Payment Monitoring. 1. The Borrower agrees that the Lender shall entitle to manage and monitor the payment from the loan obtained through Lender entrusted payment or/and direct payment methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this Contract. The Lender entrusted payments refers to the Lender, make payments on behalf of the Borrower, upon application from the Borrower, to third parties who qualifies the purpose of the usage of the loan as agreed in this Contract, from the Borrower’s bank accounts. Direct payment by the Borrower refers to the Lender deposited the loan into the Borrower’s bank account based on the draw down application, and payments being made to the qualified payee in accordance with the usage agreed in the respective contracts by the Borrower directly. 2. With the consent of the Borrower, should the borrower-lender relationship between the Borrower and the Lender is a newly established relationship and the credit rating the Borrower is average, or each single payment required by the Borrower exceeds the limit as agreed in this Contract (refer to Part I of this Contract), or other cases as specified by the Lender, the Lender entrusted payment method should be used. Where the Lender entrusted payment method is used, the Lender shall have the right to review and approve payees on the payment application as provided by the Borrower whether the names of payee, amount and other information on the payment application is in conformity with relevant business contracts and related documents, and in accordance with the purpose of usage of the loan as agreed in this Contract. Payments will be made by the Lender to the Borrower’s payees through the Borrower’s bank account where the loan is obtained. 3. The Borrower shall provide evidence as requested by the Lender when applying payments to external parties from the loan obtained, including but not limited to: (1) Documents and evidence which support the purpose of the payment is as agreed in this Contract; (2) Business contract and written documents which reflect the Borrower’s payment obligations. In the event where fees and expenses for which a written contract is not required or available, the Borrower shall provide fee policy and standards from relevant authorities; (3) The Borrower shall provide the corresponding invoices or receipts after the payment is made if the invoices or receipts thereof are available at the time of payment; (4) Legally valid payment voucher; (5) Other documents as required by the Lender. 4. In case where a working capital loan account is not opened, the Borrower shall submit the drawdown application form (refer to Appendix 1 for format) to the Lender three (3) banking days prior to the proposed drawdown day, and shall designate whether the Lender entrusted payment method or direct payment method the Borrower wishes to use. The Borrower confirms that the Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. In case where a working capital loan account is opened, and when the Lender entrusted payment method is used, the Borrower shall submit the Borrower pre-stamped working capital loan reserved stamp payment application form (refer to Appendix 2 for format) to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. When the direct payment method is used, the Borrower shall submit the payment application form (refer to Appendix 2 for format) and related information to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract. When reviewed and approved by the Lender, the Borrower is required to complete payment voucher (the amount of each summary payment voucher must not exceed the loan amount the Lender entrusted for payment under this Contract). When approved, the Lender will stamp on the summary payment voucher a working capital loan fund monitoring chop and the required fund will be transferred to the Borrower’s general settlement account. 5. In the case that direct payment method is used, the Borrower shall report to the Lender the details of direct payments from the loan obtained on a monthly basis. The Lender shall have the right to verify whether the payments made by the Borrower complies with the purpose and payment method as agreed in this Contract, by ways of account analysis, voucher inspections and on-site investigations, etc. 6. The Borrower confirms that the Borrower shall pay to the Lender any clearing fees that may be incurred due to the drawdown of the loan. At the time when clearing fee become chargeable, the Lender has the right to deduct the actual clearing fee from the Borrower’s bank account. 7. In the case of the following, the Lender shall have the right to request the Borrower, during the course of drawdown application and payment application, to provide additional condition for the drawdown and payment, to change the way of settlement or cease to granting and payment of the loan: (1) Deterioration of the credit status (2) Weak profitability of core business (3) Abnormal usage of the loan under this Contract
Appears in 4 contracts
Samples: Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD), Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD), Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD)
Payment Monitoring. 1. The Borrower agrees that the Lender shall entitle to manage and monitor the payment from the loan obtained through Lender entrusted payment or/and direct payment methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this Contract. The Lender entrusted payments refers to the Lender, make payments on behalf of the Borrower, upon application from the Borrower, to third parties who qualifies the purpose of the usage of the loan as agreed in this Contract, from the Borrower’s bank accounts. Direct payment by the Borrower refers to the Lender deposited the loan into the Borrower’s bank account based on the draw down application, and payments being made to the qualified payee in accordance with the usage agreed in the respective contracts by the Borrower directly.
