Common use of Promises Clause in Contracts

Promises. 1. The mortgager’s responsibility (1) The mortgager promises not to take actions as follows without the agreement of the mortgagee: · Selling, bestowing, renting, lending, transferring, mortgaging or any other ways to deal with the whole or major property. · Big changes occurred on management system and property right format. It includes but not limited to contract, rent, operate, transformation to company, shareholding reform, stock right transfer, merge or take over, joint or cooperate with other ventures, be separated, open new branches, property right transfer or reduce capital. · Amend company’s regulations change the scope of the company and the main business lines. · providing guarantee to the third party which lead to the adverse effects on the mortgage’s finance and the mortgage’s capacity to carry out obligations. · Apply to reorganize, go bankrupt or dissolute the company. · To sign some contract or agreement that would had a adverse effect on the mortgager’s capacity to comply with this contract or shoulder some responsibility that may have the same result like this. (2) The mortgager promises that the mortgager will be noticed immediately when any of the following accidents occur. At the same time the mortgager must provide the related original notice to the mortgagee within five days right after the accident occur (companies’, organizations’ or the like should be with official seal, for natural people it should be signed). · Accidents that result in the inaccurate and untruthful of the mortgager’s statement occur. · Mortgage or controlling shareholders, actual controllers or their associates are involved in litigation, arbitration or the assets get seized ,be closed down. Be frozen, be enforced legaly or be taken care with other measures which have the same effect, or their legal representative, director, matter, senior management are involved in litigation, arbitration or other enforcement measures. · ▇▇▇▇▇▇▇▇▇'s legal representative (if any), the responsible person, the authorized representative of the main financial responsibility, mailing address, office location get change. The mortgagor changes the domicile, habitual residence, changes their work units, leave the city he lives for a long time, changed his name or adverse changes in income levels. · Ownership of collateral causes dispute, or the mortgage will or may be subjected to a third party · Be applied to get reoranized ,bankcrupt by other creditors, or be revocated by superiors. (3) If a third party proposes any requirements that may affect the mortgagee's rights under this contract, the mortgagor shall take all measures to protect the rights of mortgagee. (4) Mortgage shall bear full expenditure of the collateral’s assessment, class, justice, identification, insurance, storage, maintenance of collateral values under this contract as well as the full cost used in protecting the mortgagee's rights under this contract. (5) ▇▇▇▇▇▇▇▇▇ promises, regardless of whether the debtor under the main contract apply the actual amount of cross-application or use of alternate lines, it is considered to have obtained the mortgagor’s agreement, the mortgagor should bear security responsibility under this contract. The main contract to is to provide letters of credit, guarantee or standby letter of credit to the debtor for the creditor, the mortgagor promises, when the debtor fails to make up the margin required, the mortgagor will bear responsibility to make up the margin. (6) The main contract for the creditor to the debtor to provide letters of credit, guarantee or standby letter of credit opened the business, commitment to the mortgagor, when the debtor fails to make up the margin requirements (including the complement in advance), by the mortgagor make up the margin of bear joint responsibility .The one to make up the margin does not mean he is free to bear the responsibility ruled under this contract. Any loss (including loss of interest) caused by the repay of margin of the mortgagor under this contract should be bore by the mortgagor. (7) When the Mortgagee under this contract provides for the right to achieve the mortgage right, the mortgagor should help to get all the paper work done in order to ensure realization of the mortgage. (8) When the mortgager is not the debtor of the main contract, the mortgagor promises to mortgagor would bear the joint responsibilities of the unpaid debt unconditionally if the following events happen: · The mortgagee disposes collateral legally, Collateral auction, the sale proceeds under the main contract is insufficient to satisfy all claims or the discount value of the collateral is not enough to cover all the claims. · Collateral damage, loss cause not because of the mortgager or the compensation, insurance is not enough to pay the main debt back. · The mortgagee can not exercise or lose the right to mortgage under this contract not due to the fault of the mortgagee, · This contract does not lead to effective, ineffective, or revoked due to the mortgager’s own reasons,

