Common use of Covenants of the Guarantor Clause in Contracts

Covenants of the Guarantor. 1. Having obtained the authorization for the guarantee under this Contract in accordance with relevant provisions and procedures. 2. Having provided the Lender with true, complete and valid financial statements, articles of incorporation or other relevant data and information, and having accepted the Lender’s supervision and inspection against its production operations and financial status. 3. The Guarantor is willing to fulfill guarantee liabilities in the event that the Borrower fails to repay debts as stipulated in master contract. 4. In case the Guarantor fails to fulfill guarantee liabilities as stipulated in the Contract, the Lender has the right to deduct directly relevant amounts from the account that the Guarantor opens in the Lender’s bank. 5. In any of the following situations, the Guarantor shall notify the Lender immediately in writing: (1) The Guarantor changes its name, address, legal representative, contact way, etc.; (2) The Guarantor changes it subordinate relationship, senior personnel, articles of incorporation or organizational structure; (3) The financial status or production operations of the Guarantor is in trouble, or having material lawsuit or arbitration to the Guarantor; (4) The Guarantor shuts down, goes out of business, suspends business for rectification, or files for bankruptcy or reorganization, etc.; (5) The business license of the Guarantor is cancelled or revoked, or it is ordered to close down, or other grounds for dissolution has occurred; or (6) The events happen to the Guarantor that are adverse to the realization of Xxxxxx’s rights by the Lender; 6. In the event of carrying out any of the following actions, the Guarantor shall notify the Lender 15 days in advance and obtain its written consent: (1) The Guarantor changes its capital structure or management system, including, but not limited to, contract, lease, shareholding reform, joint-operation, merger, division, joint venture, reduction of capital, transfer of assets, filing for reorganization, reconciliation or bankruptcy; or (2) The Guarantor provides guarantee to a third party or creates mortgage or pledge for the debts of it or a third party, which may impact its fulfillment of the guarantee liabilities under the Contract.

Covenants of the Guarantor. 1. Having obtained the authorization for the guarantee under this Contract in accordance with relevant provisions and procedures. 2. Having provided the Lender with true, complete and valid financial statements, articles of incorporation or other relevant data and information, and having accepted the Lender’s supervision and inspection against its production operations and financial status. 3. The Guarantor is willing to fulfill guarantee liabilities in the event that the Borrower fails to repay debts as stipulated in master contract. 4. In case the Guarantor fails to fulfill guarantee liabilities as stipulated in the Contract, the Lender has the right to deduct directly relevant amounts from the account that the Guarantor opens in the Lender’s bank. 5. In any of the following situations, the Guarantor shall notify the Lender immediately in writing: (1) The Guarantor changes its namecovenants and agrees that if and so long as (i) the Trust is the holder of all the Junior Subordinated Debentures, address(ii) a Tax Event (as defined in the Trust Agreement) in respect of the Issuer has occurred and is continuing and (iii) the Guarantor has elected, legal representativeand has not revoked such election, contact wayto pay Additional Sums (as defined in the Trust Agreement) in respect of the Trust Preferred Securities and Common Securities, etcthe Guarantor, subject to Sections 6.1 and 6.2, will pay to the Trust such Additional Sums.; (2) The Guarantor changes covenants and agrees with each Holder of any series that it subordinate relationshipshall not, senior personneland it shall not permit any Subsidiary (as defined in the Indenture) of the Guarantor to, articles (a) declare or pay any dividends or distributions on, or redeem purchase, acquire or make a liquidation payment with respect to, any shares of incorporation the Guarantor capital stock (which includes common and preferred stock), or organizational structure;(b) make any payment or principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Guarantor (including securities other than the securities of such series) that rank pari passu in all respects with or junior in interest to the securities of such series or make any guarantee payments with respect to any guarantee by the Guarantor of debt securities of any subsidiary of the Company if such guarantee ranks pari passu in all respects with or junior in interest to the securities (other than (a) dividends or distributions in capital stock of the Guarantor (which includes common and preferred stock), (b) any declaration of a dividend in connection with the implementation of a Rights Plan (as identified in the Indenture), the issuance of any rights, or any Common Stock of any class or series of preferred stock of the Guarantor under Rights Plan or the redemption or repurchase of any such rights as defined in the Indenture pursuant thereto, (c) payments under the WSFS Guarantee (as defined in the Indenture) related to the Trust Preferred Securities issued by the WSFS Trust (as defined in the Indenture) holding securities of such series, and (d) purchases of common stock related to the issuance of Common Stock or rights under any of the Guarantor benefit plans for its directors, officers or employees or related to the issuance of Common Stock (or securities convertible into or exchangeable for common stock) if at such time (i) there shall have occurred any event of which the Guarantor has actual knowledge that (A) with the giving of notice or the lapse of time or both, would constitute an Event of Default with respect to the securities of such series and (B) in respect of which the Guarantor shall not have taken reasonable steps to cure (ii) if the securities of such series are held by a WSFS Trust, the Guarantor shall be in default with respect to its payment of any obligation under the WSFS Guarantee relating to the Trust Preferred Securities issued by such WSFS Trust or (iii) the Guarantor shall have given notice of its election to begin an Extension Period (as defined in the Indenture) with respect to the securities of such series as provided herein and shall not have rescinded such notice, or such Extension Period, or any extension thereof, shall be continuing. (3) The financial status Company also covenants with each Holder of a series issued to a WSFS Trust (i) to maintain directly or production operations indirectly 100% ownership of the Common Securities of such WSFS Trust; provided, however, that any permitted successor of the Guarantor is in trouble, or having material lawsuit or arbitration hereunder may succeed to the Guarantor; 's ownership of such Common Securities, (4ii) The Guarantor shuts downnot to voluntarily terminate, goes out of businesswind-up or liquidate such WSFS Trust, suspends business for rectification, or files for bankruptcy or reorganization, etc.; except (5a) The business license in connection with a distribution of the Guarantor is cancelled or revoked, or it is ordered to close down, or other grounds for dissolution has occurred; or (6) The events happen securities of such series to the Guarantor that are adverse to the realization holders of Xxxxxx’s rights Trust Preferred Securities in liquidation of such WSFS Trust or (b) in connection with certain mergers, consolidations or amalgamations permitted by the Lender; 6. In related Trust Agreement and (iii) to use its reasonable efforts, consistent with the event terms and provisions of carrying out any of the following actionssuch Trust Agreement, the Guarantor shall notify the Lender 15 days in advance to cause such WSFS Trust to remain classified as a grantor trust and obtain its written consent: (1) The Guarantor changes its capital structure or management system, including, but not limited to, contract, lease, shareholding reform, joint-operation, merger, division, joint venture, reduction of capital, transfer of assets, filing an association taxable as a corporation for reorganization, reconciliation or bankruptcy; or (2) The Guarantor provides guarantee to a third party or creates mortgage or pledge for the debts of it or a third party, which may impact its fulfillment of the guarantee liabilities under the ContractUnited States federal income tax purposes.