Common use of Default Events Clause in Contracts

Default Events. Article 45 Any of the following events shall be deemed to constitute the default events of this contract: 1. The Borrower fails to pay the interests and the principal as stipulated in this contract; 2. The Borrower fails to use the loan for the purposes as specified herein; 3. The loan capital is not paid in the way as agreed; 4. Beyond the agreed financial indicators (as per the requirements for credit approval); 5. In case of major cross default events. 6. The Borrower has provided the Lending Bank with a Balance Sheet, Statement of Profits or Losses or other financial reports that are false or conceal significant truths, or refuses to accept the supervision and examination over its use of the loan, production and operations and financial activities; 7. The representation, warranty or commitment made by the Borrower or Guarantor under this contract or the representation, warranty or commitment made under some security contract have been justified as unreal or misleading; 8. The Borrower or the Guarantor breaches other contracts where it is a party. 9. The business and financial status of the Borrower or Guarantor seriously deteriorate; 10. The collateral, pledge/pledge rights related to the loan hereunder is devaluated, destroyed or lost; 11. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank of the following: (1) Major alterations to the articles of association and any material changes to its business activities; (2) Major modification to the accounting principals; (3) Any major changes to the financial, economic and other aspects of its affiliates or parent company; 14. The Borrower is involved in any lawsuit, arbitration or administrative procedures that may have serious adverse impact on the financial status of the Borrower or the ability of the Borrower in performing its obligations pursuant to this contract.

Default Events. 7.1 The following events will be deemed as default events: 7.1.1 Beijing Technology or its successors or assignees fail to pay any payable payments under these agreements as scheduled and in full, or pledgers or their successors or assignees fail to perform their obligations under the business operation agreement, equity disposal agreement, and exclusive consultancy and service agreement; 7.1.2 Any statements, guarantees, or commitments made by pledgers in Articles 5 and 6 hereof contain any substantial misleading or mistakes, and/or pledgers violate said statements, guarantees, or commitments; 7.1.3 Pledgers significantly violates any clauses hereof; 7.1.4 Pledgers abandon pledged equities or transfer pledged equities without Party A’s written consent, unless otherwise agreed in Article 6.1.1 hereof; 7.1.5 Pledgers’ external loans, guarantees, compensations, commitment, or other repayment liabilities are to be paid or performed in advanced as are required or cannot be repaid or performed as scheduled and thus causing Party A has a ground to believe that pledgers’ ability to perform obligations hereunder has been affected and that will further affect Party A’s interests; 7.1.6 Pledgers are unable to repay their general liabilities or other debts that will further undermine Party A’s interests; 7.1.7 This Agreement becomes invalid due to the promulgation of relevant laws or pledgers are unable to continue their performance of obligations hereunder; 7.1.8 The consent, permission, approval or authorization of any government authorities necessary for this Agreement coming into force is withdrawn, suspended, invalidated or substantially amended; 7.1.9 Party A believes that pledgers’ ability to perform the obligations hereunder has been affected due to any adverse change of their owned assets; or 7.1.10 Other circumstances under which Party A may not exercise its rights of pledge as stipulated by relevant laws. 7.2 Pledgers shall forthwith notify Party A in writing of any events prescribed in Article 45 Any 7.1 that they have known or detected or that have happened. 7.3 Unless the default issues prescribed in Article 7.1 has been resolved to Party A’s satisfaction, Party A may, at any time during or after the occurrence of such default events, issue default notification to pledgers in writing, demanding immediate payment of all arrears and other payables under these Agreements or timely performance of the following events shall be deemed equity disposal agreement and business operation agreement. Where pledgers or Beijing Technology fail to constitute the rectify their default events or take any necessary remedies within ten days after the issuance of this contract: 1. The Borrower fails such written notification, Party A is entitled to pay the interests and the principal as stipulated exercises its rights of pledge in this contract; 2. The Borrower fails to use the loan for the purposes as specified herein; 3. The loan capital is not paid in the way as agreed; 4. Beyond the agreed financial indicators (as per the requirements for credit approval); 5. In case of major cross default eventsaccordance with Article 8 hereof. 6. The Borrower has provided the Lending Bank with a Balance Sheet, Statement of Profits or Losses or other financial reports that are false or conceal significant truths, or refuses to accept the supervision and examination over its use of the loan, production and operations and financial activities; 7. The representation, warranty or commitment made by the Borrower or Guarantor under this contract or the representation, warranty or commitment made under some security contract have been justified as unreal or misleading; 8. The Borrower or the Guarantor breaches other contracts where it is a party. 9. The business and financial status of the Borrower or Guarantor seriously deteriorate; 10. The collateral, pledge/pledge rights related to the loan hereunder is devaluated, destroyed or lost; 11. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank of the following: (1) Major alterations to the articles of association and any material changes to its business activities; (2) Major modification to the accounting principals; (3) Any major changes to the financial, economic and other aspects of its affiliates or parent company; 14. The Borrower is involved in any lawsuit, arbitration or administrative procedures that may have serious adverse impact on the financial status of the Borrower or the ability of the Borrower in performing its obligations pursuant to this contract.