Promises. 1. The mortgager’s responsibility (1) The mortgager promises not to take actions as follows without the agreement of the mortgagee: · Selling, bestowing, renting, lending, transferring, mortgaging or any other ways to deal with the whole or major property. · Big changes occurred on management system and property right format. It includes but not limited to contract, rent, operate, transformation to company, shareholding reform, stock right transfer, merge or take over, joint or cooperate with other ventures, be separated, open new branches, property right transfer or reduce capital. · Amend company’s regulations change the scope of the company and the main business lines. · providing guarantee to the third party which lead to the adverse effects on the mortgage’s finance and the mortgage’s capacity to carry out obligations. · Apply to reorganize, go bankrupt or dissolute the company. · To sign some contract or agreement that would had a adverse effect on the mortgager’s capacity to comply with this contract or shoulder some responsibility that may have the same result like this. (2) The mortgager promises that the mortgager will be noticed immediately when any of the following accidents occur. At the same time the mortgager must provide the related original notice to the mortgagee within five days right after the accident occur (companies’, organizations’ or the like should be with official seal, for natural people it should be signed). · Accidents that result in the inaccurate and untruthful of the mortgager’s statement occur. · Mortgage or controlling shareholders, actual controllers or their associates are involved in litigation, arbitration or the assets get seized ,be closed down. Be frozen, be enforced legaly or be taken care with other measures which have the same effect, or their legal representative, director, matter, senior management are involved in litigation, arbitration or other enforcement measures. · ▇▇▇▇▇▇▇▇▇'s legal representative (if any), the responsible person, the authorized representative of the main financial responsibility, mailing address, office location get change. The mortgagor changes the domicile, habitual residence, changes their work units, leave the city he lives for a long time, changed his name or adverse changes in income levels. · Ownership of collateral causes dispute, or the mortgage will or may be subjected to a third party · Be applied to get reoranized getreoranized ,bankcrupt by other creditors, or be revocated by superiors. (3) If a third party proposes any requirements that may affect the mortgagee's rights under this contract, the mortgagor shall take all measures to protect the rights of mortgagee. (4) Mortgage shall bear full expenditure of the collateral’s assessment, class, justice, identification, insurance, storage, maintenance of collateral values under this contract as well as the full cost used in protecting the mortgagee's rights under this contract. (5) ▇▇▇▇▇▇▇▇▇ promises, regardless of whether the debtor under the main contract apply the actual amount of cross-application or use of alternate lines, it is considered to have obtained the mortgagor’s agreement, the mortgagor should bear security responsibility under this contract. The main contract to is to provide letters of credit, guarantee or standby letter of credit to the debtor for the creditor, the mortgagor promises, when the debtor fails to make up the margin required, the mortgagor will bear responsibility to make up the margin. (6) The main contract for the creditor to the debtor to provide letters of credit, guarantee or standby letter of credit opened the business, commitment to the mortgagor, when the debtor fails to make up the margin requirements (including the complement in advance), by the mortgagor make up the margin of bear joint responsibility .The one to make up the margin does not mean he is free to bear the responsibility ruled under this contract. Any loss (including loss of interest) caused by the repay of margin of the mortgagor under this contract should be bore by the mortgagor. (7) When the Mortgagee under this contract provides for the right to achieve the mortgage right, the mortgagor should help to get all the paper work done in order to ensure realization of the mortgage. (8) When the mortgager is not the debtor of the main contract, the mortgagor promises to mortgagor would bear the joint responsibilities of the unpaid debt unconditionally if the following events happen: · The mortgagee disposes collateral legally, Collateral auction, the sale proceeds under the main contract is insufficient to satisfy all claims or the discount value of the collateral is not enough to cover all the claims. · Collateral damage, loss cause not because of the mortgager or the compensation, insurance is not enough to pay the main debt back. · The mortgagee can not exercise or lose the right to mortgage under this contract not due to the fault of the mortgagee, · This contract does not lead to effective, ineffective, or revoked due to the mortgager’s own reasons,

