Common use of Agreed Items Clause in Contracts

Agreed Items. The Borrower and the Creditor agree as follows: 1. The Borrower warrants that it will carry out its business legally, and use the loan in accordance with the intended use stated in this Agreement. The Borrower should provide various financial accounting materials, including monthly and annual reports periodically pursuant to the requirement of the Creditor, and coordinate with the supervision by the Creditor. The Creditor may inspect and supervise the usage of the loan in various ways at any time. 2. The Borrower shall repay the principal and interest of loan under this Agreement in accordance with the time, amount, currency and interest rate agreed hereof in the Agreement, request form and Loan Note. The actual time for repay, amount, currency, and interest rate shall be subject to the contents in the Loan Note. 3. The Borrower warrants that, if any significant adverse event that might sufficiently impact the financial status or implementation of guarantee obligation occurs, the Borrower shall timely provide additional new guaranty that is approved by the Creditor. 4. The Borrower shall not have the following behaviors prior to the written consent by the creditor. (1) Disposition all or part of major assets in distribution, donation, renting, lending, transferring, mortgage. (2) Any behaviors that may impact the repaying ability of the Borrower, such as contracting, rendering, joint management, foreign investment, shareholding system transformation, etc. (3) To modify the company’s regulations or other documents established, or change the business scope or major business of the company. (4) To provide a third party with warranties that may significantly adversely impact the financial state or ability of carry out the obligations under this Agreement. (5) To pay off other long-term loan in advance. (6) To sign any contract/agreement or afford any other obligations that may significantly adversely impact the ability of carrying out the obligations under this Agreement. 5. The Borrower shall notify the Creditor immediately on the date when the following events occur, and deliver the original notice (with seal) to the creditor within five (5) bank working days after the occurrence of the event. (1) Any related event that lead to the untruth, inaccuracy or invalidity of the presentation and warranties of the borrower in this Agreement. (2) The Borrower or its controlling shareholder, real controller or other affiliated person encounter lawsuit or arbitration, or their assets are sealed up, frozen, enforced or taken other measures with the same effectiveness; or the legal representatives, board of directors, supervision member or senior management of the Borrower encounter lawsuit, arbitration or other enforced actions. (3) The change in legal representative of Borrower or its authorized representative, major financial principal, communication address, and corporate name, office site. (4) Be applied for re-building, bankruptcy, or revocation by any administrative department. (5) Occurrence of significant adverse event that may impact the repaying ability of the Borrower. 6. The Borrower shall not to repay other loan in priority which violates the regular sequence, and shall not sign any contract or agreement which may lead the loan under this Agreement to be in a subordinate status. 7. The Borrower shall repay the principal and interest under this Agreement in a same currency. If different currencies are used, the Borrower shall exchange the currency into the same currency of the loan under the Agreement by itself or by authorizing the Creditor prior to handle the exchange in accordance with the provisions agreed in the “Deduction Agreement” under this Agreement; the fees generated from the exchange shall be afforded by the Borrower. For repayment in other currencies deducted from the guarantor in accordance with the “Deduction Agreement” under the guaranty contract is performed, of which the charge is afforded by Borrower, the Borrower shall also be liable for the fees generated. 8. At the time when specific situation or change occurs under this Agreement, the Borrower shall provide the Creditor with other warranties approved by the Creditor. These specific situation and change include but not limit to the termination of producing, shut down or disbandment, stop business for rectification, bankruptcy, other significant change in business operation or financial situation, encountering lawsuit or arbitration by its legal representative, board of directors, supervision members or senior management, the value decrease of the guaranty, any breach of the warranty contract or request for terminating the warranty contract. 9. The Creditor is entitled to perform follow-up on site or non-on site after supervision with the business and financial conditions, usage of the loan capital and the repayment situation. The Borrower has the obligation to positively coordinate with the Creditor to perform payment and post follow-up management and other related inspection. 10. The Creditor is entitled to reclaim the loan in accordance with the capital reclaim situation of the Borrower.