Common use of Lender’s Commitment Clause in Contracts

Lender’s Commitment. 7.1 Drawing and using the loan pursuant to the duration and loan purpose describing under the Contract, the Loan shall not go in any form into security market, futures market or other purpose that prohibited or limited by laws or regulations. 7.2 To repay loan principal and interest or other payable expenses under the Contract. 7.3 To accept and assist the Lender to examine and supervise the state of loan using (including using purpose) in such ways: account analysis, bill examination, research on site, etc. To report the state of loan using termly as Lender required. 7.4 To accept the credit check; to provide correct, complete financial situation and other documents that may indicate the ability of debt repaying, including any account bank, account opened with bank, balance of deposit, etc. to assist lender to check, examine and supervise the business operation and financial situation. 7.5 Any share dividend or bonus shall not be issued before the Loan and other payable expense under the Contract is repaid completely. 7.6 A consent in writing shall be obtained when Borrower get involved in such following event: (1) Merger, splitting, capital reduction, share transfer, join partnership, retirement of a partnership, transfer material asset or creditor’s right, material external investment, debt-add financing activities and other operation may has any influence on Lender. 7.7 Notice shall be provided to Lender in time in such following event occurs: (1) Such following items get changed: bushiness name, seal, articles of association, business registered address, corporate representative or principal, contact address, etc. (2) Suspension, dismissed, liquidation, suspending to reform, business license withdrawn, cancellation or applying for bankrupt (or declared bankrupt). (3) Involved in or being involved in material economic dispute, lawsuit, arbitration; or asset sealed up, seized, ordered for enforcement; or being investigated or punished by judicial authorities, tax authority, industrial and administrative authorities. (4) Shareholders, directors or present senior staff, promoter or sponsor gets involved into material suitcase or economic dispute. 7.8 To disclose the relation among the related parties and related transaction among them completely, correctly, in time. 7.9 To receive and sign any notice in time which sent by mail or other method from the Lender. 7.10 The Borrower shall not dispose its asset in a way by decreasing the debt repaying ability; the guarantee provided to a third party shall not have any influence on Lender’s equity. 7.11 To bear the cost or expenses caused by signing and carrying out the Contract, and the paid or payable expenses that occurs to Lender for realizing the creditor’s right under the Contract, including but not limited to, lawsuit or arbitration fees, Property preservation expenses, attorney fee, legal enforcement execution expenses, assessment fee, auction expense, announcement expense, etc. 7.12 The debt under the Contract repaying order is prior to that of the debt to shareholder, corporate representative or principal, partner, major sponsor or key officers from the management; and the order shall be equal with similar debt to other creditor.