Breaching Liability. 1. If both parties cannot continue the performance of this Agreement due to either party’s breach, the breaching party shall pay the other party liquidated damages equal to 10% of all amounts payable during the performance of this Agreement.
2. If Party B fails to make settlements with Party A within the time limit as set forth herein, Party B shall pay an overdue fine to Party A, calculated at the bank loan rate for such overdue period. The calculation shall be made according to the amount of the late payment and related period.
Breaching Liability. 8.1 Either of the parties shall perform its obligations hereunder after this Contract becomes effective. Any party who fails to perform its obligations hereunder in part or whole shall bear breaching liabilities pursuant to applicable laws.
8.2 If Party A fails to draw the Borrowing pursuant to Article 3.3 hereof, Party B shall be entitled to charge liquidated damages on a daily basis at the contract rate.
8.3 If Party B fails to provide the Borrowing pursuant to Article 3.3 hereof, it shall pay liquidated damages on a daily basis at the contract rate.
8.4 If Party A repays the Borrowing hereunder in advance without prior written consents of Party B, Party B shall be entitled to charge interest accruals based on the borrowing term and rate as specified in this Contract.
8.5 If Party A fails to pay the due principals and interest accruals thereon, Party B shall be entitled to request it to clear the same within the given time limit. In such case, Party A shall authorize Party B to withdraw funds under all of its accounts opened with ICBC and all of its branches to offset its obligations hereunder. Meanwhile, the outstanding Borrowing will be added penalties at the contract rate plus 30% (30-50%), and the outstanding interest accruals will be added compound interests at the contract rate plus 30% (30-50%). If the funds to be drawn are foreign exchanges, it is required to purchase and convert such foreign exchanges at the exchange rate published by Party B on the date of such drawing.
8.6 If Party A fails to use the Borrowing subject to this Contract, Party B shall be entitled to suspend the issuance of Borrowing, to withdraw the Borrowing in part or whole or rescind this Contract earlier, to charge penalties for the use of Borrowing in violation of this Contract by Party A on a daily basis at the contract rate plus 50% (50-100%), and to charge compound interests for outstanding interests at the contract rate plus 50% (50-100%).
8.7 Interest accruals unpaid by Party A on time during the Term shall be added compound interests at the rate as specified in this Contract, and added compound interests at the rate as specified in Article 8.5 after the Borrowing is not repaid within the given time limit.
8.8 If Party A meets any circumstances as set forth in Article 8.5 and 8.6 concurrently when using the Borrowing, Party B shall not concurrently impose those penalties and compound interests as set forth in Article 8.5 and 8.6, but select the one whichever is higher....
Breaching Liability. 1. The Parties hereto shall act in strict accordance with this Contract. In case of any breach of this Contract by either Party, the defaulting Party shall assume corresponding legal and financial responsibilities. In case of any breach of this Contract or any failure to continue the performance of this Contract due to force majeure events (natural disasters such as war, earthquake, etc.) during the duration of this Contract, neither Party shall be held liable.
Breaching Liability. Any disputes between the parties under this Agreement shall be resolved through amicable negotiations in good faith. In the event that the disputes can not resolved through negotiation, either party shall have the right to submit the dispute to local courts where this Agreement was entered.
Breaching Liability. (I) In the event that the Lessor fails to deliver the Premises meeting the given requirements to the Lessee subject to the above terms hereof, it shall pay RMB 2,000.00 as the compensation to the Lessee.
(II) In the event that the Lessor fails to deliver the Premises to the Lessee on schedule, it shall pay RMB 2,000.00 as the liquidated damages to the Lessee.
(III) In the event that the Lessor fails to deliver the Premises to the Lessee on schedule (or as required), it shall pay RMB 2,000.00 as the liquidated damages to the Lessee, and shall indemnify the Lessee if such failure causes injury of the Lessee's personnel or property loss to the Lessee.
(IV) In addition to paying the rentals, the Lessee shall pay RMB 1,000.00 as the liquidated damages to the Lessor provided that it fails to pay the rentals within the specified time limit.
(V) In the event that the Lessor transfers the Premises to others at its own discretions by breaching this Contract, it shall pay RMB 1,000.00 as the liquidated damages to the Lessee, and shall indemnify the loss caused to the Premises, if any.
Breaching Liability. 7.1 If Party A fails to lease the land to Party B on the stipulated date and completely move all the equipments and attaching facilities, which may influence the prophase project of Party B, Party A shall pay compensations to Party B for each delayed day according to the current banking loan interest rate, and the compensations for more than 30 delayed days shall be doubled.
