Common use of Default Liability Clause in Contracts

Default Liability. 1. If the Borrower is in breach of any provision under this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Borrower, the Borrower shall bear the following liability for its breach of Agreement to the Entrustor: (1) if the Entrustment Loan has not been disbursed, the Entrustor shall have the right to terminate this Agreement and cease disbursement of the Entrustment Loan; (2) if the Entrustment Loan has not become due, the Entrustor shall have the right to terminate this Agreement and accelerate the principal and interest of the Entrustment Loan; (3) if the Entrustment Loan has become overdue, the Entrustor shall have be entitled to overdue penalty interest; (4) if the Borrower misappropriates the Entrustment Loan, the Entrustor shall be entitled to penalty interest for the misappropriation; (5) the Entrustor shall be entitled to take actions to enforce the obligations of the Borrower hereunder, and any fees and expenses in connection with such enforcement shall be born by the Borrower; and (6) the Entrustor shall have the right to require the Borrower to indemnify it against any other economic loss. 2. If the Entrustor breaches this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Entrustor, the Entrustor shall bear the following liability to the Borrower: (1) if the Entrustment Loan fails to be disbursed on time, the Entrustor shall disburse the Entrustment Loan as soon as possible; and (2) the Entrustor shall indemnify the Borrower against any economic losses. 3. If the Lender breaches this Agreement, the Lender shall indemnify the Entrustor or the Borrower, as the case may be, against its economic losses in accordance with law.

Default Liability. 1. If the Borrower is in breach of any provision under this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Borrower, the Borrower shall bear the following liability for its breach of Agreement to the Entrustor: (1) if the Entrustment Entrusted Loan has not been disbursed, the Entrustor shall have the right to terminate this Agreement and cease disbursement of the Entrustment Entrusted Loan; (2) if the Entrustment Entrusted Loan has not become due, the Entrustor shall have the right to terminate this Agreement and accelerate the principal and interest of the Entrustment Entrusted Loan; (3) if the Entrustment Entrusted Loan has become overdue, the Entrustor shall have be entitled to overdue penalty interest; (4) if the Borrower misappropriates the Entrustment Entrusted Loan, the Entrustor shall be entitled to penalty interest for the misappropriation; (5) the Entrustor shall be entitled to take actions to enforce the obligations of the Borrower hereunder, and any fees and expenses in connection with such enforcement shall be born by the Borrower; and (6) the Entrustor shall have the right to require the Borrower to indemnify it against any other economic loss. 2. If the Entrustor breaches this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Entrustor, the Entrustor shall bear the following liability to the Borrower: (1) if the Entrustment Entrusted Loan fails to be disbursed on time, the Entrustor shall disburse the Entrustment Entrusted Loan as soon as possible; and (2) the Entrustor shall indemnify the Borrower against any economic losses. 3. If the Lender breaches this Agreement, the Lender shall indemnify the Entrustor or the Borrower, as the case may be, against its economic losses in accordance with law. 4. If the Entrustor/the Borrower fails to timely pay any handling charge, the Lender shall be entitled to liquidated damages on a daily basis in an amount equal to _1__% of any unpaid handling charge. The Entrustee shall be entitled to debit the necessary amount from the account of the Entrustor in satisfaction of any liquidated damages required to be paid by the Entrustor. The Entrustor shall be responsible for procuring the Borrower to pay any liquidated damages owed by the Borrower. If the Borrower fails to duly pay the liquidated damages, the Entrustor agrees to make such payment on behalf of the Borrower, and the Entrustee shall be entitled to debit the corresponding amount from the account of the Entrustor. 5. In the event that the surety under this Agreement (i.e., the guarantor, mortgagor or pledgor) incurs any of the following events, the Entrustor shall have the right to take measures under 12.1: (1) The guarantor fails to perform its obligations under the applicable guarantee agreement, or its credit standing deteriorates, or it incurs any other events that weaken its ability of guarantee; (2) The mortgagor fails to perform its obligations under the applicable mortgage agreement, or intentionally damages or destroys the mortgaged assets, or the value of the mortgaged assets apparently decreases or may decrease, or it incurs any other events that prejudice the mortgage rights of the Lender; or (3) The pledgor fails to perform its obligations under the applicable pledge agreement, or the value of the pledged assets apparently decreases or may decrease, or the right of pledge has to be enforced prior to the satisfaction of the Borrowing, or it incurs any other events that prejudice the right of pledge of the Lender.

