Common use of Promises Clause in Contracts

Promises. The customer promises as following: (1) The customer will obey and fulfill all the duties under the agreement; (2) The customer will follow the agreement to repay the principle and interest of the loan and will pay for related expenses; the customer will apply for and obtain all the approval, authorization, registration and permit, and keep them valid so as to make the customer be able to sign and fulfill the agreement; if the bank requires, the customer should present relevant certification at once; (3) Within five business days after knowing it has been involved into any economic, civil, criminal or administrative suit or similar arbitration procedures, or within five business days after knowing any of its important assets has been involved in any forcible execution, seizure, freeze, retention or supervision, it should inform the bank about the influence in detail and the remedy measures the customer has taken or has planned to take; (4) Without the bank’s written consent, the customer must not pay off any debt or fulfill any duty of guarantee of large amount to any third party; (5) Without the bank’s written consent, the customer must not enter any other debt or provide any privileged guarantee for any third party’s debt; from the day the agreement is signed, the customer must not do the following things with out the bank’s written consent before repaying off all the debt under the agreement: a. conduct liquidation, bankrupt, acquisition, merger, separation, reorganization, dismissing, closing, business stoppage or similar legal procedures; b. sell, lease, give, transfer or dispose any of its important assets in any other manner except for the need of daily operation; c. change its equity structure; d. sign any contract/agreement which may bring serious negative influence to the customer’s ability to fulfill its duties under the agreement or undertake any duty which may bring similar influence. (6) If any specific condition or change occurs, the customer should follow the bank’s requirement to provide other guarantee acceptable to the bank. The above mentioned specific condition or change includes but is not limited to the guarantor’s out of business, dismissing, business license cancellation, application for bankrupt, crucial change in operational or financial condition, engagement in serious suit or arbitration; the customer’s legal representative, director, monitor or chief officers involved in suits; the decrease or possible decrease in the value of the guaranty or the freeze of the guaranty; the customer breaches the guarantee contract or request to terminate the guarantee contract; (7) Per the bank’s request, the customer should cover the enforceable notarization procedures at the notarizing authority appointed by the bank, and the customer should under the expense and be willing to accept the enforcement; (8) The customer should inform the bank about anything which may influence the customer’s ability in fulfilling the duties under the agreement.

Promises. The customer promises as following: (1) The customer will obey and fulfill all the duties under the agreement; (2) The customer will follow the agreement to repay the principle and interest of the loan and will pay for related expenses; the customer will apply for and obtain all the approval, authorization, registration and permit, and keep them valid so as to make the customer be able to sign and fulfill the agreement; if the bank requires, the customer should present relevant certification at once; (3) Within five business days after knowing it has been involved into any economic, civil, criminal or administrative suit or similar arbitration procedures, or within five business days after knowing any of its important assets has been involved in any forcible execution, seizure, freeze, retention or supervision, it should inform the bank about the influence in detail and the remedy measures the customer has taken or has planned to take; (4) Without the bank’s written consent, the The customer must not pay inform the bank in written form if it pays off any debt of large amount or fulfill fulfills any duty of guarantee of large amount to any third party; (5) Without the bank’s written consent, the The customer must not enter inform the bank in written form if it enters any other debt of large amount or provide provides any privileged guarantee for any third party’s debt; from the day date the agreement is signed, the customer must not do the following things with out the bank’s written consent signed and before repaying off all the debt under the agreement, the customer will not do the following things without informing the bank in written form: a. To conduct liquidation, bankrupt, acquisition, merger, separation, reorganization, dismissing, closing, business stoppage or similar legal procedures; b. To sell, lease, give, transfer or dispose any of its important assets in any other manner except for the need of daily operation; c. To change its equity structure; d. To sign any contract/agreement which may bring serious negative influence to the customer’s ability to fulfill its duties under the agreement or undertake any duty which may bring similar influence. (6) If any specific condition or change occurs, the customer should follow the bank’s requirement to provide other guarantee acceptable to the bank. The above mentioned specific condition or change includes but is not limited to the guarantor’s out of business, dismissing, business license cancellation, application for bankrupt, crucial change in operational or financial condition, engagement in serious suit or arbitration; the customer’s legal representative, director, monitor or chief officers involved in suits; the decrease or possible decrease in the value of the guaranty or the freeze of the guaranty; the customer breaches the guarantee contract or request to terminate the guarantee contract; (7) Per the bank’s request, the customer should cover the enforceable notarization procedures at the notarizing authority appointed by the bank, and the customer should under the expense and be willing to accept the enforcement; (8) The customer should inform the bank about anything which may influence the customer’s ability in fulfilling the duties under the agreement.