The Borrower’s Undertakings. 7.1 To drawdown and use the Loan in accordance to the terms and tenure of this Contract, the Loan shall not be used for the purpose of securities market, futures market or for any other purpose that is prohibited or restricted by relevant laws and regulations.
7.2 To fully repay the principal, interest and other expenses payable in accordance with this Contract.
7.3 To actively cooperate with the Lender to inspect and supervise the usage of the Loan through bank account analysis, voucher inspection, site visit, etc. and to report to the Lender the utilization status of the Loan at the Lender’s request.
7.4 To accept the Lender’s credit inspection, to provide to the Lender financial information including balance sheet and profit and loss account and other documents reflecting the Borrower’s repayment ability at the Lender’s request. To actively assist and cooperate with the Lender in the investigation, understanding and supervision of the operation and financial status of the Borrower.
7.5 Shall not distribute any form of dividends prior to the full repayment of principal, interest and other expenses of the Loan.
7.6 Prior to proposed consolidation, spin-off, capital reduction, change in ownership, material assets and liabilities transfer, material external investment, increase in debt financing and any other actions that may negatively affect the Lender’s rights, the Borrower shall obtain the Lender’s written consent or to provide an arrangement for the realization of the Lender’s right that is satisfied by the Lender.
7.7 In case of occurrence of any one of the following, to notify the Lender immediately:
(1) Change of articles of association, area of business, registered capital, legal representative, address and form of contact;
(2) Out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy;
(3) involvement or potential involvement of material economic dispute, litigation, arbitration, or seizure or retention of assets by laws;
(4) involvement of material case or economic dispute by shareholders, directors or existing senior management;
7.8 Prompt disclosure of related parties and their transactions to the Lender.
7.9 To sign off receipt of the various notifications sent or delivered by the Lender.
7.10 Shall not dispose of the Borrower’s assets which would reduce the repayment ability of the Borrower; shall not provide guarantee in form of assets under this...
The Borrower’s Undertakings. 8.1 To drawdown and use the Loan in accordance to the terms and tenure of this Contract, the Loan shall not be used for the purpose of fixed assets, equity, etc. investments, and shall not be used in any way in the securities market, futures market or for any other purpose that is prohibited or restricted by relevant laws and regulations.
8.2 To fully repay the principal, interest and other expenses payable in accordance with this Contract.
8.3 To actively cooperate with the Lender to inspect and supervise the usage of the Loan through bank account analysis, voucher inspection, site visit, etc. and to report to the Lender the utilization status of the Loan at the Lender’s request.
8.4 To accept the Lender’s credit inspection, to provide to the Lender financial information including balance sheet and profit and loss account and other documents reflecting the Borrower’s repayment ability at the Lender’s request. To actively assist and cooperate with the Lender in the investigation, understanding and supervision of the operation and financial status of the Borrower.
8.5 Shall not distribute any form of dividends prior to the full repayment of principal, interest and other expenses of the Loan.
8.6 Prior to proposed consolidation, spin-off, capital reduction, change in ownership, material assets and liabilities transfer, material external investment, increase in debt financing and any other actions that may negatively affect the Lender’s rights, the Borrower shall obtain the Lender’s written consent or to provide an arrangement for the realization of the Lender’s right that is satisfied by the Lender.
8.7 In case of occurrence of any one of the following, to notify the Lender immediately:
(1) Change of articles of association, area of business, registered capital, legal representative, address and form of contact;
(2) Out of business, dismissal, liquidation, suspension of business, revocation of business licence, being revoked or applied (or being applied) for bankruptcy;
(3) involvement or potential involvement of material economic dispute, litigation, arbitration, or seizure or retention of assets by laws;
(4) involvement of material case or economic dispute by shareholders, directors or existing senior management;
8.8 Prompt disclosure of related parties and their transactions to the Lender.
8.9 To sign off receipt of the various notifications sent or delivered by the Lender.
8.10 Shall not dispose of the Borrower’s assets which would reduce the repayment a...
The Borrower’s Undertakings. 12.1. The Borrower shall:
12.1.1. Do all and whatever is necessary to proceed with and finalize the registration of Asset transfers or security rights and charge registrations envisaged herein and in the Chattels Mortgage without delay.
12.1.2. Co-operate fully with Mogo and require the co-operation of the Seller to resolve any issues that may arise without limitation, in respect of the Loan Facility, the Asset, the sale transaction, and registration of the transfer with Chattels Mortgage and the Caveat.
12.1.3. Subject to any other provision for earlier repayment, repay the Loan Facility in full within the aforesaid Loan Term.
12.1.4. Inform Mogo immediately in writing, in case of any material change in any information submitted to Mogo, or if the Borrower becomes aware of any circumstances which will or may prevent any of the transactions envisaged hereunder to be finalized.
12.1.5. Not revoke any of the executions undertaken herein and necessary to give effect to any of the transactions contemplated hereunder.
12.1.6. Perform and observe all the covenants, conditions, and stipulations herein contained or implied and on the part of the Borrower to be performed and observed.
12.1.7. Not sell, transfer, dispose, gift, charge or in any way further alienate, burden, encumber or give up possession of the Asset or any part of it without the prior written consent of Mogo.
12.1.8. Not use the Asset or any part thereof for purposes other than the intended use notified to Mogo at the time that the Loan Facility was granted, without the prior written consent of Mogo.
12.1.9. Ensure that the Asset is professionally revalued once every six (6) months at the Borrower’s expense.
12.1.10. Pay all costs, fees, charges, taxes relating to the preparation and registration of the Agreement, the Chattels Mortgage and the Caveat.
12.1.11. Discharge the Chattels Mortgage and the Caveat upon repayment of the Loan Facility.
12.1.12. Pay all costs and expenses of any nature incurred by Mogo in taking steps to enforce its rights under the Agreement and the Chattels Mortgage, in the Asset as the collateral.
12.1.13. Pay for all searches and valuation assessments of the Asset undertaken by Mogo.
