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  7. The Borrower shall inform the Lender and warrants the liability under its security will not more than net assets of the Borrower when the Borrower guarantee for other party or mortgage its assets. The Borrower warrants that will not dispose the assets which will make adverse impact on its ability of paying debts.

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  8. The Borrower will not pay the other similar loans prior to the Lender; (来源:最老牌的英语学习网站 http://www.EnglishCN.com)

  9. The Borrower warrants to inform the Lender immediately when the following events occurred:

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  (1) The event of breach of contract under this contract or other loan or guaranty contracts between the Borrower and any branches of Bank of China or other banks, non-bank financial organization; (来源:EnglishCN英语问答中心[e问e答])

  (2) The Borrower changes shareholders or revise the article of association;

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  (3) The Borrower suffer difficulties and bad result in financial and operation; (来源:EnglishCN英语问答中心[e问e答])

  (4) The Borrower involves in material actions or arbitration;

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  10. The Borrower shall keep sufficient balance for repayment prior [***] to the due date.

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  11. The Borrower shall keep its bank transactions regarding income collection, sell foreign currency or buy foreign currency ect. Shall be conducted at the Lender or other branches of the Lender. The turn-over for the capital shall satisfy the demand of the Lender; (来源:专业英语学习网站 http://www.EnglishCN.com)

  III. The Borrowers representations and warrants hereunder this contract shall be effective even though any mendment, supplements or revised to be made to this contract.

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  ARTICLE 12 REPRESENTATIONS AND WARRANTS OF THE LENDER

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  I. The Lender represents and warrants as follows:

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  1. The Lender is a state-owned commercial bank or branch duly organized and validly existing under the law of P.R.C and approved by the Industry and Commercial Administration and holds the financial institutions legal person licenses and financial institutions operation license to be qualified to operate financial business.

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  2. The Lender has taken all necessary action to authorize the execution of this contract and performance of its obligations under this contract. The Lender is duly authorized to extend this loan.

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  II. The Lender warrants as follows:

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  1. The Lender shall extend the loan in accordance with the provisions set forth in this Contract.

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  2. Collect interests in accordance with the regulations of the Peoples Bank.

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