Common use of Dissolution or Bankruptcy of the Debtor Clause in Contracts

Dissolution or Bankruptcy of the Debtor. After Party A knows the Debtor entering into the dissolution or bankruptcy procedure, it shall immediately notice Party B to declare creditor’s rights. Meanwhile, Party A itself shall promptly participate in the dissolution or bankruptcy procedure and exercise the right of recovery in advance. If Party A knows or should know the Debtor have entered into the dissolution or bankruptcy procedure, and it fails to exercise the right of recovery in advance, Party A shall bear the loss by itself. In spite of the stipulation of section 2 of article 5, during the Debtor’s bankruptcy procedure, if Party B and the Debtor enter into a reconciliation agreement or agree upon a restructuring plan, Party B’s rights under this contract shall not be damaged for the sake of the reconciliation agreement or the restructuring plan and Party A’s guarantee liability shall not be remitted. Party A shall not confront Party B’s claim for rights in return for the reconciliation agreement or the restructuring plan. Party B shall still have the right to require Party A to repay the creditor’s rights unliquidated after Party B makes comprise in the reconciliation agreement or the restructuring plan.

Dissolution or Bankruptcy of the Debtor. After Party A knows that the Debtor entering into has entered the dissolution or bankruptcy procedure, it shall immediately notice notify Party B to declare creditor’s its credit rights. Meanwhile, Party A itself it shall promptly participate in the dissolution or bankruptcy procedure in a timely manner and exercise the recourse right of recovery in advance. If Party A knows or should know that the Debtor have has entered into the dissolution or bankruptcy procedureprocedures, and it but fails to exercise the recourse right of recovery in advanceadvance in time, the losses shall be borne by Party A shall bear the loss by itself. In spite of Notwithstanding the stipulation of section agreement in Item 2 of article 5, during the Debtor’s bankruptcy procedureParagraph 5 in this Article, if Party B and the Debtor enter into reach a reconciliation settlement agreement or agree upon to a restructuring planreorganization plan during the Debtor’s bankruptcy proceedings, Party B’s rights under this contract shall Contract will not be damaged for by the sake of the reconciliation settlement agreement or the restructuring plan reorganization plan, and Party A’s guarantee liability shall liabilities will not be remittedreduced or exempted. Party A shall not confront oppose Party B’s claim for rights claims under the conditions stipulated in return for the reconciliation settlement agreement or the restructuring and reorganization plan. For the credit rights that Party B has made concessions to the Debtor during settlement agreement and reorganization plan and has not obtained the settlement, Party B shall still have the right to require Party A to repay the creditor’s rights unliquidated after Party B makes comprise in the reconciliation agreement or the restructuring planpay.

Dissolution or Bankruptcy of the Debtor. After Party A knows that the Debtor entering into has entered the dissolution or bankruptcy procedure, it shall immediately notice notify Party B to declare creditor’s its credit rights. Meanwhile, Party A itself it shall promptly participate in the dissolution or bankruptcy procedure in a timely manner and exercise the recourse right of recovery in advance. If Party A knows or should know that the Debtor have has entered into the dissolution or bankruptcy procedureprocedures, and it but fails to exercise the recourse right of recovery in advanceadvance in time, the losses shall be borne by Party A shall bear the loss by itself. In spite Notwithstanding the agreement in Item II of the stipulation of section 2 of article 5, during the Debtor’s bankruptcy procedureParagraph V in this Article, if Party B and the Debtor enter into reach a reconciliation settlement agreement or agree upon to a restructuring planreorganization plan during the Debtor’s bankruptcy proceedings, Party B’s rights under this contract shall Contract will not be damaged for by the sake of the reconciliation settlement agreement or the restructuring plan reorganization plan, and Party A’s guarantee liability shall liabilities will not be remittedreduced or exempted. Party A shall not confront oppose Party B’s claim for rights claims under the conditions stipulated in return for the reconciliation settlement agreement or the restructuring and reorganization plan. For the credit rights that Party B has made concessions to the Debtor in the settlement agreement and reorganization plan and has not obtained the settlement, Party B shall still have the right to require demand Party A to repay assume the creditor’s rights unliquidated after Party B makes comprise in the reconciliation agreement or the restructuring planguarantee liabilities.