PRC Operating Entity definition
Examples of PRC Operating Entity in a sentence
As to licenses, approvals and government grants and concessions requisite or material for the conduct of any part of the PRC Operating Entities’ business which is subject to periodic renewal, neither the Company, the Subsidiaries, nor any PRC Operating Entity has any knowledge of any grounds on which such requisite renewals will not be granted by the relevant PRC governmental authorities.
There is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other proceeding pending or, to the knowledge of the Company, threatened against or involving the Company, any Subsidiary or any PRC Operating Entity which questions the validity of this Agreement or any of the other Transaction Documents or the transactions contemplated hereby or any action taken or to be taken pursuant hereto or thereto.
Therefore, based on past practices and recent interpretation of the Supreme People’s Court, it is unlikely the PBOC will impose any fines or penalties although there cannot be any assurance that no such fines or other punitive actions will be taken against the PRC Operating Entity.
To the best of our knowledge after due inquiry, none of PRC Subsidiary or PRC Operating Entity is in material breach or default in the performance or observance of the VIE Agreements to which it is a party.
The due execution, delivery and performance of each of the VIE Agreements by PRC Subsidiary and PRC Operating Entity and the other parties thereto, and the due consummation of the transactions contemplated thereunder, do not (A) result in any violation of the business license, articles of association, approval certificate or other constitutional documents (if any) of any of PRC Subsidiary and PRC Operating Entity; or (B) result in any violation of any explicit requirements under the PRC Laws.