Foreign Exchange Balance. The JVC shall establish foreign exchange and Renminbi bank, accounts at banks to be chosen by the Board of Directors. The JVC shall, in accordance with the laws and requirements of PRC, apply for and maintain foreign exchange certificates. The JVC will obtain sufficient foreign exchange to meet its needs. All expenses incurred in currency conversion will be deemed as the JVC's operational expenses.
Foreign Exchange Balance. (a) In the event the Company borrows foreign currency from lenders not located in China, the Company shall, in accordance with applicable foreign exchange regulations of the People's Republic of China, open USD cash accounts at a bank approved by relevant authorities for the repayment of principal of and the payment of interest on foreign currency loans.
(b) Funds in the Company's foreign exchange account shall be used as determined by the Board of Directors to satisfy foreign exchange debt, expenses, remittances of profit and other remittances in accordance with relevant foreign exchange control regulations of the People's Republic of China.
(c) All remittances to Party C due in accordance with the provisions of this Contract shall be made to a foreign bank account designated by Party C in US Dollars or in accordance with the foreign exchange control regulations of China and the commitment of local foreign exchange control authority. The Company shall pay for the fee incurred in the conversion.
Foreign Exchange Balance. (a) The Company shall be responsible to maintain a balance in its foreign exchange receipts and expenditures through the sale of its products and services and through other methods permitted under the laws of China.
(b) If there is a foreign exchange deficiency, the Board will consider various plans and alternatives to balance foreign exchange receipts and expenditures, which, subject to obtaining the relevant government approvals, may include all means permitted under the relevant regulations, including but not limited to export of domestically produced products and, when permitted by law, borrowing from foreign exchange banks.
(c) All costs incurred in converting Renminbi to foreign exchange required for the Company’s operations shall be treated as operating expenses of the Company.
(d) Liquid funds in the Company’s foreign exchange account shall be used in the following order of priority:
(i) payments of principal and interest on foreign exchange loans taken out by the Company from Third Parties;
(ii) payment for imported materials and equipment;
(iii) payment for imported services;
(iv) payments due under the Technology License Contract; (v) payment of the Company’s expatriate staff salaries;
Foreign Exchange Balance. (a) In the event the Company borrows foreign currency from lenders not located in China, the Company shall, in accordance with applicable foreign exchange regulations of the People's Republic of China, open USD cash accounts at a bank approved by the relevant authorities for the repayment of principal of and the payment of interest on, foreign currency loans.
(b) Funds in the Company's foreign exchange account shall be used as determined by the Board of Directors to satisfy foreign exchange debt, expenses, remittances of profit and other remittances in accordance with relevant foreign exchange regulations of the People's Republic of China.
(c) All remittances to Party C due in accordance with the provisions of this Contract shall be made to a foreign bank account designated by Party C in United States Dollars or in any other freely convertible foreign currencies in accordance with the foreign exchange regulations of China and the commitment of local foreign exchange administration departments. The Company shall pay for the fee occurred in the conversion. The Company may also remit all or a portion of remittances due to Party C in RMB if Party C elects to do so.
(d) From the time the profit distribution plan is approved by the Board of Directors until the actual time of exchange, the risk of foreign exchange rate fluctuating shall be borne by the Company.
Foreign Exchange Balance. 17.3.1 The Joint Venture Company may export a portion of its output, and will at all times strive to maintain a balance of foreign exchange revenues and expenditures (including payment of dividends).
17.3.2 The Joint Venture Company may adopt such measures as may be allowed by PRC laws including the Regulations of the State Council Concerning the Issues of Balancing Foreign Exchange Receipts and Disbursements by Joint Venture Using Chinese and Foreign Investment to enable it to balance its foreign exchange receipts and payments. The Joint Venture Company may also from time to time make use of financial institutions authorized to engage in the adjustment of foreign exchange to exchange Renminbi for foreign exchange.
Foreign Exchange Balance. Compliance has been made with all applicable laws and regulations with respect to the opening and operation of the foreign exchange accounts and foreign exchange activities of Shanghai Control Tech.
