, bank accounts, deposits, etc., and shall actively assist and cooperate with the Lender in the investigation, understanding and supervision of its production, operation and financial circumstances.
7.5 The Borrower shall not pay dividends and bonuses in any form before paying off the loan principal, interest and other payables under the contract.
7.6 Prior to merger, split, capital reduction, changes in ownership, addition of partners, withdrawal of partners, transfer of major assets and debts, major outside investments, substantial increase in debt financing and any other actions which may adversely affect the interests of the Lender, the Borrower shall obtain prior written consent from the Lender.
7.7 If one of the following circumstances occurs, the Borrower shall timely notify the Lender:
(1) Change of the name, seal, articles of incorporation, domicile, legal representative or responsible person, address and other matters.
(2) Going out of business, dissolution, liquidation, being ordered to stop business, revocation of business license, or application (by application) for bankruptcy.
(3) Already or may be involved in major economic disputes, litigation, arbitration, seizure, detention or mandatory enforcement of assets, being investigated by judicial, tax, commerce and other government bodies or having been given punitive measures.
(4) The shareholders, directors, current senior management personnel or investors have been involved in major cases or economic disputes.
7.8 Promptly, fully and accurately disclose to the Lender any related party relationships and ...
Borrower’s commitments. 8.1 The Borrower shall withdraw and use loans in accordance with the contract terms and the loans can’t be used for fixed asset, stock and other investments. The loans cannot in any form flow into the stock market, futures market and other areas, which are prohibited or restricted by the relevant laws and regulations.
8.2 The Borrower shall repay loan principal, interest and other payables in accordance with this contract.
8.3 The Borrower shall accept and actively cooperate with the Lender to do account analysis, certificate inspection, site investigation, etc., for the purpose of inspect and supervise the use of loan funds. Furthermore the Borrower shall provide periodic summary reports of the use of funds as requested by the Lender.
8.4 The Borrower shall accept credit check by the Lender, shall provide financial information and other information requested by the Lender which reflect the Borrower’s solvency, including balance sheet, income statement, etc., and shall actively assist and cooperate with the Lender in the investigation, understanding and supervision of its production, operation and financial circumstances.
8.5 The Borrower shall not pay dividends and bonuses in any form before paying off the loan principal, interest and other payables under the contract.
8.6 Prior to merger, split, capital reduction, changes in ownership, addition of partners, withdrawal of partners, transfer of major assets and debts, major outside investments, substantial increase in debt financing and any other actions which may adversely affect the interests of the Lender, the Borrower shall obtain prior written consent from the Lender or conduct in ways that satisfy the Lender’s realization of claims.
8.7 If one of the following circumstances occurs, the Borrower shall timely notify the Lender:
(1) Change of the name, seal, articles of incorporation, domicile, legal representative or responsible person, address and other matters.
(2) Going out of business, dissolution, liquidation, being ordered to stop business, revocation of business license, or application (by application) for bankruptcy.
(3) Already or may be involved in major economic disputes, litigation, arbitration, seizure, detention or mandatory enforcement of assets, being investigated by judicial, tax, commerce and other government bodies or having been given punitive measures.
(4) The shareholders, directors, current senior management personnel or investors have been involved in major cases or economic dis...
Borrower’s commitments