Guarantee responsibilities Sample Clauses

Guarantee responsibilities. 7.1 In such events, creditor has right to require guarantor to carry out guarantee obligation. The amount guarantee paid is insufficient to cover the creditor’s right under this contract, the creditor may choose repay the fund to principle, interest, penalty interest, compound interest or other expense, the repaying order shall be determined by creditor. 7.1.1 The loan term under the main contract is due, the creditor is not repaid. “loan term due” including the debt term under main contract is due, or declared due pursuant to relevant national laws and regulations or stipulation in main contract; 7.1.2 The debtor, guarantor is under bankrupt application or arbitrated settlement by a court; 7.1.3 The debtor, guarantor is canceled or withdraw incorporate license, closed by laws or dismissed by other excuses; 7.1.4 The debtor, guarantor is dead, declared missing or dead; 7.1.5 The guarantor breaches the obligations under this contract; 7.1.6 The debtor, guarantor or their directors get involved or may involve into material economic argument, law suit, arbitration, or assets sealed、detained or under forcible execution; be investigated or punished by legal authorities; be disclosed by public media for breaking national laws or regulations; above actions caused or causing effect on processing this contract; 7.1.7 Directors or management senior officer changed un-normally, missing, be investigated restriction of personal freedom or under restriction of personal freedom restriction of personal freedom, which caused or causing effect on processing this contract; 7.1.8 Other events may cause material adverse impact on realizing creditor’s right. 7.2 The creditor’s right under this contract accompany with a security for thing or guarantee provided by debtor, the creditor has right to require guarantee under this contract to carry out the guarantee obligation prior to security for thing. 7.3 Debtor provide a security for thing guarantee, the creditor give up the security for thing, or security for thing guarantee right cis position or changed, in such events, the guarantor shall agree to continue to carry out the joint guarantee to the creditor’s right under the main contract pursuant to this contract.