BORROWER’S PROMISES. Borrower makes the following promises to Crestmark and these promises are effective until the Obligations are fully paid:
A. To pay all Obligations when due and perform all terms, conditions and obligations of the Loan Documents.
B. To permit Crestmark, or its representatives, access to the Collateral on Borrower’s premises and to Borrower’s computer systems, books of account and financial records. Borrower will pay the cost of Field Examinations as specified in the Schedule.
C. To notify Crestmark promptly of any litigation, administrative or tax proceeding or other action threatened or instituted against Borrower or Guarantor or its property, or of any other material matter which may adversely affect Borrower’s financial condition. The amount of claims as to which Borrower must notify Crestmark is specified in the Schedule as the “Borrower Claims Threshold”.
D. To pay when due all taxes, assessments and governmental charges, provided that Borrower has the right to contest the same as long as it has a cash reserve with Crestmark in an amount as determined by Crestmark in its sole discretion.
E. To comply with the Financial Covenants described in the Schedule (if applicable).
F. To maintain insurance on its business activities in such amount and in such form as Crestmark may from time to time require, and with respect to such insurance if so designated, Crestmark shall be named as “Lender Loss Payee” under the policy and receive evidence of the insurance. All insurance which protects Crestmark shall have at least a 30-day notice to Crestmark prior to any cancellation. With respect to the insurance, Borrower appoints Crestmark as its attorney-in-fact to negotiate any and all claims under all insurance policies and Crestmark also has the power to negotiate any payments on the insurance policies.
G. To comply with all laws, ordinances and regulations or other requirements of any governmental authority or agency applicable to Borrower’s business.
H. To maintain and preserve all Collateral in good repair, working order and condition, and with respect to accounts, pursue collections thereof.
I. To provide Crestmark with evidence of ownership of any Collateral upon the request of Crestmark.
J. To maintain a Loan Amount balance which shall not exceed the sum of Eligible Collateral times the corresponding Advance Rate.
BORROWER’S PROMISES. A. The Borrower will complete all repairs required by Section
I. A. of this Repair Rider so that the Property meets the property standards required by the Secretary as determined by a HUD approved inspector.
B. Borrower shall cause work to begin on , 19 . Borrower shall have work completed by , 19 . Work is to be performed with reasonable diligence. Should Borrower fail to comply with these terms, until all repair work is satisfactorily completed Borrower shall not request and Lender shall not make any further payments under the Loan Agreement except for payment of repairs required by Section I.A. of this Repair Rider and Loan Advances required under Section 4.5 of the Loan Agreement.
C. Borrower will cause all improvements to be made in a workmanlike manner and in accordance with all applicable statutes and regulations. All licenses, permits and privileges required by local governmental authorities to rehabilitate the property will be obtained by the Borrower(s) or his/her contractor.
D. Borrower will furnish such records, contracts, bills and other documents relating to the Property and improvements as the Lender or the Secretary may require.
E. Without prior written consent of Lender, no materials, equipment, fixtures or any part of improvements financed with this loan shall be purchased or installed subject to conditional sales contracts, security agreements, lease agreements or other arrangements whereby title is retained or the right is reserved or accrues to anyone to remove or repossess any item, or to consider it as personal property.
BORROWER’S PROMISES. Both parties agree that the loan is non-interest bearing, but Party A shall allow Party B’s affiliates to carry out a construction project of no less than 20,000 m² under the Cao’er Village program as a contractor, with no advances, quality security deposit or Contract Performance Bond to be paid. 80% of the amount payable for the construction work will be paid monthly based on Party B’s work progress, and the remaining balance will be fully discharged within one month after the construction has been completed and passed the acceptance inspection. The contract price will be calculated based on the latest (most recent) fixed pricing of civil construction and related supporting documents (including documents concerning material fees and labor wages). The pricing shall be fixed with no downward cuts and treated as a Level One Type One project. On such premises, Party B shall not claim interest return from Party A’s use of the loan.
BORROWER’S PROMISES. BORROWER CLAIMS THRESHOLD: Two Thousand Five Hundred Dollars ($2,500.00).
BORROWER’S PROMISES. BORROWER CLAIMS THRESHOLD: $20,000.00.
BORROWER’S PROMISES. Borrower makes the following promises to XXXXXXX and these promises are effective until the Obligations are fully paid:
A. To pay all Obligations when due and perform all terms, conditions and obligations of the Loan Documents.
B. To permit XXXXXXX, or its representatives, access to the Collateral on Borrower’s premises and to Borrower’s computer systems, books of account and financial records. Borrower will pay the cost of Field Examinations as specified in the Schedule.
