Common use of Dissolution or Bankruptcy of Debtor Clause in Contracts

Dissolution or Bankruptcy of Debtor. If Party A becomes aware of dissolution or bankruptcy proceedings against the debtor, it shall promptly inform Party B to report is claims. Meanwhile, it shall take part in such dissolution or bankruptcy proceedings in a timely manner for pre-exercising its recourse rights. If Party A becomes aware of, or should have become aware of, such dissolution or bankruptcy proceedings, but if it fails to pre-exercise its recourse rights in a timely manner, it shall bear losses caused to it arising therefrom. Notwithstanding the provision of the second paragraph of V of this Article, if Party B and the debtor enter into an arrangement or agree on restructuring plans in the bankruptcy proceedings against the debtor, Party B's rights hereunder shall not be damaged by virtue of any such arrangement or restructuring plans, and whereby Party A's guarantee liability hereunder shall not be reduced or released. Party A shall not defense against Party B's claims based on any such arrangement or restructuring plans. Party B shall have the right to request Party A to pay off the claims that have been compromised by Party B in any such arrangement or restructuring plans, but not paid by the debtor.

Dissolution or Bankruptcy of Debtor. If Party A becomes aware of dissolution or bankruptcy proceedings against the debtor, it shall promptly inform Party B to report is claims. Meanwhile, it shall take part in such dissolution or bankruptcy proceedings in a timely manner for pre-exercising its recourse rights. If Party A becomes aware of, or should have become aware of, such dissolution or bankruptcy proceedings, but if it fails to pre-exercise its recourse rights in a timely manner, it shall bear losses caused to it arising therefrom. Notwithstanding the provision of the second paragraph of V VI of this Article, if Party B and the debtor enter into an arrangement or agree on restructuring plans in the bankruptcy proceedings against the debtor, Party B's rights hereunder shall not be damaged by virtue of any such arrangement or restructuring plans, and whereby Party A's guarantee liability hereunder shall not be reduced or released. Party A shall not defense against Party B's claims based on any such arrangement or restructuring plans. Party B shall have the right to request Party A to pay off the claims that have been compromised by Party B in any such arrangement or restructuring plans, but not paid by the debtor.

Dissolution or Bankruptcy of Debtor. If After Party A becomes is aware of that the Debtor has entered the dissolution or bankruptcy proceedings, it shall promptly notify Party B to claim its creditor’s rights and it shall also timely join in the dissolution or bankruptcy proceedings against the debtor, it shall promptly inform Party B to report is claims. Meanwhile, it shall take part in such dissolution or bankruptcy proceedings in a timely manner for and pre-exercising its recourse exercise the subrogation rights. If Where Party A becomes aware of, is or should have become be aware of, such that the Debtor has entered the dissolution or bankruptcy proceedings, but if it fails to timely pre-exercise the subrogation rights, its recourse rights in a timely manner, it losses incurred thereby shall bear losses caused to it arising therefrombe borne by Party A by itself. Notwithstanding the provision of the second paragraph of V provisions of this ArticleSub-Clause 5, if Party B and the debtor enter into an arrangement Debtor reach a settlement agreement or agree on to a restructuring plans in plan during the Debtor’s bankruptcy proceedings against the debtorproceedings, Party B's ’s rights hereunder under this Contract shall not be damaged by virtue of any such arrangement jeopardized due to the settlement agreement or restructuring plansplan, and whereby Party A's ’s liabilities for guarantee liability hereunder shall not be reduced or releasedand exempted. Party A shall not defense against counter Party B's ’s claims based on any such arrangement with the conditions provided by the settlement agreement or restructuring plansplan. Party B shall have the right still be entitled to request require Party A to pay off continue discharging the claims that have been compromised by Party B debts which are not repaid due to the compromise made to the Debtor in any such arrangement the settlement agreement or restructuring plans, but not paid by the debtorplan.