Party B’s Statement and Guarantee Sample Clauses
The 'Party B’s Statement and Guarantee' clause requires Party B to formally declare and assure certain facts or conditions as true at the time of entering into the agreement. Typically, this clause covers representations such as Party B’s legal authority to enter the contract, compliance with relevant laws, or the accuracy of information provided. By including this clause, the agreement ensures that Party B is held accountable for the truthfulness of its statements, thereby reducing the risk of misrepresentation and providing a basis for remedies if the guarantees prove false.
Party B’s Statement and Guarantee. Party B makes the following statement and guarantee.
Item 5.1 Party B has the guarantor’s qualifications, the guarantee for the Party A has acquired the necessary authorization or approval according to procedures and jurisdiction of company constitution, will not violate laws and regulations and other relevant regulations.
Item 5.2 If Party B is a listed company or a subsidiary of a listed company, will ensure to disclose the guarantee in time according to the requirements of "Securities Act", "Stock Exchange Listing Rules" and other laws, rules and regulations. Item 5.3 Party B has sufficient capacity to assume the responsibilities, will not reduce or exempt the responsibilities because of any variation of instruction, financial situation, or any agreement entered with any third party.
Item 5.4 Party B fully understands the purpose of the loan under the main contract, voluntarily guarantee for the debtor, the meanings of the items in the main contract is fully true. For domestic and international trade financing, Party B admit transaction basis of the financing is true and without fraud.
Item 5.5 All materials and information provided to Party A are true, accurate and complete, without false record, misleading statement or significant omission.
Item 5.6 If the principal loan in the contract is international trade financing that Party A provides to the debtor, then Party B accepts related international conventions about related business.
Item 5.7 If Party B is a natural person, also makes the following statement and guarantee:
A. With full civil rights and full civil capacity;
B. With legitimate source of income and adequate compensation capacity;
C. Without malicious acts such as malicious default of bank loan’s principal and interest, malicious overdraft credit cards and other malicious acts;
D. Without gambling, drug abuse and other bad behavior or criminal record; E. Spouse of Party B agrees to provide the guarantees to Party A.
Party B’s Statement and Guarantee. I. Party B shall have full capacity for civil conduct in accordance with the Chinese law and may provide security to other parties, or be a company established under the Chinese law and have the right to enter into this agreement and perform its obligations under this agreement.
II. The signing and performance of this agreement by Party B is voluntary, is the expression of its true intention, and is subject to all necessary legal authorization, the above authorization and execution under the authorization do not violate any laws or contracts binding on Party B, and all procedures required by Party B to sign and perform this agreement have been legally and effectively completed.
III. All documents, materials, statements and vouchers provided by Party B to Party A for setting up mortgage guarantee under this agreement are accurate, true, complete and effective.
IV. Party B guarantees that it has the right of ownership or disposal of the mortgaged property in accordance with the law, and there is no external guarantee in any form during the mortgage period to Party A, and have no defects of rights.
V. Party B shall not lose the ability to pay debts to other creditors or impair the legitimate rights and interests of any other creditors of Party A at present or in the future due to the establishment of mortgage under this agreement.
VI. If Party B is a company established under the Chinese law, Party B has obtained the consent of its shareholders’ meeting on mortgage matters before the conclusion of this agreement.
VII. If Party A simultaneously sets a number of counter-guarantee measures for the financing business hereunder, the change of any one or more of the counter-guarantee measures shall not affect Party B’s counter-guarantee obligations hereunder.
VIII. If the Creditor and Party B reach an extension agreement on the time limit for the performance of the main debt, Party B shall continue to assume the responsibility of mortgage counter-guarantee for the extended debt, and shall be obliged to cooperate with Party A in the formalities of mortgage registration and alteration of the extended debt. The extension of the registration of the mortgaged property shall not affect the mortgage right enjoyed by Party A according to law.