Default Liability. 1. If the Borrower is in breach of any provision under this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Borrower, the Borrower shall bear the following liability for its breach of Agreement to the Entrustor: (1) if the Entrustment Entrusted Loan has not been disbursed, the Entrustor shall have the right to terminate this Agreement and cease disbursement of the Entrustment Entrusted Loan; (2) if the Entrustment Entrusted Loan has not become due, the Entrustor shall have the right to terminate this Agreement and accelerate the principal and interest of the Entrustment Entrusted Loan; (3) if the Entrustment Entrusted Loan has become overdue, the Entrustor shall have be entitled to charge an overdue penalty interest; (4) if the Borrower misappropriates the Entrustment Entrusted Loan, the Entrustor shall be entitled to charge a penalty interest for the misappropriation; (5) the Entrustor shall be entitled to take actions to enforce the obligations of the Borrower hereunder, and any fees and expenses in connection with such enforcement shall be born borne by the Borrower; and (6) the Entrustor shall have the right to require the Borrower to indemnify it against any other economic loss. 2. If the Entrustor breaches this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Entrustor, the Entrustor shall bear the following liability to the Borrower: (1) if the Entrustment Entrusted Loan fails to be disbursed on time, the Entrustor shall disburse the Entrustment Entrusted Loan as soon as possible; and (2) the Entrustor shall indemnify the Borrower against any economic losses. 3. If the Lender breaches this Agreement, the Lender shall indemnify the Entrustor or the Borrower, as the case may be, against its economic losses in accordance with law.

Default Liability. 1. If the Borrower is in breach of any provision under this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Borrower, the Borrower shall bear the following liability for its breach of Agreement to the Entrustor: (1) if the Entrustment Loan has not been disbursed, the Entrustor shall have the right to terminate this Agreement and cease disbursement of the Entrustment Loan; (2) if the Entrustment Loan has not become due, the Entrustor shall have the right to terminate this Agreement and accelerate the principal and interest of the Entrustment Loan; (3) if the Entrustment Loan has become overdue, the Entrustor shall have be entitled to overdue penalty interest; (4) if the Borrower misappropriates the Entrustment Loan, the Entrustor shall be entitled to penalty interest for the misappropriation; (5) the Entrustor shall be entitled to take actions to enforce the obligations of the Borrower hereunder, and any fees and expenses in connection with such enforcement shall be born by the Borrower; and (6) the Entrustor shall have the right to require the Borrower to indemnify it against any other economic loss. 2. If the Entrustor breaches this Agreement or the Lender is unable to perform its obligation due to any reason attributable to the Entrustor, the Entrustor shall bear the following liability to the Borrower: (1) if the Entrustment Loan fails to be disbursed on time, the Entrustor shall disburse the Entrustment Loan as soon as possible; and (2) the Entrustor shall indemnify the Borrower against any economic losses. 3. If the Lender breaches this Agreement, the Lender shall indemnify the Entrustor or the Borrower, as the case may be, against its economic losses in accordance with law. 4. [N/A] If the Entrustor/the Borrower fails to timely pay any handling charge, the Lender shall be entitled to liquidated damages on a daily basis in an amount equal to % of any unpaid handling charge. The Entrustee shall be entitled to debit from the account of the Entrustor for satisfaction of any liquidated damages required to be paid by the Entrustor. The Entrustor shall be responsible for procuring the Borrower to pay any liquidated damages owed by the Borrower. If the Borrower fails to duly pay the liquidated damages, the Entrustor agrees to make such payment on behalf of the Borrower, and the Entrustee shall be entitled to debit from the account of the Entrustor. 5. In the event that the surety under this Agreement (i.e., the guarantor, mortgagor or pledgor) incurs any of the following events, the Entrustor shall have the right to take measures under 12.1: (1) The guarantor fails to perform its obligations under the applicable guarantee agreement, or its credit standing deteriorates, or it incurs any other events that weaken its ability of guarantee; (2) The mortgagor fails to perform its obligations under the applicable mortgage agreement, or intentionally damages or destroys the mortgaged assets, or the value of the mortgaged assets apparently decreases or may decrease, or it incurs any other events that prejudice the mortgage rights of the Lender; or (3) The pledgor fails to perform its obligations under the applicable pledge agreement, or the value of the pledged assets apparently decreases or may decrease, or the right of pledge has to be enforced prior to the satisfaction of the Borrowing, or it incurs any other events that prejudice the right of pledge of the Lender.