Promise Clause Samples
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Promise. The borrower promises to each participant bank from the effective date of this agreement to the liquidation date of all the unpaid funds under this agreement of the borrower:
15.1 The borrower should ensure the duties of each participant bank can become direct and unconditional duties at any time.
15.2 Once any of the following happens, the borrower should immediately notify the credit agent bank after the events:
(1) Any default event;
(2) Any lawsuits, arbitration or other legal procedures stated in Item 7 and 9 of Article 14.1 of this agreement;
(3) The borrower suffers from mergence, separation, assets transfer exceeding RMB 10,000,000 with single sum, reorganization, shareholding reform, suspended business application, bankruptcy application, which enough effect the realization of creditor’s rights of participation bank;
(4) The borrower suffers from the changes of appellation, legal representative, address, serious accidents, business stopping, business closing, register cancellation, suspended business license, illegal activities from legal representative or main principle, serious lawsuits or arbitration, great difficulties for production and operation, bad financial situation;
(5) The borrower is aware of serious adverse event to be happened.
15.3 The borrower should maintain the legal, continuous and effective position of legal person and ensure him/her have necessary capacity of civil right and conducts to fulfill the agreement.
15.4 The borrower should obey all the applicable laws and rules and turn in all the taxes and charges to the government departments in time.
15.5 The borrower cannot decrease the registered capital and should ensure no adverse changes of business nature and scope.
15.6 The borrower should ensure the related transaction between the borrower and related party in any way or contents is fair and equitable. The borrower will not transfer the profit by non-fair related transaction to damage the legal rights and interest of participation banks.
15.7 Without the written consent of bank consortium, the borrower cannot sell, rent, transfer or dispose 10% of the total assets value of the borrower via one or more or serial sums in an accounting year (If there are a sum or serial sums of transaction, the total value can be accumulated).
15.8 Except the guarantee stated in the agreement or external guarantee existing before the effective date of the agreement and recorded in the credit agent bank, without the written consent of majori...
Promise. Mendocino Brewing Company, Inc., a California corporation having its principal office at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and any successor (the "Company"), for value received, promises to pay to United Breweries of America Inc., a Delaware corporation or to its registered successors or assigns (the "Holder") the principal sum of One Hundred Thousand and no/100 Dollars ($100,000.00) on presentation and surrender of this Convertible Note ("Note") on November 5, 1999 (the "Maturity Date"), and to pay interest on that principal sum at a rate equal to one and one-half percent (1.50%) per annum above the prime rate offered from time to time by the Bank of America in San Francisco, California. Interest payments shall be paid quarterly on the first day of the months of April, July, October, and January of each year.
Promise. Guarantor promises to pay any Obligation that ▇▇▇▇▇▇▇▇ has not promptly paid when due. Guarantor promises to pay irrespective of our actions or inactions regarding the Obligations, or whether we have enforced any security interest created under this Agreement. Guarantor further promises to pay irrespective of the invalidity, insufficiency, or unenforceability of any Obligation. Guarantor's obligations shall not be affected, modified or impaired by any counterclaim, set-off, deduction or defense based upon any claim the Guarantor may have against you (Merchant) or us, except payment or performance of the Obligations.
Promise. What Medgenics could deliver - therapeutically and by value.
Promise. Subject to the other provisions of this Section 11, IMI agrees to defend and hold Customer harmless from and against all claims, losses, damages, judgments, awards, settlements, and costs (including reasonable attorneys’ fees), arising out of, or resulting from any litigation or proceeding brought by a Third Party alleging that Customer’s use of the Workflow in the Field pursuant to and in accordance with the terms of this Agreement (“Use”) constitutes infringement by the Customer of such Third Party’s Intellectual Property or Know-How.
Promise. “a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee n understanding that a commitment has been made.” (R.2d §2)
Promise. Mendocino Brewing Company, Inc., a California corporation having its principal office at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and any successor (the "Company"), for value received, promises to pay to United Breweries of America Inc., a Delaware corporation or to its registered successors or assigns (the "Holder") the principal sum of Twenty Nine Thousand Eight Hundred Fifty Eight and 75/100 Dollars ($29,858.75) on presentation and surrender of this Convertible Note ("Note") on December 29, 1999 (the "Maturity Date"), and to pay interest on that principal sum at a rate equal to one and one-half percent (1.50%) per annum above the prime rate offered from time to time by the Bank of America in San Francisco, California. Interest payments shall be paid quarterly on the first day of the months of April, July, October, and January of each year.
Promise. Lessee promises not to terminate the Agreement before it expires unless there is force majeure or serious breach of Agreement by the lessor. If the Agreement is terminated or is impossible to perform due to lessee’s fault, lessor is entitled to confiscate the deposit money and require lessee to pay the rents and other fees which is due on the original terminating date.
Promise. Under the terms of article 2,243 of the Federal Civil Code, by virtue of the subscription of this present contract, the PRINCIPAL promises and expressly commits himself to cede in the future in favor of the ASSIGNEE 100 % (one hundred per cent) of the mining rights that might derive from the conclusion of the registry procedures of the FUTURE CONCESSION, free of liens, burden, attachments or limitation in domain of any kind. On its part, and as a counterclaim concept for the eventual transfer already described, the ASSIGNEE promises and expressly obliges himself to pay in favor of the PRINCIPAL the amount described in the forthcoming clauses.
Promise. The parties hereto promise to abide by the terms of this agreement and intend to be legally bound thereby.