C. To notify XXXXXXX promptly of any litigation, administrative or tax proceeding or other action threatened or instituted against Borrower or Guarantor or its property, or of any other material matter which may adversely affect Borrower’s financial condition.
D. To pay when due all taxes, assessments and governmental charges, provided that Borrower has the right to contest the same as long as it has a cash reserve with XXXXXXX in an amount as determined by XXXXXXX in its sole discretion.
E. To comply with the Financial Covenants described in the Schedule (if applicable).
F. To maintain insurance on its business activities in such amount and in such form as XXXXXXX may from time to time require, and with respect to such insurance if so designated, XXXXXXX shall be named as “Lender Loss Payee” under the policy and receive evidence of the insurance. All insurance which protects XXXXXXX shall have at least a 30-day notice to XXXXXXX prior to any cancellation. With respect to the insurance, Borrower appoints XXXXXXX as its attorney-in-fact to negotiate any and all claims under all insurance policies and XXXXXXX also has the power to negotiate any payments on the insurance policies.
G. To comply with all laws, ordinances and regulations or other requirements of any governmental authority or agency applicable to Borrower’s business.
H. To maintain and preserve all Collateral in good repair, working order and condition, and with respect to Accounts, pursue collections thereof.
I. To provide XXXXXXX with evidence of ownership of any Collateral upon the request of XXXXXXX.
J. To maintain a Loan Amount balance which shall not exceed the sum of Eligible Collateral times the corresponding rate in the Advance Formula.
BORROWER’S PROMISES. FINANCIAL COVENANTS: None.
BORROWER’S PROMISES. 3.1 To provide authentic, complete and valid materials to Lender;
3.2 To cooperate with Lender to conduct loan repayment, post-loan management and relevant check;
3.3 To avoid investing loan into fixed assets, equity, the production or operation prohibited or restricted by competent authorities government, and not to evade entrusted payments by Lender by breaking up the whole into parts;
3.4 Borrower promises to completely fulfill all obligations hereto.
BORROWER’S PROMISES. The borrower promises the following:
9.1 The borrower operates in conformity to the law, complies with national laws and regulations, and uses the loan in full accordance with the purposes agreed in this contract.
9.2 The lender may at any time in a reasonable manner, supervise the use of the loans, learn the borrower’s plan execution, operation management, financial activities and major transaction contracts etc. The borrower must actively cooperate with the lender on the supervision of the use of loans and the operation, provide relevant information like financial statements and be responsible for the authenticity, integrity and effectiveness of the information.
9.3 The borrower promises to liquidate loans in priority without violating the normal reimbursement order, and is not entering or will not enter into any agreements or other legal documents that cause the loans under this contract to be subordinate.
9.4 The borrower shall promptly notify the lender of the failure of the guarantor in the event of production halts, closing a business, the cancellation of registration, the revocation of the business license, bankruptcy, revocation and operating loss, etc., partly or totally incapacitated with the loan, and provide other guarantees approved by the lender.
9.5 The borrower shall notify the lender in writing within seven (7) days of any of the following circumstances:
(1) All legal proceedings, arbitration or administrative investigation procedures that affect the interests of the borrower occur.
(2) Any breach of contract occurs or will occur.
(3) The borrower is informed that its or any of its important assets relating to any proceeding or arbitral proceeding, enforcement, seal-up, seizure or similar measures, or events or circumstances that may result in such proceedings or measures.
(4) The borrower has an economic dispute with a third party due to economic activities or a matter of affecting the normal conduct of the operating activities.
(5) Any event that may be seriously detrimental to the borrower’s business, asset status, etc.
(6) The borrower is required to change the legal representative, the name of the unit, modify the articles, or make significant changes in financial and personal matters.
(7) The borrower transfers the equity, make foreign investment, and increase debt financing substantially.
9.6 The borrower undertakes that no merger, division, dissolution, liquidation and any other action affecting the interests of the lender without...
BORROWER’S PROMISES. The Borrower makes the following promises to the Lender.
A. Borrower will comply with the terms of the Note and this Mortgage and other documents; B. Borrower will make all payments required by the Note and this Mortgage; C. The Borrower has good and marketable title to the Property. This means Borrower owns the Property and guarantees and will defend the Lender against any other claims to the Property.
