Common use of Change of Payment Method Clause in Contracts

Change of Payment Method. In case where after the submission of the drawdown application there is a change in the Borrower’s payment to third parties and/or change in credit rating where such change has satisfied the requirement under paragraph 2(2) under this Section, the payment method shall be changed. In case where there is change in the payment method, or in the case a change in the payment amount, payee or a change of the purpose of the Loan, the Borrower shall submit to the Lender a change application in writing, to re-submit a drawdown application and supporting documents for the purpose of the Loan.

Change of Payment Method. In case where after the submission of the drawdown application there is a change in the Borrower’s payment to third parties and/or change in credit rating where such change has satisfied the requirement under paragraph 2(2) under this Section, the payment method shall be changed. In case where there is change in the payment method, or in the case a change in the payment amount, payee or a change of the purpose of the Loan, the Borrower shall submit to the Lender a change application in writing, to re-submit a drawdown application and supporting documents for the purpose of the Loan.