Foreign Exchange Balance. (a) The Company shall be responsible to maintain a balance in its foreign exchange receipts and expenditures through the sale of its products and services and through other methods permitted under the laws of China.
(b) If there is a foreign exchange deficiency, the Board will consider various plans and alternatives to balance foreign exchange receipts and expenditures, which, subject to obtaining the relevant government approvals, may include all means permitted under the relevant regulations, including but not limited to export of domestically produced products and, when permitted by law, borrowing from foreign exchange banks.
(c) All costs incurred in converting Renminbi to foreign exchange required for the Company's operations shall be treated as operating expenses of the Company.
(d) Liquid funds in the Company's foreign exchange account shall be used in the following order of priority:
(i) payments of principal and interest on foreign exchange loans taken out by the Company from Third Parties;
(ii) payment for imported materials and equipment;
(iii) payment for imported services;
(iv) payments due under the Technology License Contract;
(v) payment of the Company's expatriate staff salaries;
(vi) payment of principal and interest on foreign exchange loans and advances provided by the Parties or Affiliates;
(vii) maintenance of foreign currency reserves determined by the Board of Directors;
(viii) remittance of profits to Party B and Party C; and
(ix) payment of profits to Party A.
(e) Upon government approval, the Company may source components and equipment from local suppliers for the Parties' Affiliates inside and outside China.
Foreign Exchange Balance. The Company shall be responsible to maintain a balance in its foreign exchange receipts and expenditures. The principal methods for balancing foreign exchange will be as follows:
Foreign Exchange Balance. Another trade-related investment measure prohibited by the TRIMs Agreement is the restriction on foreign exchange access for import purchases. The foreign exchange regime is perhaps one of the reform areas where China has made most progress over the past decade. First, the official exchange rate was unified with the prevailing swap market rate in January 1994, and soon afterwards the inter-bank foreign exchange market was established. Second, the current account was made convertible in July 1996. Foreign companies in China are now allowed to convert the Chinese Renminbi into foreign currencies for current account transactions, such as importing materials, paying royalties and license fees and repatriating dividends. Furthermore, with current account convertibility, foreign firms do not need to balance their foreign exchange position as before. Third, at the beginning of December 1996, China formally accepted the terms and conditions specified under the IMF’s Article VIII Agreement so that the government can no longer impose trade restrictions for balance of payments reasons nor engage in a discriminatory currency arrangements or multiple currency practices without IMF approval. However, in China most joint venture contracts still require that FIEs balance their foreign exchange receipts and expenditures. Article 13 of the Law of the People’s Republic of China on Chinese-Foreign Equity Joint Ventures provides that the failure of a party to fulfill the obligations prescribed by the contract is a basis for termination of the joint venture. Therefore, Article 13 can be considered as implicitly providing the legal basis for enforcing foreign exchange balance, even though this requirement is often ignored in practice.
Foreign Exchange Balance. (a) The Company will seek to maintain a balance in its foreign exchange receipts and expenditures through its normal business operations and will obtain foreign currency through other methods permitted by law.
(b) All foreign exchange income of the Company shall be used and paid in accordance with relevant Chinese foreign exchange laws and regulations.
(c) All profits and other remittances to each Mueller Party shall be made to a designated foreign currency bank acxxxxx xn accordance with relevant Chinese foreign exchange laws and regulations.
(d) The Chinese Parties shall use their best efforts to assist the Company in the exchange of RMB into U.S. Dollars for the purpose of distributing profits and making other payments to the Mueller Parties.
(e) If any profits to be distributed tx xxxxxr of the Mueller Parties cannot be remitted in U.S. Dollars, then such Muellex Xxxxx may require the Company to open a separate RMB bank acxxxxx xor such RMB profits and hold the same together with any interest accrued thereon solely for the benefit of such Mueller Party until the Company converts sufficient RMB into foreign xxxxxxcy for the purpose of remitting profits to such Mueller Party in U.S.
