Common use of Extension of Loan Clause in Contracts

Extension of Loan. In case that Party B fails to make repayment of this loan under this contract by the due date and thereof extension of this loan must be handled, Party B shall file an application in writing to Party A one month ahead of expiration of this contract; where Party A agrees on such extension based on examination, Party A and Party shall otherwise sign the Agreement of Extension of Term of Loan Contract. In case that Party A disagrees with such extension, this contract shall be valid as before. With respect to any part of this loan or payable interest which Party B has used, repayment shall be made according to this contract.

Extension of Loan. In case that Party B fails is unable to make repayment of this loan under this contract by the due date and thereof needs to handle extension of this loan must be handledloan, Party B shall file an application in writing to Party A one month ahead of expiration of this contract; where Party A agrees on such extension based on examination, Party A and Party B shall otherwise sign the Agreement of Extension of Term of Loan Contract. In case that Party A disagrees with such extension, this contract shall be valid as beforestill valid. With respect to any part of this loan or payable unpaid interest which Party B has used, repayment shall be made according to in accordance with this contract.

Extension of Loan. In case that If Party B fails needs to make repayment of this extend any loan under this contract by the due date and thereof to its inability to repay such loan as scheduled hereunder, it shall submit a written application for extension of this loan must be handled, Party B shall file an application in writing to Party A one month ahead prior to maturity of expiration of this contractsuch loan; where if Party A agrees on approves such application for extension based on examinationupon review, both Parties will separately execute an extension agreement. If Party A and Party shall otherwise sign disapproves the Agreement of Extension of Term of Loan Contract. In case that Party A disagrees with such said application for extension, this contract shall be valid as before. With respect to any part of this the loan or payable interest which already utilized by Party B has used, repayment and the interests due thereon shall still be made repaid according to this contractAgreement and relevant promissory note or the provisions recorded in Party A’s system.