Common use of Default Event Clause in Contracts

Default Event. XI. Within the term of this Contract, the occurrence of any following event to the Borrower shall constitute a breach of this Contract: (1) Without the prior written consent of the Lender, the Borrower misappropriates the loans under this Contract for purposes other than those provided by Section IV of this Contract; (2) The Borrower fails to repay the principal of loans or the accrued interest in full when due in accordance with this Contract; (3) The Borrower refuses to accept normal financial or operational supervision from the Lender, or the Borrower or its guarantor provides false financial statements or capital verification report; (4) The Borrower breaches the relevant laws and regulations; (5) The legal representative or key management personnel of the Borrower breaches the relevant laws and regulations, which may incur criminal liability or cause material adverse effect on the daily operations of the Borrower; (6) Any incident set out in Section X of this Contract has occurred to the Borrower, which fails to be eliminated within the time limit required by the Lender. XII. Upon occurrence of any default event set out in the above Section XI, the Lender shall have the right to take the following measures: (1) To declare early repayment of all advanced principal of loans under this Contract and require the Borrower to promptly repay loan principal together with accrued interest in full; (2) To seek other remedies as prescribed by laws and regulations.

Default Event. XI. Within the term of this Contract, the occurrence of any following event to the Borrower shall constitute a breach of this Contract: (1) Without the prior written consent of the Lender, the Borrower misappropriates the loans under this Contract for purposes other than those provided by Section IV of this Contract; (2) The Borrower fails to repay the principal of loans or the accrued interest in full when due in accordance with this Contract; (3) The Borrower refuses to accept normal financial or operational supervision from the Lender, or the Borrower or its guarantor provides false financial statements or capital verification report; (4) The Borrower breaches the relevant laws and regulations; (5) The legal representative or key management personnel of the Borrower breaches the relevant laws and regulations, which may incur criminal liability or cause material adverse effect on the daily operations of the Borrower; (6) Any incident set out in Section X of this Contract has occurred to the Borrower, which fails to be eliminated within the time limit required by the Lender. XII. Upon occurrence of any default event set out in the above Section XI, the Lender shall have the right to take the following measures: (1) To declare early repayment of all advanced principal of loans under this Contract and require the Borrower to promptly repay loan principal together with accrued interest in full; (2) To seek for other remedies as prescribed by laws and regulations.

Default Event. XI. Within the term of this Contract, the occurrence of any following event to the Borrower shall constitute a breach of this Contract: (1) Without the prior written consent of the Lender, the Borrower misappropriates the loans under this Contract for purposes other than those provided by Section IV of this Contract; (2) The Borrower fails to repay the principal of loans or the accrued interest in full when due in accordance with this Contract; (3) The Borrower refuses to accept normal financial or operational supervision from the Lender, or the Borrower or its guarantor provides false financial statements or capital verification report; (4) The Borrower breaches the relevant laws and regulations; (5) The legal representative or key management personnel of the Borrower breaches the relevant laws and regulations, which may incur criminal liability or cause material adverse effect on the daily operations of the Borrower; (6) Any incident set out in Section X of this Contract has occurred to the Borrower, which fails to be eliminated within the time limit required by the Lender. XII. Upon the occurrence of any default event set out in the above Section XI, the Lender shall have the right to take the following measures: (1) To declare early repayment of all advanced principal of loans under this Contract and require the Borrower to promptly repay loan principal together with accrued interest in full; (2) To seek for other remedies as prescribed by laws and regulations.