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Measures for the Control of Provision of Security to Foreign Parties by Organizations within the People's Republic of China
(Promulgated by the People's Bank of China on September 25, 1996)

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

Article 15

Article 16

Article 17

Article 18

Article 19

Metadata

SiSU Metadata, document information

Manifest

SiSU Manifest, alternative outputs etc.

China - Measures for the Control of Provision of Security to Foreign Parties by Organizations, 1996

MOFTEC

copy @ Lex Mercatoria

Measures for the Control of Provision of Security to Foreign Parties by Organizations within the People's Republic of China
(Promulgated by the People's Bank of China on September 25, 1996)

Article 13

When a Security Provider provides security to foreign parties, it shall enter into a written contract with the Creditor and the Secured Party to stipulate the following rights and obligations of the Security Provider, the Creditor and the Secured Party:

(1)the Security Provider has the right to monitor the financial and asset conditions of the Secured Party;

(2)after the provision of security to foreign parties by the Security Provider, if the Creditor and the Secured Party need to amend the contract being secured, the consent of the Security Provider shall be obtained and the Security Provider shall report the amendments to SAFE for examination and approval; in the absence of the consent of the Security Provider and the approval of SAFE, the Security Provider shall be released automatically from its security obligations;

(3)after the provision of security to foreign parties by the Security Provider and within the validity period of the contract of security, the Security Provider shall perform its obligations in accordance with the contract of security. After the Security Provider has performed its obligations, it shall have the right to seek compensation from the Secured Party;

(4)after the provision of security to foreign parties by the Security Provider and within the validity period of the contract of security, if the Creditor fails to perform its obligations in accordance with the provisions of the debt contract, the Security provider shall automatically be released from its security obligations;

(5)the Security Provider has the right to demand the Secured Party to implement counter-guarantee measures or to provide corresponding security over assets;

(6)the Security Provider has the right to receive the agreed security fee.


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