Common use of events of default and breach of contract Clause in Contracts

events of default and breach of contract. 1. Since this contract comes into force, the financer and the guarantor shall perform the obligations as agreed in the contract, any one party fails to perform or not completely fulfill the obligation of this contract, shall bear the corresponding liability for breach of contract. 2. One of the following circumstances is a guarantor defaults: (1) Any information provided by guarantor and the statements and commitments stated in Article 9 of this contract are false, inaccurate, incomplete and misunderstood. (2) the guarantor violates of the foregoing provisions of Article 10, not disclose the significant transactions and events (3) Deterioration of guarantor’s credit status and obvious weakening of repayment ability (including contingent liability); (4) Stopping doing business, going out of business, being announced bankruptcy, dissolution, cancellation of business license, involving in major business dispute, and deterioration of finance condition and so on; (5) the guarantor/issuer or guarantor of controlling shareholders, actual controllers or associates involve significant litigation, arbitration or other disputes, or its material assets seizure, seizure, freezing, enforcement or be taken other measures to have the same effect. (6) the guarantor/issuer or guarantor of the legal representative, the actual controllers, directors, supervisors and senior managers be taken other compulsory measures, criminal detention or be missing or is declared to be missing, lose the necessary capacity for civil conduct, unable to properly link, dies or is declared dead, death or after being declared dead no successor or legatee, property, receiver or the successor or legatee refused to accept the inheritance or bequest or guardian, the successor or legatee or property receiver refused to continue to perform the contract, under the guise of a marriage and relationship changes to transfer assets or trying to transfer assets, etc., lead to an adverse effect on the guarantor's solvency. (7) the guarantor under this contract and the bank of any department or agency (including the bank subsidiary), other Banks, non-banking financial institutions or units of financing contract, guarantee any event of default under the contract or other contract. (8) Other thing which may damage financer’s right. 3. If the guarantor defaults, financer has the right to take one or more following measures: (1) require the guarantor to remedy; (2) require the guarantor to perform guarantee obligation in advance; (3) require the guarantor to provide a new full and effective guarantee; (4) require the guarantor to perform immediately guarantee responsibility; (5) require the guarantor to pay under the main contract to finance ten percent of the principal as the breach of contract; (6) request the guarantor to compensate by default all losses arising from the creditors; (7) to revoke and withdraw the actions of the guarantor damage the interests of creditors in accordance with the law; (8) directly deduct the guarantor of any account funds to repay its debt within the scope of guarantee; (9) to other legal means to pursue the guarantor's liability for breach of contract. The guarantor shall make the implementation of the above measures and waive all defenses.

events of default and breach of contract. 1. Since this contract comes into force, the financer and the guarantor shall perform the obligations as agreed in the contract, any one party fails to perform or not completely fulfill the obligation of this contract, shall bear the corresponding liability for breach of contract. 2. One of the following circumstances is a guarantor defaults: (1) Any information provided by guarantor and the statements and commitments stated in Article 9 of this contract are false, inaccurate, incomplete and misunderstood. (2) the guarantor violates of the foregoing provisions of Article 10, not disclose the significant transactions and events (3) Deterioration of guarantor’s credit status and obvious weakening of repayment ability (including contingent liability); (4) Stopping doing business, going out of business, being announced bankruptcy, dissolution, cancellation of business license, involving in major business dispute, and deterioration of finance condition and so on; (5) the guarantor/issuer or guarantor of controlling shareholders, actual controllers or associates involve significant litigation, arbitration or other disputes, or its material assets seizure, seizure, freezing, enforcement or be taken other measures to have the same effect. (6) the guarantor/issuer or guarantor of the legal representative, the actual controllers, directors, supervisors and senior managers be taken other compulsory measures, criminal detention or be missing or is declared to be missing, lose the necessary capacity for civil conduct, unable to properly link, dies or is declared dead, death or after being declared dead no successor or legatee, property, receiver or the successor or legatee refused to accept the inheritance or bequest or guardian, the successor or legatee or property receiver refused to continue to perform the contract, under the guise of a marriage and relationship changes to transfer assets or trying to transfer assets, etc., lead to an adverse effect on the guarantor's ’s solvency. (7) the guarantor under this contract and the bank of any department or agency (including the bank subsidiary), other Banks, non-banking financial institutions or units of financing contract, guarantee any event of default under the contract or other contract. (8) Other thing which may damage financer’s right. 3. If the guarantor defaults, financer has the right to take one or more following measures: (1) require the guarantor to remedy; (2) require the guarantor to perform guarantee obligation in advance; (3) require the guarantor to provide a new full and effective guarantee; (4) require the guarantor to perform immediately guarantee responsibility; (5) require the guarantor to pay under the main contract to finance ten percent of the principal as the breach of contract; (6) request the guarantor to compensate by default all losses arising from the creditors; (7) to revoke and withdraw the actions of the guarantor damage the interests of creditors in accordance with the law; (8) directly deduct the guarantor of any account funds to repay its debt within the scope of guarantee; (9) to other legal means to pursue the guarantor's ’s liability for breach of contract. The guarantor shall make the implementation of the above measures and waive all defenses.