Common use of Tangible Movable Property Clause in Contracts

Tangible Movable Property. The undertaking party has truly, accurately and completely disclosed the tangible movable property owned or entitled to use by the target company on the signing date to the transferee. The target company is the legal owner and user of these tangible movables, and the target company can independently manage its tangible movables, which are not restricted by any rights burden and are in good condition for effective use (except normal wear and tear). The use or utilization of tangible movable property by the target company is in line with the laws of China and will not infringe the rights and interests of any third party.