Common use of Cross-default clause Clause in Contracts

Cross-default clause. Borrower, or the Borrower’s related enterprises and its Guarantor, or the Guarantor’s related enterprises having any of the following cases will be regarded as the concurrent breach of contract of the Borrower, the Lender has the right to recall the loan beforehand as the agreements in the Article 11 of this contract, and at the same time, to require the Borrower to undertake the liability of breach of contract on the strength of the agreements in the Article 13 of this contract: (1) Any loans, financings or debts have violated or might violate the contract, or have been declared to be due prior to maturity; (2) Any Guaranties or similar obligations fail to be fulfilled, or existing the possibility of failing to be fulfilled; (3) Failing to fulfill or violate the relevant loan guaranty and other legal documents or contracts similar to obligations; or existing the possibility of violation or failing to be fulfilled; (4) The occurrence or immediately occurrence of the situation of insolvency of the due debts or the due loans/financings; (5) Being named in the gazette or immediately being declared bankrupt according to legal procedures; (6) Transferring the assets or properties to other creditors; (7) Imperiling the security of the principal and interest of the loan under this contract.