7.2 If Party B fails to pay the stipulated rent to Party A on schedule, Party B shall pay compensations to Party A for each delayed day according to the current banking loan interest rate, and the compensations for more than 30 delayed days shall be doubled.
Breaching Liability. 11.1 Where either party fails to perform or materially breaches any provision of this Agreement, the breaching party shall indemnify the non-breaching party against all its economic losses. Except as otherwise provided for herein, the non-breaching party shall also be entitled to terminate this Agreement and claim all its economic losses incurred as a result thereof against the breaching party;
11.2 Where Party B fails to pay the equity price on time as provided for in Article 2 hereof or either party fails to complete the AIC change registration procedures in time, Party B or such party shall pay the overdue fine of 0.05% of the delayed price portion per delayed day. Following the payment of such overdue fine, if the losses caused to the other party by such breach exceeds such overdue fine or such breach causes other damages to the other party, then the other party’s right to claim compensation for the losses in excess of such overdue fine or other damages shall not be jeopardized thereby.
Breaching Liability. 1. Any party who contravenes any of the terms of this Agreement, fails to perform its obligations or fails to comply with the terms of this Agreement shall be deemed to have violated its obligations under this Agreement. The observing party may, by serving a written notice to that effect, require the breaching party to correct its breach within three days upon receipt of such written notice. If the breach has not been rectified within prescribed time limit or cannot be rectified, the non-breaching party may immediately terminate this Agreement and require the breaching party to be liable for all the losses so caused.
2. In the event of any claim of the loan applicant or any third party on account of the other party’s purported or significant fault (hereinafter referred to as “Defaulting Party”), the Defaulting Party shall be liable for all consequences and indemnify the non-defaulting party for its losses so caused.
3. If Party A delays payment, it shall pay 0.05% of the due service fee to Party B as liquidated damages for each day of delay. Party A shall also be liable for any other loss to Party B, if any.
Breaching Liability. 9.1 Each party shall perform its obligations hereunder after this Contract becomes effective. Any party shall bear breaching liability by indemnifying losses caused to the other party provided that such party fails to perform the whole or part of its obligations hereunder.
9.2 Party A shall indemnify losses caused to Party B arising out of its untrue, inaccurate, incomplete or misleading representations and warranties under Article 6 hereof.
9.3 Party A shall indemnify all of Party B’s losses to the extent of the guarantees granted by it provided that this Contract becomes invalid due to the default of Party A.
9.4 Party B shall be entitled to claim the guarantees or take appropriate legal actions against Party A, its property or property titles pursuant to Article 7.10 hereof under any of the following circumstances during effective term of this Contract:
9.4.1 Party B has not been repaid upon expiry of any obligation under Major Contracts;
9.4.2 Party B has not been repaid upon earlier expiry of its obligations under Major Contracts as required by laws, regulations or Major Contracts or as agreed by the parties to Major Contracts;
9.4.3 Party A has suffered material financial losses and/or asset losses, or asset losses or other financial crisis by virtue of external guarantees granted by it, and it has failed to grant appropriate guarantees or the guarantees granted by it have been unsatisfactory to Party B;
9.4.4 Party A’s controlling shareholders and other affiliates have suffered crisis in their respective operation or finance, or Party A has had material related transactions with its controlling shareholders and other affiliates that affect Party A’s operation in the course, and it has failed to grant appropriate guarantees or the guarantees granted by it have been unsatisfactory to Party B;
9.4.5 Adverse changes have appeared in the industry of Party A, and it has failed to grant appropriate guarantees or the guarantees granted by it have been unsatisfactory to Party B;
9.4.6 Party A’s senior officers have been involved in serious corruption, bribe, fraudulence or illegal operation, and it has failed to grant appropriate guarantees or the guarantees granted by it have been unsatisfactory to Party B;
9.4.7 Party A has caused breaches against other creditors, and it has failed to grant appropriate guarantees or the guarantees granted by it have been unsatisfactory to Party B;
9.4.8 Party A has been shut down, or has gone out of business, or has been p...
Breaching Liability. The provisions of Article 7 (“Breach of Contract”) of the Loan Contracts shall apply to this commitment letter mutatis mutandis. However, any reference to the “Loan Agreements” or “this Agreement” shall be reference to “this commitment letter”, and any reference to “Borrowers” shall be reference to “Party B”.
