Financial Commitment. The Borrower further makes the following covenants to the Lenders that, from the Signing Date to the date on which all amounts due and payable by the Borrower hereunder are fully repaid: 13.1 The Borrower undertakes to limit its ratio of debt to asset to 75%. Ratio of debt to asset mentioned in this clause refers to the Borrower’s ratio of debt to asset reflected in its annual financial statement. 13.2 Other than the definitions above, accounting terms used in this Article 13 shall be interpreted according to the generally accepted accounting principles of the PRC.
Appears in 2 contracts
Sources: Syndicated Loan Agreement, Medium to Long Term Syndicated Loan Agreement (Daqo New Energy Corp.)