Common use of EXTENSION OF THE LOAN Clause in Contracts

EXTENSION OF THE LOAN. If Party B needs to procure extension of the Loan on its failure to repay the Loan hereunder when it becomes due, it shall apply in writing to Party A one month before the expiry date of this Contract. If Party A agrees to extend the Loan after examinations, Parties A and B shall enter into an agreement for extension of the loan contract separately. If Party A does not agree to do so, this Contract shall remain in force. Party B shall pay the utilized portion of the Loan and the interests thereon in accordance with the provisions of this Contract.

EXTENSION OF THE LOAN. If Party B A needs to procure extension extend the term of the Loan on its failure to loan in case where it cannot repay the Loan hereunder when it becomes dueloan as scheduled, it shall apply in writing to file a written request with Party A B at least one month before prior to the expiry date of this Contractthe term of the loan. If Party A agrees to extend the Loan after examinations, Parties A and B shall enter into an agreement for extension The term of the loan contract separatelymay be extended only after Party B examines such request and gives its consent thereto and a loan extension agreement is signed by the Parties. If Otherwise, Party A does not agree shall be deemed to do so, this Contract shall remain in force. have committed a breach of contract and Party B shall pay be entitled to terminate this contract, to withdraw the utilized portion entire amount of the Loan loan and the interests thereon in accordance with the provisions of this Contract.to recover corresponding economic losses from Party A.

EXTENSION OF THE LOAN. If Party B needs to procure extension of the Loan on its failure is not able to repay the Loan loan hereunder when it becomes dueand needs to extend the term of the loan, it shall apply in writing Party B must submit to Party A B written application one month before prior to the expiry due date of this Contract. If the loan; if Party A agrees to extend the Loan after examinationsextension upon review, Parties Party A and Party B shall enter into an agreement for must execute separate extension of the loan contract separatelyagreement. If Party A does not agree to do soagree, this Contract contract shall still remain in forcevalid and effective. The loan already used by Party B shall pay the utilized portion of the Loan and the interests thereon in accordance with its corresponding interest must be paid off pursuant to the provisions of this Contractherein.