Default Events. Article 45 46 Any of the following events shall be deemed to constitute the a default events of event under this contractContract: 1. The Borrower fails to pay the interests and the interest or repay principal on time as stipulated agreed in this contractContract; 2. The Borrower fails to use the loan for the purposes as specified hereinpurpose agreed in this Contract; 3. The loan capital is funds are not paid in the way as agreedagreed manner; 4. Beyond the The commitments are not complied with; 5. The agreed financial indicators are exceeded (as per subject to the requirements for of the lending bank’s credit approval); 56. In case of A major cross cross-default events.event occurs; 67. The Borrower has provided provides the Lending Bank lending bank with a Balance Sheetfalse “balance sheet”, Statement of Profits or Losses “profit and loss statement” or other financial reports statements that are false or conceal significant truthsimportant facts, or refuses to accept the lending bank’s supervision and examination over inspection of its use of the loanloan and related production, production and operations operation and financial activities; 78. The representationstatements, warranty or commitment guarantees and commitments made by the Borrower or the Guarantor under this contract Contract or the representationGuarantor’s The statements, warranty or commitment warranties and promises made under some security contract have been justified as unreal the Guarantee Contract are proved to be untrue or misleading; 89. The Borrower or the Guarantor breaches other contracts where to which it is a party.; 910. The Borrower or Guarantor’s business and financial status of the Borrower or Guarantor conditions seriously deteriorate; 1011. The collateral, pledge/pledge rights related to the loan hereunder is devaluatedunder this Contract depreciate, destroyed are damaged or lost; 1112. When the Borrower or Guarantor is merged, split or restructured into a joint-stock company, it fails to make a repayment arrangement or debt restructuring plan that satisfies the Lender; 13. The Borrower or Guarantor goes bankrupt, is dissolved, closed, revoked, suspended or cancelled; 14. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying promptly notify the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank Lender of the followingfollowing circumstances: (1) Major alterations Any major amendment to the articles its Articles of association Association and any material substantial changes to in its business activities; (2) Major modification amendments to the its accounting principalsprinciples; (3) Any major changes to in the financial, economic and other aspects of it or its affiliates subsidiaries or its parent company;. 1415. The Borrower is involved in any lawsuitlitigation, arbitration or administrative procedures procedure that may will have a serious adverse impact on the Borrower’s financial status or the Borrower’s ability to perform its obligations under this Contract; 16. The Borrower’s property has been sealed, frozen, seized or supervised according to law, which has or may affect the Borrower’s performance of its obligations under this Contract; 17. The Borrower, as a group customer identified by the Lending Bank in accordance with the “Guidelines for Risk Management of Credit Business for Group Customers of Commercial Banks”, uses false contracts with related parties to discount or pledge receivables, accounts receivable and other debts without real trade background to the bank to obtain bank funds or credit; or through related transactions, intentionally evades bank debts. 18. The Borrower violates any other terms of this Contract and fails to make remedies that satisfy the Lending Bank; 19. Any other events or circumstances occur that have a substantial adverse impact on the Lending Bank’s rights under this Contract. Article 47 Whether the above-mentioned default event occurs shall be determined by the Lending Bank and notified to the Borrower. After any of the Borrower above default events occur, the lending bank has the right to take any one or the ability more of the Borrower in performing its obligations pursuant to following measures: 1. Adjust the loan payment method, loan interest rate, charge penalty interest, reduce the credit limit, stop or suspend the loan transfer under this contract; 2. Declare that all loans issued are due immediately; 3. And require the borrower to immediately repay all the loan principal, interest (including statutory interest, agreed interest, compound interest and penalty interest), liquidated damages, damages or other costs of realizing debts (including but not limited to attorney fees, litigation/arbitration fees, preservation fees, appraisal fees, execution fees, notarization fees, travel expenses, etc.) and all other payable expenses and payables of the borrower; 4. Require the borrower to add or replace guarantors, collateral, pledges/pledge rights; 5. From any account opened by the borrower in the lending bank or any branch of China Everbright Bank system Directly deduct any amount payable but not paid by the Borrower under this Contract from the Lender; 6. Announce the implementation or realization of any rights under any guarantee of the relevant loan; 7. Require the Borrower to immediately rectify the misappropriation of funds that violates the purpose of the loan funds and downgrade the loan risk classification; 8. Require the Borrower to immediately rectify and eliminate the default status; 9. Other methods deemed appropriate by the Lender.

