Common use of Guarantor’s Commitment Clause in Contracts

Guarantor’s Commitment. 5.1 The Guarantor shall be a natural person with full capacity for civil conduct, or a legal organization established by laws and be existing legally. 5.2 Guarantor shall obtain the relevant authorization to sign this contract. 5.3 Provide the Creditor the true, complete, valid financial statement and other related information and documents. 5.4 Guarantor has acknowledged the main contract of guarantee contract. If debtor fails to carry out the debt repay obligation under the main contract, the guarantor shall carry out the guarantee responsibility. 5.5 Guarantor breaches this contract or fails to carry out the guarantee responsibility, the creditor has right to deduct the relevant fund from the account that guarantor opened with rural credit cooperative of Shandong system (including each level cooperative organization, cooperation banks, commercial banks and their branches); the repaying order and the repaid loan shall be determined by creditor. 5.6 Guarantor breach the stipulations under this contract or fails to carry out the guarantee responsibility, the creditor has right to disclose it in public or claim in media. 5.7 Such events occur to the Guarantor, the Guarantor shall provide the Creditor a writing notice letter in 5 business days advance. 5.7.1 Subordinate relationship change, key officeres change, articles of incorporation amending and company structure reform. 5.7.2 Business operation suspension, registration cancellation, license withdrawal. 5.7.3 Financial situation worsening, material tight business operating or involve a material lawsuit or arbitration. 5.7.4 Change business name, registration address, corporate representative, contact information, etc. 5.7.5 The matter that may affect the Creditor to accomplish its right occurs to the Guarantor. 5.8 The Guarantor take such following actions, a writing notice letter shall be provided to the Creditor in 15 working days advance and obtained the writing consent from the Creditor. 5.8.1 The capital structure or the system of management is changed by Guarantor, including but not limited, operating in a contract, lease, shareholding reform, affiliation, merger, acquisition, split, joint venture, asset transfer, apply for suspension and reform, apply for dismiss, apply for bankrupt. 5.8.2 The Guarantor provided a Guarantee for a thirty party, a Guarantee, a pledge or a mortgage for himself or a third party with his major assets or property. It may affect him to carry out the guarantee obligation of the Contract. 5.9 As required by laws or by relevant finance monitoring authorities, the lender has right to provide the information related to this contract or other relevant information to PBOC credit database or other credit database set by laws, which database may access by person or organizations who are permitted; accordingly, the lender is entitled to search relevant information of borrower from such credit database for the purpose of signing this contract;