Commitments of Borrower Sample Clauses
The 'Commitments of Borrower' clause defines the specific obligations and undertakings that the borrower agrees to fulfill under the terms of a loan or credit agreement. This typically includes requirements such as making timely repayments, maintaining certain financial ratios, providing regular financial information to the lender, and refraining from activities that could jeopardize the lender's security or the borrower's ability to repay. By clearly outlining these commitments, the clause ensures that both parties understand the borrower's responsibilities, thereby reducing the risk of misunderstandings and helping to protect the lender's interests throughout the duration of the agreement.
Commitments of Borrower. 4.1 The Borrower, as major shareholder of the Borrower’s Company, agrees that it shall cause the Borrower’s Company, during the term of this Agreement,
(a) not to supply, amend or modify its articles of association, to increase or decrease its registered capital, or to change its capital structure in any way without the Lender’s prior written consent;
(b) subject to good financial and business rules and practices, to maintain and operate its business and handle matters prudently and effectively;
(c) not to sell, transfer, mortgage, dispose of in any other way, or to create other security interest on, any of its assets, business or legal right to collect interests without the Lender’s prior written consent;
(d) without the Lender’s prior written consent, not to create, succeed to, guarantee or permit any debt, except (i)the debt arising in the course of the ordinary or daily business operation, but not arising from the loan, and (ii)the debt being reported to the Lender or having approved by the Lender in writing;
(e) to operate persistently all the business of the Borrower’s Company and to maintain the value of its assets;
(f) without the Lender’s prior written consent, not to execute any material contracts (during this stage, a contract will be deemed material if the value of it exceeds RMB¥1,000,000) except those executed during the ordinary operation;
(g) not to provide loan or credit to any person without the Lender’s prior written consent;
(h) to provide information concerning all of its operation and financial affairs subject to the Lender’s request;
(i) to purchase insurance from the insurance company accepted by the Lender and maintain persistently such insurance, provided that the amount and type of such insurance are as the same as, or equivalent to, the insurance amount and insurance type taken out generally by the company which operates, in the same territory, the similar business and possesses the similar properties or assets;
(j) not to merger or combine with, buy or invest in, any other person without the Lender’s prior written consent;
(k) to inform promptly the Lender of the pending or threatened suit, arbitration or regulatory procedure concerning the assets, business or income of the Borrower’s Company;
(l) to execute all necessary or appropriate documents, to take all necessary or appropriate action and to bring all necessary or appropriate lawsuit or to make all necessary and appropriate defending against all claims, in order to mainta...
Commitments of Borrower. 5.1 The Borrower, as the shareholder of Beijing AirInBox Information Technologies Co., Ltd, with respect to Yang Cha, once he becomes a shareholder of Beijing AirInBox Information Technologies Co., Ltd. pursuant to the applicable laws and regulations) hereby undertakes to cause Beijing AirInBox Information Technologies Co., Ltd to observe the following terms with all efforts during the term of this Agreement:
5.1.1 It shall not modify in any way its articles of association or alter its shareholding structure without the prior written consent of the Lender;
5.1.2 It shall maintain the operation of its business according to normal financial and commercial codes and practices;
5.1.3 It shall not transfer or dispose of any material asset, or create any other security interest neither for the Lender nor for its subsidiaries over the same without the prior written consent of the Lender;
5.1.4 It shall not provide any warranty or assume any debt for any third party which is beyond its normal daily business scope without the prior written consent of the Lender;
5.1.5 It shall conduct all of its operations in the ordinary course of business and maintain its asset value;
5.1.6 It shall not enter into any material contracts without the prior written consent of the Lender, except those entered into in the ordinary course of business (for the purpose of this paragraph, any contract with a value exceeding RMB 100,000 shall be deemed to be a material contract);
5.1.7 It shall not extend any loan or credit to any party except for the prior written consent of The Lender;
5.1.8 It shall provide the information of its finance or business in time to the Lender as required by the Lender;
5.1.9 It shall insure the assurances in the amount as required by the Lender;
5.1.10 It shall not merge with or invest in any third party without the prior written consent of the Lender;
5.1.11 It shall notify the Lender immediately when any legal action, arbitration or administrative procedure relating to its assets, operations and incomes occurs or is likely to occur;
5.1.12 It shall not declare in any way any bonus or dividends for its shareholders without the prior written consent of the Lender;
5.2 The Borrowers further commit to the Lender within the term of this Agreement as follows:
5.2.1 It shall take all the measures to guarantee and maintain its identification and status as a shareholder of Beijing AirInBox Information Technologies Co., Ltd;
5.2.2 it shall not transfer, dispose of a...
Commitments of Borrower. BORROWER undertakes to do the following: - Immediately inform the BANK of any events that could significantly reduce its assets or significantly increase the volume of its obligations 8 -8- - Immediately inform the BANK of any events or circumstances that are liable to comprise or become one of the cases specified in Article 8 ("Early Payability").
Commitments of Borrower. 6.1 Extracts and uses the loan according to the provisions of this contract, the loan cannot use for investing fixed assets and equity assets, and will not invest into stock market, futures market in any way, and other usages relevant laws and regulations prohibit or restrict.
6.2 Pays off the capital, interest and other payables according to the provisions of this contract.
6.3 Accepts and actively cooperates with the inspection and supervision of the loan’s usage condition, via the way of account analysis, certificate inspection, Site investigation, etc., and report the loan’s usage situation periodically according to the lender’s requirements.
6.4 Accepts the lender's credit inspection, provides financial documents such as balance sheet, profit statement and other documents that can reflect the borrower’s debt paying abilities, assists actively and cooperates with the lender for the investigation, acquaintance, supervision of the operation and financial condition.
6.5 Before paying off the principal, interest and other payables in this contract, cannot distribute of dividends in any form.
6.6 If the borrower has actions including merger, divesture, reduction of capital, change of ownership, transfer of significant assets and liabilities, significant external investment, increasing debt financing materially and other actions may adversely affect the rights of the lender, the borrower should have the written agreement of the lender in advance, or have made satisfactory arrangement. If not, Party A cannot engage in such actions.
6.7 If any of the following situations happens, the borrower should notice the lender:
(1) Change of charter, business coverage, registered capital, the legal representative, change of ownership;
(2) Go out of business, dissolution, liquidation, business for rectification, revocation of business license, be revoked or bankruptcy;
(3) Involved or maybe involved in material economic disputes, litigation, arbitration, or the property was legally seized, detained or controlled;
(4) Shareholders, directors or senior management officer involves in important case or economic dispute.
6.8 Release the relationship of related parties and related transactions in time, wholly, and truly.
6.9 React to the return notice from the lender in time.
6.10 Do not dispose of owned assets result in reducing debt paying ability; provides guarantees to a third party will not damage the interest of the lender.
6.11 If the loan in this contract is credit loa...
Commitments of Borrower