Default Events. Article 45 Any of the 7.1 The following events shall will be deemed as default events: 7.1.1 The FL MOBILE or its successors or assignees fail to constitute pay any payable payments under these Agreements as scheduled and in full, or Pledgers or their successors or assignees fail to perform their obligations under Business Operation Agreement, Equity Interest Disposal Agreement, and Exclusive Consultancy and Service Agreement; 7.1.2 Any statements, guarantees, or commitments made by Pledgers in Articles 5 and 6 hereof contain any substantial misleading or mistakes, and/or Pledgers violate said statements, guarantees, or commitments in Articles 5 and 6 hereof; 7.1.3 Pledgers significantly violates any clause hereof; 7.1.4 Pledgers abandon pledged equity interest or transfer pledged equity interest without Party A’s written consent, unless otherwise agreed in Article 6.1.1 hereof; 7.1.5 Pledgers’ external loans, guarantees, compensations, commitment, or other repayment liabilities are to be paid or performed in advance as required or cannot be repaid or performed as scheduled and thus causing Party A to have a ground to believe that Pledgers’ ability to perform obligations hereunder has been affected and that will further affect Party A’s interests; 7.1.6 Pledgers are unable to repay their general liabilities or other debts that will further undermine Party A’s interests; 7.1.7 This Agreement becomes invalid due to the promulgation of relevant laws or Pledgers are unable to continue their performance of obligations hereunder; 7.1.8 The consent, permission, approval or authorization of any government authorities necessary for this Agreement coming into force is withdrawn, suspended, invalidated or substantially amended; 7.1.9 Party A believes that Pledgers’ ability to perform the obligations hereunder has been affected due to any adverse change of their owned assets; or 7.1.10 Other circumstances under which Party A may not exercise its right of pledge as stipulated by relevant laws. 7.2 Pledgers shall forthwith notify Party A in writing if they have known or detected that any events prescribed in Article 7.1 have happened. 7.3 Unless the default events prescribed in Article 7.1 have been resolved to Party A’s satisfaction, Party A may, at any time during or after the occurrence of this contract: 1. The Borrower fails to pay the interests and the principal as stipulated in this contract; 2. The Borrower fails to use the loan for the purposes as specified herein; 3. The loan capital is not paid in the way as agreed; 4. Beyond the agreed financial indicators (as per the requirements for credit approval); 5. In case of major cross such default events. 6. The Borrower has provided the Lending Bank with a Balance Sheet, Statement issue default notification to Pledgers in writing, demanding immediate payment of Profits or Losses or other financial reports that are false or conceal significant truths, or refuses to accept the supervision and examination over its use of the loan, production and operations and financial activities; 7. The representation, warranty or commitment made by the Borrower or Guarantor under this contract or the representation, warranty or commitment made under some security contract have been justified as unreal or misleading; 8. The Borrower or the Guarantor breaches other contracts where it is a party. 9. The business and financial status of the Borrower or Guarantor seriously deteriorate; 10. The collateral, pledge/pledge rights related to the loan hereunder is devaluated, destroyed or lost; 11. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank of the following: (1) Major alterations to the articles of association and any material changes to its business activities; (2) Major modification to the accounting principals; (3) Any major changes to the financial, economic all arrears and other aspects payables under these Agreements or timely performance of Equity Interest Disposal Agreement and Business Operation Agreement. Where Pledgers or FL MOBILE fail to rectify their default events or take any necessary remedies within ten days after the issuance of such written notification, Party A is entitled to exercise its affiliates or parent company; 14. The Borrower is involved right of pledge in any lawsuit, arbitration or administrative procedures that may have serious adverse impact on the financial status of the Borrower or the ability of the Borrower in performing its obligations pursuant to this contractaccordance with Article 8 hereof.

