Common use of Statement and Commitment Clause in Contracts

Statement and Commitment. 1. Borrower statements as following: (1) The Borrower is duly organized and valid under the law of the People's Republic of China and has the power and authority to own its property to consummate the transactions contemplated in this contract and join the litigation, The Borrower has the power to handle it assets used in operation. (2) The Borrower is at its option to sign and perform this contract. It is the Borrower's true meaning and has the power to sign this contract and it is not breach it article of association or regulations or contracts. The procedure for signature and performance or this contract has been gone through and fully effectiveness. The Borrower already obtained or being obtained all permit, approval, file, registration related to the signing and carrying out the Contract. (3) All documents, materials, reports and certificates provided to the Lender by the Borrower for consummation of the contract is true, real, complete and effective. (4) The purpose of the Loan that the Borrower applied to the Lender is real, legal and no purpose to money laundering. (5) The matter that may affect the Borrower and the Guarantor's financial situation or affect them to carry on the Contract. The Borrower shall not be hiding from Lender. 2. ▇▇▇▇▇▇▇▇'s commitments (1) Provide the Lender the financial statement (including, but not limited, annual report, quarter report, monthly report) and other relevant documents as the Lender required. (2) A reverse guarantee agreement or such similar agreement is signed between the Borrower and Guarantor related to the guarantee obligation of the Contract, such agreement shall not affect the Lender's equity under the Contract.. (3) Accept credit check and monitoring from the Lender with sufficient assistant and co-operation. (4) Such events may affect the Borrower or Guarantor's financial situation or carrying on the Contract, including, but not limited to any format split, merger, joint venture, cooperation, jointly cooperation, dissolution, closedown, liquidation, transformation; planning to go public, involved into a material lawsuit or arbitration, or a material business operation difficulty situation and a material financial situation worsening, or the Borrower breaches other contracts, the Borrower shall provide a writing inform to the Lender; Any above action the Borrower takes that may affect the Borrower's repaying ability, ▇▇▇▇▇▇▇▇ shall inform ▇▇▇▇▇▇ in writing in time. (5) The repayment to the Lender is prior to the debt that provided by director(s) of company, and it shall be not behind other debt. (6) The Borrower shall not provide any stock dividend or bonus to shareholders in such events: the net profit after tax is ▇▇▇▇ or loss in a accounting fiscal year; the net profit could not cover the profit loss in last years; the net profit before tax is not paid the payable principal, payable interest and relevant expenses; or could not cover the payable principal and payable interest. (7) Such events may affect the Borrower or Guarantor's financial situation or carrying on the Contract, including, but not limited to any format split, merger, joint venture, cooperation, jointly cooperation, dissolution, closedown, liquidation, transformation; planning to go public, involved into a material lawsuit or arbitration, or a material business operation difficulty situation and a material financial situation worsening, or the Borrower breaches other contracts, the Borrower shall provide a writing inform to the Lender; Any above action the Borrower takes that may affect the Borrower's repaying ability, ▇▇▇▇▇▇▇▇ shall inform ▇▇▇▇▇▇ in writing in time.