Promises. 1. The mortgager’s responsibility (1) The mortgager promises not to take actions as follows without the agreement of the mortgagee: · Selling, bestowing, renting, lending, transferring, mortgaging or any other ways to deal with the whole or major property. · Big changes occurred on management system and property right format. It includes but not limited to contract, rent, operate, transformation to company, shareholding reform, stock right transfer, merge or take over, joint or cooperate with other ventures, be separated, open new branches, property right transfer or reduce capital. · Amend company’s regulations change the scope of the company and the main business lines. · providing guarantee to the third party which lead to the adverse effects on the mortgage’s finance and the mortgage’s capacity to carry out obligations. · Apply to reorganize, go bankrupt or dissolute the company. · To sign some contract or agreement that would had a adverse effect on the mortgager’s capacity to comply with this contract or shoulder some responsibility that may have the same result like this. (2) The mortgager promises that the mortgager will be noticed immediately when any of the following accidents occur. At the same time the mortgager must provide the related original notice to the mortgagee within five days right after the accident occur (companies’, organizations’ or the like should be with official seal, for natural people it should be signed). · ¨ Accidents that result in the inaccurate and untruthful of the mortgager’s statement occur. · ¨ Mortgage or controlling shareholders, actual controllers or their associates are involved in litigation, arbitration or the assets get seized ,be closed down. Be frozen, be enforced legaly or be taken care with other measures which have the same effect, or their legal representative, director, matter, senior management are involved in litigation, arbitration or other enforcement measures. · ¨ ▇▇▇▇▇▇▇▇▇'s legal representative (if any), the responsible person, the authorized representative of the main financial responsibility, mailing address, office location get change. The mortgagor changes the domicile, habitual residence, changes their work units, leave the city he lives for a long time, changed his name or adverse changes in income levels. · ¨ Ownership of collateral causes dispute, or the mortgage will or may be subjected to a third party · ¨ Be applied to get reoranized getreoranized ,bankcrupt by other creditors, or be revocated by superiors. (3) If a third party proposes any requirements that may affect the mortgagee's rights under this contract, the mortgagor shall take all measures to protect the rights of mortgagee. (4) Mortgage shall bear full expenditure of the collateral’s assessment, class, justice, identification, insurance, storage, maintenance of collateral values under this contract as well as the full cost used in protecting the mortgagee's rights under this contract. (5) ▇▇▇▇▇▇▇▇▇ promises, regardless of whether the debtor under the main contract apply the actual amount of cross-application or use of alternate lines, it is considered to have obtained the mortgagor’s agreement, the mortgagor should bear security responsibility under this contract. The main contract to is to provide letters of credit, guarantee or standby letter of credit to the debtor for the creditor, the mortgagor promises, when the debtor fails to make up the margin required, the mortgagor will bear responsibility to make up the margin. (6) The main contract for the creditor to the debtor to provide letters of credit, guarantee or standby letter of credit opened the business, commitment to the mortgagor, when the debtor fails to make up the margin requirements (including the complement in advance), by the mortgagor make up the margin of bear joint responsibility .The one to make up the margin does not mean he is free to bear the responsibility ruled under this contract. Any loss (including loss of interest) caused by the repay of margin of the mortgagor under this contract should be bore by the mortgagor. (7) When the Mortgagee under this contract provides for the right to achieve the mortgage right, the mortgagor should help to get all the paper work done in order to ensure realization of the mortgage. (8) When the mortgager is not the debtor of the main contract, the mortgagor promises to mortgagor would bear the joint responsibilities of the unpaid debt unconditionally if the following events happen: · The mortgagee disposes collateral legally, Collateral auction, the sale proceeds under the main contract is insufficient to satisfy all claims or the discount value of the collateral is not enough to cover all the claims. · Collateral damage, loss cause not because of the mortgager or the compensation, insurance is not enough to pay the main debt back. · The mortgagee can not exercise or lose the right to mortgage under this contract not due to the fault of the mortgagee, · This contract does not lead to effective, ineffective, or revoked due to the mortgager’s own reasons, 2. Deducting agreement (1) When the ▇▇▇▇▇▇▇ has matured liability unpaid, pledgee are entitled to deduct capital in any account that the ▇▇▇▇▇▇▇ has opened in Shanghai Pudong Development Bank, thus to pay off the matured liability. (2) Unless powerful apparatus of states has some other rules, during deducting, the ranking of claims of proceeds is firstly used in paying off overdue debt between the ▇▇▇▇▇▇▇ and pledgee, and then it is used to pay off interest due but not paid. (3) When the proceeds that deducted and the currency that paid off are inconsistent, pledgee has the right to engage in settlement of exchange and purchasing according to the related exchange rate that formulated by himself and the ▇▇▇▇▇▇▇ bear the exchange rate risk.