Default Events. Article 45 Any of the 7.1 The following events shall will be deemed as default events: 7.1.1 The VIE or its successors or assignees fail to constitute pay any payable payments under these Agreements as scheduled and in full, or Pledgers or their successors or assignees fail to perform their obligations under Business Operation Agreement, Equity Interest Disposal Agreement, and Exclusive Consultancy and Service Agreement; 7.1.2 Any statements, guarantees, or commitments made by Pledgers in Articles 5 and 6 hereof contain any substantial misleading or mistakes, and/or Pledgers violate said statements, guarantees, or commitments in Articles 5 and 6 hereof; 7.1.3 Pledgers significantly violates any clause hereof; 7.1.4 Pledgers abandon pledged equity interest or transfer pledged equity interest without Party A’s written consent, unless otherwise agreed in Article 6.1.1 hereof; 7.1.5 Pledgers’ external loans, guarantees, compensations, commitment, or other repayment liabilities are to be paid or performed in advance as required or cannot be repaid or performed as scheduled and thus causing Party A to have a ground to believe that Pledgers’ ability to perform obligations hereunder has been affected and that will further affect Party A’s interests; 7.1.6 Pledgers are unable to repay their general liabilities or other debts that will further undermine Party A’s interests; 7.1.7 This Agreement becomes invalid due to the promulgation of relevant laws or Pledgers are unable to continue their performance of obligations hereunder; 7.1.8 The consent, permission, approval or authorization of any government authorities necessary for this Agreement coming into force is withdrawn, suspended, invalidated or substantially amended; 7.1.9 Party A believes that Pledgers’ ability to perform the obligations hereunder has been affected due to any adverse change of their owned assets; or 7.1.10 Other circumstances under which Party A may not exercise its right of pledge as stipulated by relevant laws. 7.2 Pledgers shall forthwith notify Party A in writing if they have known or detected that any events prescribed in Article 7.1 have happened. 7.3 Unless the default events prescribed in Article 7.1 have been resolved to Party A’s satisfaction, Party A may, at any time during or after the occurrence of this contract: 1. The Borrower fails to pay the interests and the principal as stipulated in this contract; 2. The Borrower fails to use the loan for the purposes as specified herein; 3. The loan capital is not paid in the way as agreed; 4. Beyond the agreed financial indicators (as per the requirements for credit approval); 5. In case of major cross such default events. 6. The Borrower has provided the Lending Bank with a Balance Sheet, Statement issue default notification to Pledgers in writing, demanding immediate payment of Profits or Losses or other financial reports that are false or conceal significant truths, or refuses to accept the supervision and examination over its use of the loan, production and operations and financial activities; 7. The representation, warranty or commitment made by the Borrower or Guarantor under this contract or the representation, warranty or commitment made under some security contract have been justified as unreal or misleading; 8. The Borrower or the Guarantor breaches other contracts where it is a party. 9. The business and financial status of the Borrower or Guarantor seriously deteriorate; 10. The collateral, pledge/pledge rights related to the loan hereunder is devaluated, destroyed or lost; 11. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank of the following: (1) Major alterations to the articles of association and any material changes to its business activities; (2) Major modification to the accounting principals; (3) Any major changes to the financial, economic all arrears and other aspects payables under these Agreements or timely performance of Equity Interest Disposal Agreement and Business Operation Agreement. Where Pledgers or VIE fail to rectify their default events or take any necessary remedies within ten days after the issuance of such written notification, Party A is entitled to exercise its affiliates or parent company; 14. The Borrower is involved right of pledge in any lawsuit, arbitration or administrative procedures that may have serious adverse impact on the financial status of the Borrower or the ability of the Borrower in performing its obligations pursuant to this contractaccordance with Article 8 hereof.

