MFLX » Topics » Article 6 Prerequisites for Use of Lines of Credit

These excerpts taken from the MFLX 8-K filed Jan 31, 2007.

Article 6 Prerequisites for Use of Lines of Credit

Party A’s application for the use of the lines of credit under this Agreement shall satisfy the following conditions:

1. Prior to the expiration of the term of use of the lines of credit covenanted in Article 5 of this Agreement, it shall submit an application for the appropriate single-transaction credit-granting business to Party B;

 

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2. Leave in advance with Party B corporate documents, notes, seals, list of relevant persons and sample signatures related to this Agreement and the separate agreements and properly complete relevant supporting vouchers;

3. Open the accounts required by Party B that are necessary for the completion of single-transaction credit-granting business;

4. Properly complete the legal and administrative examination and approval procedures required for consummation of the single-transaction credit-granting business and submit copies of examination and approval documents or photocopies consistent with original copies as required by Party B; in accordance with the provisions of state laws and regulations, when the relevant procedures must be completed by Party B, Party A hereby agrees to give all support;

5. Satisfy other prerequisites or withdrawal prerequisites for consummation of business as covenanted in the separate agreements;

6. Bonds have been posted or the guarantee agreements whose execution is required by Party B have taken effect;

7. Party A hereby agrees to make the statements and promises covenanted in Article 9 of this Agreement; and

8. Other conditions that Party B believes should be satisfied by Party A.

Article 6 Prerequisites for Use of Lines of Credit

Party A’s application for the use of the lines of credit under this Agreement shall satisfy the following conditions:

1. Prior to the expiration of the term of use of the lines of credit covenanted in Article 5 of this Agreement, it shall submit an application for the appropriate single-transaction credit-granting business to Party B;

2. Leave in advance with Party B corporate documents, notes, seals, list of relevant persons and sample signatures related to this Agreement and the separate agreements and properly complete relevant supporting vouchers;

 

Page 2 of 8


3. Open the accounts required by Party B that are necessary for the completion of single-transaction credit-granting business;

4. Properly complete the legal and administrative examination and approval procedures required for consummation of the single-transaction credit-granting business and submit copies of examination and approval documents or photocopies consistent with original copies as required by Party B; in accordance with the provisions of state laws and regulations, when the relevant procedures must be completed by Party B, Party A hereby agrees to give all support;

5. Satisfy other prerequisites or withdrawal prerequisites for consummation of business as covenanted in the separate agreements;

6. Bonds have been posted or the guarantee agreements whose execution is required by Party B have taken effect;

7. Party A hereby agrees to make the statements and promises covenanted in Article 9 of this Agreement; and

8. Other conditions that Party B believes should be satisfied by Party A.

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Jan 31, 2007

RELATED TOPICS for MFLX:

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