Common use of The Breach of Contract Clause in Contracts

The Breach of Contract. Any of the following shall constitute or be deemed as an event of default of Party A under this Agreement and the single agreements: 1. Party A fails to perform the payment and discharge obligations to Party B according to this Agreement and the single agreements; 2. Party A fails to use the funds obtained for the agreed purpose in accordance with this Agreement and the single agreements; 3. The statements made by Party A in this agreement or single agreements are untrue or violate its commitment in this agreement or single agreements; 4. In case of any circumstance specified in Item 4 of paragraph 2 of Article 8 of this agreement, if Party B thinks that it may affect the financial status and performance capability of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor; 5. Party A’s termination of business, or dissolution, cancellation and bankruptcy; 6. Party A violates other provisions on the rights and obligations of the parties in this Agreement and the single agreements; 7. Party A breaches any other contract with Party B or other institutions of Bank of China Limited; 8. The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with Party B or other institutions of Bank of China Limited. In the event of breach of contract as mentioned in the preceding paragraph, Party B has the right to take the following measures respectively or simultaneously according to the specific circumstances: 1. Require Party A and the guarantor to correct their breach of contract within a time limit; 2. Reduce, suspend or terminate the credit line to Party A in whole or in part; 3. Suspend or terminate business applications from Party A in whole or in part under this Agreement with the single agreements and other agreements between Party A and Party B; For the loans that have not yet been issued, the trade financing and guarantee business that have not yet been handled, all or part of them shall be suspended or terminated; 4. Declare that all or part of the outstanding loans, trade financing funds, principal and interest of advance payment of letter of guarantee and other payable funds under this agreement, single agreement or other agreements between Party A and Party B shall become due immediately; 5. Terminate or rescind this agreement, and the single agreement and other agreements between Party A and Party B in whole or in part; 6. Ask Party A to compensate Party B for the loss caused by its breach of contract, Including but not limited to the loss of litigation costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of creditor’s rights; 7. Deduct the balance from the account opened by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired amount in the account shall be regarded as early maturity. If the account currency is different from Party B’s business valuation currency, it shall be converted according to the exchange rate applicable to Party B at the time of deduction; 8. Exercise the security interest; 9. Require the guarantor to undertake the guarantee responsibility; 10. Other measures that Party B considers necessary.

The Breach of Contract. Any of the following shall constitute or be deemed as an event of default of Party A under this Agreement and the single agreements: 1. Party A fails to perform the payment and discharge obligations to Party B according to this Agreement and the single agreements; 2. Party A fails to use the funds obtained for the agreed purpose in accordance with this Agreement and the single agreements; 3. The statements made by Party A in this agreement or single agreements are untrue or violate its commitment in this agreement or single agreements; 4. In case of any circumstance specified in Item 4 of paragraph 2 of Article 8 of this agreement, if Party B thinks that it may affect the financial status and performance capability of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor; 5. Party A’s termination of business, or dissolution, cancellation and bankruptcy; 6. Party A violates other provisions on the rights and obligations of the parties in this Agreement and the single agreements; 7. Party A violates other provisions on the rights and obligations of the parties in this Agreement and single agreement; 8. Party A breaches any other contract with Party B or other institutions of Bank of China Limited; 89. The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with Party B or other institutions of Bank of China Limited. In the event of breach of contract as mentioned in the preceding paragraph, Party B has the right to take the following measures respectively or simultaneously according to the specific circumstances: 1. Require Party A and the guarantor to correct their breach of contract within a time limit; 2. Reduce, suspend or terminate the credit line to Party A in whole or in part; 3. Suspend or terminate business applications from Party A in whole or in part under this Agreement with the single agreements and other agreements between Party A and Party B; For the loans that have not yet been issued, the trade financing and guarantee business that have not yet been handled, all or part of them shall be suspended or terminated; 4. Declare that all or part of the outstanding loans, trade financing funds, principal and interest of advance payment of letter of guarantee and other payable funds under this agreement, single agreement or other agreements between Party A and Party B shall become due immediately; 5. Terminate or rescind this agreement, and the single agreement and other agreements between Party A and Party B in whole or in part; 6. Ask Party A to compensate Party B for the loss caused by its breach of contract, Including but not limited to the loss of litigation costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of creditor’s rights; 7. Deduct the balance from the account opened by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired amount in the account shall be regarded as early maturity. If the account currency is different from Party B’s business valuation currency, it shall be converted according to the exchange rate applicable to Party B at the time of deduction; 8. Exercise the security interest; 9. Require the guarantor to undertake the guarantee responsibility; 10. Other measures that Party B considers necessary.

The Breach of Contract. Any of the following shall constitute or be deemed as an event of default of Party A under this Agreement and the single agreements: 1. Party A fails to perform the payment and discharge obligations to Party B according to this Agreement and the single agreements; 2. Party A fails to use the funds obtained for the agreed purpose in accordance with this Agreement and the single agreementsagreement,or Party A illegally adds implicit local government debtss; 3. The statements made by Party A in this agreement or single agreements are untrue or violate its commitment in this agreement or single agreements; 4. In case of any circumstance specified in Item 4 of paragraph 2 of Article 8 9 of this agreement, if Party B thinks that it may affect the financial status and performance capability of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor; 5. Party A’s termination of business, or dissolution, cancellation and bankruptcy; 6. The first party refuses to cooperate with the second party in conducting due diligence, and the first party or its transaction/counterparty is suspected of money laundering, terrorist financing, nuclear weapon proliferation, violation of applicable sanctions, or other illegal and irregular activities, or the first party or guarantor is included in the United Nations, China, and other applicable sanctions list or scope; 7. Party A violates other provisions on the rights and obligations of the parties in this Agreement and the single agreementsagreement; 78. Party A breaches any other contract with Party B or other institutions of Bank of China Limited; 89. The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with Party B or other institutions of Bank of China Limited. In the event of breach of contract as mentioned in the preceding paragraph, Party B has the right to take the following measures respectively or simultaneously according to the specific circumstances: 1. Require Party A and the guarantor to correct their breach of contract within a time limit; 2. Reduce, suspend or terminate the credit line to Party A in whole or in part; 3. Suspend or terminate business applications from Party A in whole or in part under this Agreement with the single agreements and other agreements between Party A and Party B; For the loans that have not yet been issued, the trade financing and guarantee business that have not yet been handled, all or part of them shall be suspended or terminated; 4. Declare that all or part of the outstanding loans, trade financing funds, principal and interest of advance payment of letter of guarantee and other payable funds under this agreement, single agreement or other agreements between Party A and Party B shall become due immediately; 5. Terminate or rescind this agreement, and the single agreement and other agreements between Party A and Party B in whole or in part; 6. Ask Party A to compensate Party B for the loss caused by its breach of contract, Including but not limited to the loss of litigation costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of creditor’s rights; 7. Deduct the balance from the account opened by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired amount in the account shall be regarded as early maturity. If the account currency is different from Party B’s business valuation currency, it shall be converted according to the exchange rate applicable to Party B at the time of deduction; 8. Exercise the security interest; 9. Require the guarantor to undertake the guarantee responsibility; 10. Other measures that Party B considers necessary.