Common use of Loan Terms Clause in Contracts

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon the Lender’s requirement or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun to Lender or to any other third party designated by the Lender. In case the funds received by the borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 The Borrower commits crime or is involved in crime; 2.4.4 Any third party claims debt of the Borrower exceeding RMB 1,000,000 (RMB one million) which the Borrower is not able to repay; 2.4.5 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Renren Inc.), Loan Agreement (Renren Inc.)

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Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement 's prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s 's equity in Qianjun Beijing Jingwei Zhihui Information Technology Co. Ltd, a company incorporated under the laws of the People’s Republic of China (“Jingwei Zhihui”) to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Jingwei Zhihui is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 The Borrower commits crime or is involved in crime; 2.4.4 2.4.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 One Million (RMB one million1,000,000) which the Borrower is not able to repay; 2.4.5 2.4.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.4.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Renren Inc.), Loan Agreement (Renren Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement 's prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s 's equity in Qianjun Shanghai Qianxiang Changda Internet Information Technology Development Co., Ltd. (“Qianxiang Changda”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Qianxiang Changda is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Renren Inc.), Loan Agreement (Renren Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated years from the execution date when the Borrower actually draws the Loanof this Agreement. The term under this Agreement shall be automatically extended for another successive ten years except when the year periods unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon the for Lender’s requirement or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him the Borrower from transferring all of the entire Borrower’s equity in Qianjun Shanghai Quan Toodou to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such the Borrower’s equity in Qianjun Shanghai Quan Toodou is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan Loans hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits a crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 RMB1,000,000 (RMB one million) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business or online audiovisual streaming business under PRC law; or 2.4.6 2.3.5 In the event that the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Youku Tudou Inc.), Loan Agreement (Youku Tudou Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon the Lender’s requirement or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun to Lender or to any other third party designated by the Lender. In case the funds received by the borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The Xxxxxx Xxxx (the current legal representative of the Lender Lender) quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 The Borrower commits crime or is involved in crime; 2.4.4 Any third party claims debt of the Borrower exceeding RMB 1,000,000 (RMB one million) which the Borrower is not able to repay; 2.4.5 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Renren Inc.), Loan Agreement (Renren Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun Shanghai Renren Games Technology Development Co., Ltd., a company incorporated under the laws of the People’s Republic of China (“Shanghai Renren”) to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Shanghai Renren is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 The Borrower commits crime or is involved in crime; 2.4.4 2.4.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 (RMB one million) which the Borrower is not able to repay; 2.4.5 2.4.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.4.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 2 contracts

Samples: Loan Agreement (Renren Inc.), Loan Agreement (Renren Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun Shanghai Qianxiang Changda Internet Information Technology Development Co., Ltd. (“Qianxiang Changda”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Qianxiang Changda is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Kaixin Auto Holdings)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement 's prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s 's equity in Qianjun Shanghai Renren Automobile Technology Company Limited (“Renren Automobile”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Renren Automobile is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Renren Inc.)

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Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement 's prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s 's equity in Qianjun Shanghai Renren Automobile Technology Company Limited. (“Renren Automobile”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Renren Automobile is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Renren Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated years from the execution date when the Borrower actually draws the Loanof this Agreement. The term under this Agreement shall be automatically extended for another successive ten years except when the year periods unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants confirms that such Loan loan provided by the Lender shall be was used only for the investment in Qianjunthe Beijing 1Verge InfoTech. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its his equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon the for Lender’s requirement or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him the Borrower from transferring all of the entire Borrower’s equity in Qianjun Beijing 1Verge InfoTech to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such the Borrower’s equity in Qianjun Beijing 1 Verge InfoTech is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan Loans hereunder shall be regarded as repaid. 2.4 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 The Borrower commits a crime or is involved in crime; 2.4.4 2.4.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 RMB1,000,000 (RMB one million) which the Borrower is not able to repay; 2.4.5 2.4.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business or online audiovisual streaming business under PRC law; or 2.4.6 2.4.5 In the event that the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Youku Tudou Inc.)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun Shanghai Renren Automobile Technology Company Limited (“Renren Automobile”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Renren Automobile is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Kaixin Auto Holdings)

Loan Terms. 2.1 The term for such Loan will be ten (10) years, calculated from the date when the Borrower actually draws the Loan. The term under this Agreement shall be automatically extended for another ten years except when the unless written notice to the contrary is given by the Lender three months prior to the expiration of this Agreement. 2.2 The Borrower hereby agrees and warrants that such Loan provided by the Lender shall be used only for the investment in Qianjun. Without the Lender’s prior written consent, the Borrower shall not transfer or pledge its equity interest hereunder to any other third party. 2.3 The Lender and the Borrower jointly agree and confirm that the Borrower shall not repay the Loan in advance except upon with the Lender’s requirement prior written approval or the expiration of this Agreement. The Borrower shall repay the Loan only in the following way and amount: the Borrower shall repay the Loan only by using all the funds obtained by him from transferring all of the Borrower’s equity in Qianjun Shanghai Renren Automobile Technology Company Limited. (“Renren Automobile”), a company incorporated under the laws of the People’s Republic of China to Lender or to any other third party designated by the Lender. In case the funds received by the borrower Borrower from transferring the aforesaid equity is subject to any tax or administrative expenses, the borrower Borrower shall only be obliged to repay the net portion of such funds (after deducting any applicable tax and expenses) to the Lender. When all of such Borrower’s equity in Qianjun Renren Automobile is transferred as stipulated above and if all the fund thereof is repaid to the Lender by the Borrower, all the outstanding Loan hereunder shall be regarded as repaid. 2.4 2.3 The Lender and the Borrower agree and confirm that the Borrower shall immediately repay the Loan in advance in case any one of the following occurs: 2.4.1 2.3.1 The Borrower dies or becomes a person with no or limited capacity for civil rights; 2.4.2 The current legal representative of the Lender quits or is dismissed from the Lender or the Lender’s affiliated corporations; 2.4.3 2.3.2 The Borrower commits crime or is involved in crime; 2.4.4 2.3.3 Any third party claims debt of the Borrower exceeding RMB 1,000,000 10,000,000 (RMB one million10,000,000) which the Borrower is not able to repay; 2.4.5 2.3.4 There are no legal restrictions for foreign investors to directly invest in the value-added telecommunication business under PRC law; or 2.4.6 In the event that 2.3.5 the Lender issues a written notice to the Borrower for repayment of the Loan.

Appears in 1 contract

Samples: Loan Agreement (Kaixin Auto Holdings)

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