Common use of Borrower’s commitments Clause in Contracts

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 interests of the Lender will occur without the written consent of the Lender. 8.7 In the event that the after-tax net profit for the relevant fiscal year is zero or negative, or the after-tax profit is insufficient to cover the accumulated losses in the previous fiscal year, or the pre-tax profit is not used to settle the principal, interest and expense payable by the Borrower during this fiscal year, or the pre-tax profit is not sufficient to pay off the next principal, interest and expenses, or before the liquidation of the principal and interest of the loan, the Borrower shall not distribute dividends or bonus to the parent organization and/or shareholders in any form.

Borrower’s commitments. The Borrower promises the following: 8.1 9.1 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 9.2 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 9.3 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 9.4 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 9.5 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 9.6 The Borrower undertakes that no merger, division, dissolution, liquidation and any other action affecting the interests of the Lender will occur without the written consent of the Lender. 8.7 9.7 In the event that the after-tax net profit for the relevant fiscal year is zero or negative, or the after-tax profit is insufficient to cover the accumulated losses in the previous fiscal year, or the pre-tax profit is not used to settle the principal, interest and expense payable by the Borrower during this fiscal year, or the pre-tax profit is not sufficient to pay off the next principal, interest and expenses, or before the liquidation of the principal and interest of the loan, the Borrower shall not distribute dividends or bonus to the parent organization and/or shareholders in any form.