Common use of Borrower’s commitments Clause in Contracts

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;