Default Events. 7.1 The following events will be deemed as default events: 7.1.1 NQ Technology or its successors or assignees fail to pay any payable payments under these agreements as scheduled and in full, or pledgors or their successors or assignees fail to perform their obligations under the Business Operation Agreement, Equity Interest Disposal Agreement, and Exclusive Consultancy and Service Agreement; 7.1.2 Any representations, warranties, or commitments made by pledgors in Articles 5 and 6 hereof contain any substantial misleading or mistakes, and/or pledgors violate aforesaid representations, warranties, or commitments; 7.1.3 Pledgors significantly violates any clauses hereof; 7.1.4 Pledgors abandon pledged equities or transfer pledged equities without Party A’s written consent, unless otherwise agreed in Article 45 Any 6.1.1 hereof; 7.1.5 Pledgors’ external loans, guarantees, compensations, commitment, or other repayment liabilities are required to be paid or performed in advance due to default or cannot be repaid or performed as scheduled and thus causing Party A has a ground to believe that pledgors’ ability to perform obligations hereunder has been affected and that will further affect Party A’s interests; 7.1.6 Pledgors are unable to repay their general liabilities or other debts that will further undermine Party A’s interests; 7.1.7 This Agreement becomes illegal due to the promulgation of relevant laws or pledgors are unable to continue their performance of obligations hereunder; 7.1.8 The consent, permission, approval or authorization of any government authorities necessary for this Agreement coming into force is withdrawn, suspended, invalidated or substantially amended; 7.1.9 Party A believes that pledgors’ ability to perform the obligations hereunder has been affected due to any adverse change of their owned assets; or 7.1.10 Other circumstances under which Party A may not exercise its rights of pledge as stipulated by relevant laws. 7.2 Pledgors shall forthwith notify Party A in writing upon notice or discovery of the following aforementioned circumstances described in Section 7.1. or the occurrence of any events shall be deemed that may lead to constitute the aforementioned circumstances described in Section 7.1. 7.3 Unless the default events issues prescribed in Article 7.1 has been resolved to Party A’s satisfaction, Party A may, at any time during or after the occurrence of this contract: 1. The Borrower fails to pay the interests and the principal as stipulated in this contract; 2. The Borrower fails to use the loan for the purposes as specified herein; 3. The loan capital is not paid in the way as agreed; 4. Beyond the agreed financial indicators (as per the requirements for credit approval); 5. In case of major cross such default events. 6. The Borrower has provided the Lending Bank with a Balance Sheet, Statement issue default notification to pledgors in writing, demanding immediate payment of Profits all arrears and other payables under these Agreements or Losses or other financial reports that are false or conceal significant truths, or refuses to accept the supervision and examination over its use timely performance of the loanEquity Interest Disposal Agreement and Business Operation Agreement. Where pledgors or NQ fail to rectify their default events or take any necessary remedies within ten days after the issuance of such written notification, production and operations and financial activities; 7. The representation, warranty or commitment made by the Borrower or Guarantor under this contract or the representation, warranty or commitment made under some security contract have been justified as unreal or misleading; 8. The Borrower or the Guarantor breaches other contracts where it Party A is a partyentitled to exercises its rights of pledge in accordance with Article 8 hereof. 9. The business and financial status of the Borrower or Guarantor seriously deteriorate; 10. The collateral, pledge/pledge rights related to the loan hereunder is devaluated, destroyed or lost; 11. The Borrower fails to make repayment arrangements or liability reorganization plan satisfying the Lending Bank when the Borrower or Guarantor is merged or split or undergoing a shareholding reform; 12. The Borrower or Guarantor becomes bankrupt, dissolved, shut down or have its licenses repealed, suspended and written off. 13. The Borrower fails to inform the Lending Bank of the following: (1) Major alterations to the articles of association and any material changes to its business activities; (2) Major modification to the accounting principals; (3) Any major changes to the financial, economic and other aspects of its affiliates or parent company; 14. The Borrower is involved in any lawsuit, arbitration or administrative procedures that may have serious adverse impact on the financial status of the Borrower or the ability of the Borrower in performing its obligations pursuant to this contract.