Entrusted payment. Entrusted payment means Party A pays the loan amount to Party B’s counter-party meeting the purpose specified herein through Party B’s account according to Party B’s drawdown application and payment entrustment. Party B authorizes Party A to pay the loan funds adopting entrusted payment to Party B’s counter-party through Party B’s account on the date when the loan funds are issued (or the working day after the issuance).
Entrusted payment. 3.4.3.1.1 The Borrower may entrust the Lender to pay the loan to a counterparty of the Borrower for such purpose as specified in the Agreement or in the commercial contracts relating to the use of loan under any of the following circumstances:
(1) the payee is clearly specified and the amount of each utilisation shall exceed RMB ten million (or an equivalent amount in foreign currency);
(2) Other circumstances agreed by the parties hereto: --
3.4.3.1.2 If the loan is paid by entrustment, the Borrower shall deliver its utilisation request and the Entrusted Payment Notice to the Lender five days in advance, and provide the relevant information such as the commercial contracts, invoices and other evidences relating to the use of loan upon request of the Lender. After verification by the Lender, the Lender shall directly pay the loan to the counterparty of the Borrower through the account of the Borrower. If the utilisation request of the Borrower does not meet the conditions of utilisation under the Agreement, or the entrusted payment request is contrary to the Agreement, or the transaction information is incomplete or untrue, the Lender may refuse to grant or pay such loan; and the Lender shall not be liable for the breach of contract by the Borrower arising therefrom or any other losses so incurred. The Lender shall not be held liable if the payment information provided by the Borrower is incorrect or incomplete that results in delay or failure of payment.
3.4.3.1.3 If the Borrower applies for deferred payment or revokes the entrusted payment, it shall notify the Lender in writing before the payment is made by the Lender. After verification by the Lender, the Lender may then terminate the entrusted payment and recover the corresponding loan; and the interest for such period shall be calculated at a rate specified in the Agreement. If, after termination of the entrusted payment, the Borrower applies for resumption of the entrusted payment, the relevant procedures set out in Clause 3.4.3.1.2 shall apply.
3.4.3.1.4 The entrusted payment shall be unconditional. Even if the Borrower has set out conditions on the Entrusted Payment Notice, such conditions shall not constitute an obligation of the Lender. Unless otherwise agreed by the parties in writing, the Lender shall not be obliged to notify the payee in respect of the entrusted payment, deferred payment, revocation or resumption of payment and other related matters.
3.4.3.1.5 If the loan is paid by entrustmen...
Entrusted payment. If a single payment amount of the loan funds exceeds RMB ZERO YUAN (in words), the Lender shall be entrusted to make the payment. The Lender shall, upon approval, pay the loan funds to the Borrower’s trading partner through the Borrower’s account according to the Borrower’s payment power of attorney, corresponding payment vouchers, business contracts and other supporting materials.
Entrusted payment. In case where payment is in compliance with the conditions of entrusted payment method, the Borrower shall clearly include in its drawdown application such entrust, which shall authorize and entrust the Lender to transfer to drawdown of the Loan from the Borrower’s account to the bank account of the trading party for which the purpose of the Loan is in compliance with the conditions under this Contract, and shall include the name, account number and amount of the payment of the trading party, which is necessary for the entrusted payment.
Entrusted payment. (1) Party A shall open or designate an account with Party B, which will be dedicated for the entrusted payment.
(2) In relation to entrusted payment, Party A shall, upon each drawdown, provide Party B with information of its own designated account to receive the financing and payee’s account and relevant supporting documents to prove that such drawdown is for the agreed purpose. Party A warrants that all information provided to Party B is true, complete and effective.
(3) In relation to entrusted payment, Party B will only carry out a pro forma review on information provided by Party A including information on payees and supporting documents evidencing purpose of financing. Party B is not liable for its failure to promptly complete entrusted payment due to the fact that any information provided by Party A is untrue, inaccurate and incomplete.
(4) If Party B finds that the information provided by Party A including supporting documents to prove purpose of financing is inconsistent with each other or has other defects, Party B may require Party A to provide supplemental information, or replace, explain on or re-submit relevant information. Party B may refuse to advance or pay relevant amount until Party A provides relevant information to the satisfaction of Party B.
(5) According to Party A's purpose of financing, Party B may require relevant supporting documents including a jointly-signed certificate to be issued by Party A, an independent intermediary and other relevant parties, and Party B will advance and pay relevant financing upon provision of such supporting documents.
(6) If Party B finds that the information provided by Party A is consistent with the agreed purpose of financing and all conditions precedent to drawdown as agreed under the Financing Contract have been satisfied, Party B shall first remit the financing into an account designated by Party A and then transfer relevant amount to the accounts of Party A's payees as required and in accordance with relevant business vouchers provided by Party A.
(7) Party B may decide to adjust the conditions for advance and payment of financing, or cease to advance and pay the financing proceeds, upon occurrence of any of the following events:
1. Party A provides Party B with false or invalid information to obtain financing;
2. there is any material adverse change or deterioration of credit condition in Party A's production and operation, or any default under the Financing Contract;
3. Where the proceeds of ...
Entrusted payment. 1.1 Party A entrusts Party B to make the payment and Party A and Party B agree that Party B shall make such payment according to the actual situation of Party C.
Entrusted payment. Method of entrusted payment should be used in one of the following situations that:
i. the Borrower and the Lender have newly established a credit business relationship and the internal rating of the Borrower at the Lender is below B3(included). “Newly established credit business relationship” means a credit business relationship established by the Borrower and the Lender for the first time or no credit business relationship occurs during the last 2 years.
Entrusted payment. Party A submits a Payment Request and related documents to Party B in accordance with the requirements set out in Appendix IV herein; if the request is approved, Party B will pay the relevant sums to a transaction party of Party A for the purpose described in this Contract, in accordance with Party A’s payment request and payment entrustment. If the amount of a single payment requested by Party A is more than 5% of the total investment of the fixed-asset investment project or is in excess of RMB 5 million yuan, Party A shall use Entrusted Payment.
Entrusted payment. If the single payment amount of the loan exceeds __/_ million RMB (in words), it will be made through the lender’s entrusted payment method. The lender will review and approve the borrower’s payment authorization letter along with corresponding payment vouchers, business contracts, and other supporting documents before transferring the loan funds to the borrower’s transaction counterpart via the borrower’s account.
Entrusted payment. It is agreed that the entrusted payment method will be employed if it meets the below conditions:
A. The loan relationship with the borrower is new and the borrower's credit grade is just in Class B3 (included) or less. The loan relationship with the borrower is new refers to the first time of establishment of credit business between lender and borrower or no credit business engaged within two years between lender and borrower.
