Common use of Loan Extension Clause in Contracts

Loan Extension. Where the Borrower needs to extend the term of loan, it shall apply to the Lender in writing prior to the maturity date of the loan. With the consent of the Lender and the Guarantor, the Lender, the Borrower and the Guarantor may separately enter into a loan extension repayment agreement. Upon the extension of the loan, when its extension term plus the original term reaches the new interest rate term grade, the interest rate shall be determined according to the current interest rate grade of the cumulative term. Xxxxxx XXXX Any of the following circumstances shall constitute a breach of contract or risk event: (I) Failure to repay the loan principal on schedule, failure to pay the interest on schedule, or failure to repay the loan principal and interest according to the repayment method specially agreed in the loan receipt, or the electronic data and vouchers generated by E-banking such as online banking; (II) Failure to use the loan according to the agreed purpose of the loan; (III) Failure to pay the loan funds in the agreed manner; (IV) Failure to comply with the commitments hereunder; (V) Failure to pay off other matured debts to the Lender on schedule or failure to pay off the matured debts of any other financial institution or third party on schedule; (VI) The property being subject to looting or other incidents; (VII) Involvement in major adverse litigation; (VIII) Being imposed any major administrative penalty by an administrative organ; (IX) Discontinuation of business; (X) Concealing the financial and operating conditions of the enterprise or withdrawing funds (capital); (XI) Carrying out contracting, entrustment, trusteeship, leasing, joint venture, merger, consolidation, division, donation, shareholding reform or reduction of registered capital without the written consent of the Lender;