2. With the consent of the BorrowerThe Borrower agrees, should the borrower-lender relationship between the Borrower and the Lender is a newly established relationship and the credit rating the Borrower is average, or each single payment required by the Borrower exceeds the limit as agreed in this Contract (refer to Part I of this Contract), or other cases as specified by the Lender, the Lender entrusted payment method should be used. Where the Lender entrusted payment method is used, the Lender shall have the right to review and approve payees on the payment application as provided by the Borrower whether the names of payee, amount and other information on the payment application is in conformity with relevant business contracts and related documents, and in accordance with the purpose of usage of the loan as agreed in this Contract. Payments will be made by the Lender to the Borrower’s payees through the Borrower’s bank account where the loan is obtained.
3. The Borrower shall provide evidence as requested by the Lender when applying payments to external parties from the loan obtained, including but not limited to:
(1) Documents and evidence which support the purpose of the payment is as agreed in this Contract;
(2) Business contract and written documents which reflect the Borrower’s payment obligations. In the event where fees and expenses for which a written contract is not required or available, the Borrower shall provide fee policy and standards from relevant authorities;
(3) The Borrower shall provide the corresponding invoices or receipts after the payment is made if the invoices or receipts thereof are available at the time of payment;
(4) Legally valid payment voucher;
(5) Other documents as required by the Lender.
4. In case where a working capital loan account is not opened, the Borrower shall submit the drawdown application form (refer to Appendix 1 for format) to the Lender three (3) banking days prior to the proposed drawdown day, and shall designate whether the Lender entrusted payment method or direct payment method the Borrower wishes to use. The Borrower confirms that the Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. In case where a working capital loan account is opened, and when the Lender entrusted payment method is used, the Borrower shall submit the Borrower pre-stamped working capital loan reserved stamp payment application form (refer to Appendix 2 for format) to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. When the direct payment method is used, the Borrower shall submit the payment application form (refer to Appendix 2 for format) and related information to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract. When reviewed and approved by the Lender, the Borrower is required to complete payment voucher (the amount of each summary payment voucher must not exceed the loan amount the Lender entrusted for payment under this Contract). When approved, the Lender will stamp on the summary payment voucher a working capital loan fund monitoring chop and the required fund will be transferred to the Borrower’s general settlement account.
5. In the case that direct payment method is used, the Borrower shall report to the Lender the details of direct payments from the loan obtained on a monthly basis. The Lender shall have the right to verify whether the payments made by the Borrower complies with the purpose and payment method as agreed in this Contract, by ways of account analysis, voucher inspections and on-site investigations, etc.
6. The Borrower confirms that the Borrower shall pay to the Lender any clearing fees that may be incurred due to the drawdown of the loan. At the time when clearing fee become chargeable, the Lender has the right to deduct the actual clearing fee from the Borrower’s bank account.
7. In the case of the following, the Lender shall have the right to request the Borrower, during the course of drawdown application and payment application, to provide additional condition for the drawdown and payment, to change the way of settlement or cease to granting and payment of the loan:
(1) Deterioration of the credit status
(2) Weak profitability of core business
(3) Abnormal usage of the loan under this Contract
Appears in 2 contracts
Samples: Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD), Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD)
Payment Monitoring. 1. The Borrower agrees that the Lender shall entitle have the right to manage and monitor control the payment from the of loan obtained funds through Lender entrusted payment by the Lender or/and direct payment methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this ContractAgreement. The Entrusted payment by the Lender entrusted payments refers means that the Lender pays the loan funds through the Borrower’s account to the Lender, make payments on behalf of Borrower’s transaction counterparties who meet the Borrower, upon application from the Borrower, to third parties who qualifies the purpose of the usage of the loan purposes as agreed in this Contract, from Agreement according to the Borrower’s bank accountsdrawdown application and payment entrustment. Direct payment by the Borrower refers to means that after the Lender deposited deposits the loan into funds to the Borrower’s bank account based on according to the draw down Borrower’s drawdown application, and payments being made the Borrower will independently pay them to the qualified payee in accordance with Borrower’s transaction counterparties who meet the usage purposes as agreed in the respective contracts by the Borrower directlyAgreement.
