construct the Project within 2 years from the leasehold registration date or any agreeable period including rationale extension.  Upon the occurrence of an event causing termination except defaulted by the

surpass the challenge of cash sufficiency during the crisis and be complied with relevant law and regulation in the countries where the hotels operate. With regards to the Company’s financial status, the

. During the temporarily suspension, the Company need to adjust compensation scheme to the employees to enable the Company to surpass the challenge of cash sufficiency during the crisis and be complied with

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characteristics: (1) being assets or pledge taken into legal force and considered the condition of each category of collateral. The collateral shall have an ability to surpass the maturity date and being monitored

force and considered the condition of each category of collateral. The collateral shall have an ability to surpass the maturity date and being monitored by the bondholders’ representative. In case where

condition of each category of collateral. The collateral shall have an ability to surpass the maturity date and being monitored by the bondholders’ representative. In case where the collateral is not a

surpass the maturity date and being monitored by the bondholders’ representative; (2) in the case where the collateral is immovable property or 19 a long-term lease agreement, a valuation of such collateral