Common use of Extension of Loan Clause in Contracts

Extension of Loan. If Party A requests to extend the loan maturity date, it shall submit to Party B a written application for extension 30 days prior to the loan maturity date, as well as a written instrument proving that the Guarantor agrees to continue undertaking security liability after such extension, or a new security recognized by Party B. If Party B agrees to extend the loan maturity date, both parties shall sign a loan term extension contract separately; if Party B refuses to grant such extension, Party A shall still perform its repayment obligation as agreed herein.

Extension of Loan. If Party A requests B needs to extend the any loan maturity datedue to its inability to repay such loan as scheduled hereunder, it shall submit to Party B a written application for extension 30 days to Party A one month prior to the loan maturity date, as well as a written instrument proving that the Guarantor agrees to continue undertaking security liability after of such extension, or a new security recognized by Party B. If Party B agrees to extend the loan maturity date, both parties shall sign a loan term extension contract separatelyloan; if Party B refuses to grant A approves such application for extension upon review, both Parties will separately execute an extension agreement. If Party A disapproves the said application for extension, the loan already utilized by Party A B and the interests due thereon shall still perform its repayment obligation as agreed hereinbe repaid according to this Agreement and relevant promissory note or the provisions recorded in Party A’s system.