2. With The Borrower agrees that if the consent of the Borrower, should the borrower-lender relationship between the Borrower and the Lender is a newly established credit-business relationship and the credit rating of the Borrower is average, or each a single payment required by the Borrower exceeds the limit amount as agreed in this Contract Agreement (refer to Part I of this Contract)Agreement) and has a determinate payee, or for other cases as specified identified by the Lender, the Lender method of entrusted payment method should by the Lender shall be used. Where the Lender method of entrusted payment method by the Lender is used, the Lender shall have the right to review and approve payees on the payment application as provided by the Borrower whether the names of payeereview, amount and other information on the payment application is in conformity with relevant business contracts and related documents, and in accordance with according to the purpose of usage of the loan as agreed in this ContractAgreement, whether the name of the payee, amount and other information on the payment application as provided by the Borrower are in conformity with relevant business contracts and related supporting documents. Payments With the approval of the Lender after review, payments will be made by the Lender to the Borrower’s payees transaction counterparties through the Borrower’s bank account where from the loan is obtained.. SPD BANK Term Loan Agreement
3. The Borrower shall provide evidence supporting materials as requested by the Lender when applying for making payments to external parties from the loan obtained, including but not limited to:
(1) Documents and evidence which support certifying that the purpose of the payment is in accordance with the purpose as agreed in this Contractthe Agreement;
(2) Business contract contracts and written documents which that truthfully reflect the Borrower’s payment obligations. In For the event where fees and expenses for which that must be paid without signing a written contract is not required or availablecontract, the Borrower shall provide fee charge policy and standards from relevant authoritiesstandard approved by the competent authorities shall be provided;
(3) The Relevant invoices or receipts, and if such invoices or receipts cannot be obtained at the time of payment, the Borrower shall provide promptly submit the corresponding invoices or receipts for the use of funds after the payment is made if the invoices or receipts thereof are available at the time completion of payment;
(4) Legally valid payment vouchervouchers;
(5) Other documents as required by the Lender. The Lender shall have the right to waive one or more of the above supporting materials without prejudice to any right of the Lender under this Agreement.
4. In case where a special working capital loan account is not opened, the Borrower shall submit the drawdown application form (refer to Appendix 1 for formatin the form attached as Annex I hereto) to the Lender three (3) banking business days prior to the proposed drawdown daydate, and shall designate indicate whether the Lender Borrower intends to use the entrusted payment method or direct payment method the Borrower wishes to usemethod. The Borrower confirms that the Lender shall have the rights right to review and approve whether the relevant documents complies comply with the payment condition conditions as stipulated under this ContractAgreement or not, and have the right to decide which payment method the Borrower should entitle adopt for the loan that is drawn down. In case where a special working capital loan account is opened, and when the Lender entrusted payment method is used, the Borrower shall submit the Borrower pre-stamped working capital loan reserved stamp a payment application form (refer to Appendix 2 in the form attached as Annex III hereto) affixed with the Borrower’s reserved seal for format) the special working capital loan account to the Lender three (3) banking business days prior to the proposed payment day. The Lender shall have the rights right to review and approve whether the relevant documents complies materials comply with the payment condition conditions as stipulated under this ContractAgreement. If the Lender approves, and have then the right to decide which payment method voucher shall be affixed with the Borrower should entitle special seal for the payment and supervision of loan that is drawn downfund to make external payments. When the direct payment method is used, the Borrower shall submit the payment application form (refer to Appendix 2 for formatin the form attached as Annex III hereto) and related information materials to the Lender three (3) banking business days prior to the proposed payment day. The Lender shall have the rights right to review and approve whether the relevant documents complies materials comply with the payment condition conditions as stipulated under this ContractAgreement. When reviewed and approved by If the LenderLender approves, the Borrower is required to complete payment voucher (the amount of each summary payment voucher must not exceed the loan amount that the Lender is entrusted for payment to pay under this ContractAgreement). When approvedAfter the review, the Lender will stamp on affix the summary payment voucher a working capital with the special seal for the payment and supervision of loan fund monitoring chop and the required corresponding fund will be transferred to the Borrower’s general settlement account.. SPD BANK Term Loan Agreement
5. In the case that the method of direct payment method by the Borrower is used, the Borrower shall summarize and report to the Lender the details of direct payments from the loan obtained on a monthly basis. The Lender shall have the right to verify whether the payments of loan fund made by the Borrower complies comply with the purpose and payment method as agreed in this Contract, by ways Agreement in the manners of account analysis, voucher inspections and on-site investigations, etc.
