Common use of Borrower’s commitments Clause in Contracts

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 transactions. 7.9 Sign all notices mailed or delivered using other methods by the Lender in a timely manner. 7.10 Not to reduce its solvency through disposal of its own assets; provide guarantees to third parties without prejudice to the interests of the Lender. 7.11 Take responsibility for the costs incurred due to establishment and performance of this contract, and the costs already incurred or will incur by the Lender for the realization of claims, including but not limited to litigation or arbitration fees, property preservation fees, legal fees, implementation fees, assessment fees, auction fees, notice fees, etc. 7.12 The Borrower’s debt obligation under the contract shall have priority claim before its debt to shareholders, legal representatives or responsible persons, partners, major investors or key management personnel, and shall enjoy equal position as other creditors of similar debt.