Statement and Commitments Clause Samples

Statement and Commitments. The guarantor states and undertakes as follows to the creditor: (1) The guarantor shall be an independent legal subject that has complete civil capacity to perform the obligations of the contract and assume the civil responsibility independently. (2) The guarantor has the authority to sign the contract, and the guarantor has already obtained all the authorization and approval required by the contract; the terms and conditions of this contract are reached on a basis of the guarantor’s real intent and free will and shall have legal binding force on the guarantor. (3) The guarantor hereby undertakes that there is no any infringement of the laws (the laws hereof includes laws, regulations, rules, local laws and regulations, judicial interpretation), Articles of Association, relevant documents of the bodies with power, judgments or decisions made and any conflict with other contract that the guarantor has already signed or any other obligations the guarantor has already taken during the execution and performance of this contract. (4) The guarantor shall promise all financial statements (if any) complies with the laws and regulations of the People’s Republic of China (excluding Hong Kong, Macau and Taiwan Region) and could gives a real, complete and unprejudiced explanation of the financial conditions of the guarantor and all documents and materials involved with this contract are accurate, real, complete, valid without any concealment. (5) The guarantor shall vow to go through the filing, registration or other procedures required by the validity and legal performance of the contract and pay relevant expenses. (6) No big adverse change of the operational and financial situation occurs since the latest audited financial statement. (7) The guarantor has disclosed all the facts or information it knows or should know which is important for the creditor to decide whether to offer the loan under the contract. (8) The guarantor hereby confirms any arrear of wage, medical care, disability benefits and compensatory payment has not happened or will not happen in the execution date and during the performance of this contract. (9) The guarantor undertakes there is no situation or event that has or may have material negative effect on the performance capability of the guarantor.