Floating Mortgage Sample Clauses

Floating Mortgage. 7.1 Floating mortgage means Party B creates a mortgage over any present or future production equipment, raw materials, semi-finished products, or products in favor of Party A, as detailed in the Exhibit “List of Collaterals” attached hereto. 7.2 Except for the needs of normal operation, Party B may not conceal, transfer, assign, mortgage or pledge the production equipment, raw materials, semi-finished products, or products already mortgaged in favor of Party A. 7.3 The floating mortgage shall be crystallized in any of the following circumstances: (1) The debts are not satisfied when the performance period expires; (2) Party B is declared bankrupt or cancelled; (3) Any circumstance of realizing the mortgage hereunder occurs; (4) Other circumstance occurs, which materially affects realization of the debts. 7.4 Party A and Party B shall go through mortgage registration formality with the bureau for industry and commerce at the county level at the place of Party B’s domicile by presenting this contract and relevant documents within 15 working days after execution of this contract. Both parties shall change the registration of or deregister the mortgage according to relevant regulations of the registration authority.

Floating Mortgage. 7.1 In the event that Party B mortgages its current and future production equipment, raw materials, semi-finished products or finished products, the Mortgaged Property shall be determined under any one of the following circumstances: A. the debt performance period expires and the creditor’s right of Party A is not realized; B. Party B is announced bankruptcy or cancelled; C. there is any circumstance for realization of Party A’s mortgage right as set forth in sub-clause 8.1. D. there is any other situation which serious affects realization of the creditor’s right of Party A. 7.2 In the event that Party B provides Party A with maximum mortgage guaranty with the foregoing property, other stipulations of this Contract, as well as the stipulations of this Article, shall apply.

Floating Mortgage. 7.1 The existing and future producing equipments, raw materials, semi-finished products and products of Party B which are treated as mortgaged collaterals will be called in , when one of the following events occurs. A. at expiration of this contract, the rights of creditor Party A is not achieved; B. Party B is declared bankrupt or revoked; C. the events occurs as described in Item 8.1, Party A may achieve his mortgage right; D. other cases which affect the realization of Party A's creditor's rights seriously. 7.2 The promise which is made by Party B to offer the maximum amount mortgage based on the above-mentioned property to Party A also applies to the other agreements of this contract otherwise, in addition to this agreement.

Floating Mortgage. 7.1 If Party B mortgages its existing and future manufacturing equipment, raw materials, semi-finished products and products, the mortgaged property will be determined at the time when any of the following circumstances occur: A. Party A's creditor’s rights have not been fulfilled upon maturity of the debts; B. Party B is declared bankrupt or is void; C. The circumstances occur as set out in Article 8.1 in which Party A has its mortgage rights implemented; D. Other circumstances occur in which the implementation of Party A's creditor’s Rights is severely affected. 7.2 In case Party B provides the foregoing properties as the guarantee for the maximum mortgage, in addition to this clause, the other provisions herein will be applicable.