6. The Borrower confirms that the Borrower shall pay to the Lender any clearing fees remittance fee that may be incurred due to the drawdown payment of the loanloan fund. At the time when clearing such remittance fee become chargeableis incurred, the Lender has shall the right to deduct and collect the actual clearing fee from the Borrower’s bank accountamount of remittance fee.
7. In the case that the Borrower is under any of the followingfollowing circumstances, the Lender shall have the right to request the Borrower, during the course of drawdown application deposit and payment applicationof the loan, to provide additional condition conditions for the drawdown and payment, or to change the way of settlement paying the loan or cease to granting the deposit and payment of the loan:
(1) Deterioration of the credit status;
(2) Weak profitability of core principal business;
(3) Abnormal usage of the loan under this ContractAgreement.
Appears in 1 contract
Payment Monitoring. 1. The Borrower agrees that the Lender shall entitle to manage and monitor the payment from the loan obtained through Lender entrusted payment or/and direct payment methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this Contract. The Lender entrusted payments refers to the Lender, make payments on behalf of the Borrower, upon application from the Borrower, to third parties who qualifies the purpose of the usage of the loan as agreed in this Contract, from the Borrower’s bank accounts. Direct payment by the Borrower refers to the Lender deposited the loan into the Borrower’s bank account based on the draw down application, and payments being made to the qualified payee in accordance with the usage agreed in the respective contracts by the Borrower directly.
2. With the consent of the Borrower, should the borrower-lender relationship between the Borrower and the Lender is a newly established relationship and the credit rating the Borrower is average, or each single payment required by the Borrower exceeds the limit as agreed in this Contract (refer to Part I of this Contract), or other cases as specified by the Lender, the Lender entrusted payment method should be used. Where the Lender entrusted payment method is used, the Lender shall have the right to review and approve payees on the payment application as provided by the Borrower whether the names of payee, amount and other information on the payment application is in conformity with relevant business contracts and related documents, and in accordance with the purpose of usage of the loan as agreed in this Contract. Payments will be made by the Lender to the Borrower’s payees through the Borrower’s bank account where the loan is obtained.
3. The Borrower shall provide evidence as requested by the Lender when applying payments to external parties from the loan obtained, including but not limited to:
(1) Documents and evidence which support the purpose of the payment is as agreed in this Contract;
(2) Business contract and written documents which reflect the Borrower’s payment obligations. In the event where fees and expenses for which a written contract is not required or available, the Borrower shall provide fee policy and standards from relevant authorities;
(3) The Borrower shall provide the corresponding invoices or receipts after the payment is made if the invoices or receipts thereof are available at the time of payment;
(4) Legally valid payment voucher;
(5) Other documents as required by the Lender.
4. In case where a working capital loan account is not opened, the Borrower shall submit the drawdown application form (refer to Appendix 1 for format) to the Lender three (3) banking days prior to the proposed drawdown day, and shall designate whether the Lender entrusted payment method or direct payment method the Borrower wishes to use. The Borrower confirms that the Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. In case where a working capital loan account is opened, and when the Lender entrusted payment method is used, the Borrower shall submit the Borrower pre-stamped working capital loan reserved stamp payment application form (refer to Appendix 2 for format) to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have the right to decide which payment method the Borrower should entitle for the loan that is drawn down. When the direct payment method is used, the Borrower shall submit the payment application form (refer to Appendix 2 for format) and related information to the Lender three (3) banking days prior to the proposed payment day. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract. When reviewed and approved by the Lender, the Borrower is required to complete payment voucher (the amount of each summary payment voucher must not exceed the loan amount the Lender entrusted for payment under this Contract). When approved, the Lender will stamp on the summary payment voucher a working capital loan fund monitoring chop and the required fund will be transferred to the Borrower’s general settlement account.
5. In the case that direct payment method is used, the Borrower shall report to the Lender the details of direct payments from the loan obtained on a monthly basis. The Lender shall have the right to verify whether the payments made by the Borrower complies with the purpose and payment method as agreed in this Contract, by ways of account analysis, voucher inspections and on-site investigations, etc.
6. The Borrower confirms that the Borrower shall pay to the Lender any clearing fees that may be incurred due to the drawdown of the loan. At the time when clearing fee become chargeable, the Lender has the right to deduct the actual clearing fee from the Borrower’s bank account.
