18.20 Anti-corruption law
(a) Each member of the Group and each of their officers, directors, employees and agents is in compliance with applicable Anti-Corruption Laws; and
(b) Each member of the Group has instituted and maintained policies and procedures designed to promote and achieve compliance with Anti-Corruption Laws.
18.21 No dividend restriction
There is no contractual restriction or contractual limitation on any Group member incorporated in PRC to:
(a) declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital);
(b) repay or distribute any dividend or share premium reserve;
(c) pay or allow it to pay any management, advisory or other fee to or to the order of any of its shareholders; or
(d) redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so,
in each case, including but not limited to the repatriation of such dividend or other distribution to any shareholder incorporated outside of PRC.
18.22 No Financial Indebtedness
No member of the Group has any Financial Indebtedness outstanding other than Permitted Financial Indebtedness.
18.23 No Security or Quasi-Security
No Security or Quasi-Security exists over all or any of the present or future assets of any member of the Group other than Permitted Security.