7. In the case of the following, the Lender shall have the right to request the Borrower, during the course of drawdown application and payment application, to provide additional condition for the drawdown and payment, to change the way of settlement or cease to granting and payment of the loan:
(1) Deterioration of the credit status
(2) Weak profitability of core business
(3) Abnormal usage of the loan under this Contract
Appears in 1 contract
Samples: Working Capital Loan Contract (CHINA METRO-RURAL HOLDINGS LTD)
Payment Monitoring. 1. The Borrower agrees that agrees, the Lender shall entitle has right to manage and monitor the payment from of the loan obtained through Lender capital via entrusted payment or/and direct voluntary payment methods by the Borrower, in order to supervise the purpose of usage of the loan as agreed in this capital incompliance with the Contract. The Lender Lender’s entrusted payments payment refers to the Lender, make payments on behalf payment of the Borrower, upon application from lending amount made to the Borrower, to third parties who qualifies the purpose qualified payee of the Borrower in accordance with the agreed usage of the loan as agreed in this Contract, from via the Borrower’s bank accounts, based on the withdrawal requisition and entrusted payment order from the Borrower. Direct Voluntary payment by the Borrower refers to the Lender deposited payment of the loan into lending amount made to the Borrower’s bank account based on upon Xxxxxxxx’s withdrawal requisition; the draw down application, and payments being made Borrower voluntarily makes payment to the qualified payee in accordance with the agreed usage agreed in of the respective contracts by the Borrower directlyContract.
2. With The Borrower agrees, the consent of Xxxxxx’s entrusted payment method should be used, if the Borrower, should the borrower-lender relationship credit relations between the Borrower and the Lender is a newly established relationship and the Borrower’s credit rating the Borrower situation is averagegeneral, or each with specific payment subject and single payment required by the Borrower amount exceeds the limit as agreed in this Contract amount (refer to see Part I of this Contract)) of lending amount payment, or other cases situations as specified by the Lender. For payments made with the Lender’s entrusted payment method, the Lender entrusted payment method should be used. Where the Lender entrusted payment method is used, the Lender shall have has the right to review and approve payees on the payment application as provided by the Borrower audit whether the names of payeesubject, amount and other information on the payment application requisition is in conformity with relevant business contracts contract and related documentsother documentary proof, and in accordance with the purpose of agreed usage of the loan as agreed in this Contract. Payments will be made by the The Lender makes payment to the Borrower’s payees through payee via the Borrower’s bank account where after obtaining approval after the loan is obtainedaudit.
3. The Borrower shall provide documentary evidence as requested by in line with the Lender’s requirement when making an application to the Lender when applying payments to for the external parties from payment of the loan obtainedcapital, including include but not limited to:
(1) Documents and Documentary evidence which support of payment application in line with the purpose of the payment is as agreed in this ContractContract stipulation;
(2) Business contract and written documents which reflect document evidencing the Borrower’s payment obligationsobligation. In the event where fees and expenses for which a written contract is not required or available, the Borrower shall provide fee policy Provide approved charging policies and standards from relevant authoritiesauthorities for making payment with no contract necessarily signed;
(3) The Borrower shall provide the corresponding invoices or receipts after the payment is made if the invoices or receipts thereof are available not obtained at the time of payment;
(4) Legally valid payment voucherValid proof of payment;
(5) Other documents as required by the Lender.
4. In case where a For those without special working capital loan account is not openedaccount, the Borrower shall submit the drawdown application withdrawal requisition form (refer to Appendix 1 for formatformat see appendix) to the Lender three (3) banking days prior to the proposed drawdown withdrawing day, and shall designate whether designating the payment method as Lender entrusted payment method or direct voluntary payment method by the Borrower wishes to useBorrower. The Borrower confirms that the Lender shall have has the rights right to review and approve audit whether the relevant related documents complies are in compliance with the payment condition stipulated under this Contract, the Contract and have may decide on the right to decide which corresponding payment method the Borrower should entitle for the loan that is drawn downmethod. In case where a For those with special working capital loan account is opened, and when the Lender entrusted payment method is usedaccount, the Borrower shall submit the Borrower pre-stamped working capital loan reserved stamp payment application form (refer to Appendix 2 for format) provide to the Lender Lender, three (3) banking days prior to before the proposed date of payment, a payment dayrequisition form (format see appendix 3) chopped with the Borrower’s reserved seal of working capital loan. The Lender shall have the rights to review and approve whether the relevant documents complies with the payment condition stipulated under this Contract, and have has the right to decide which audit whether the payment method made is in compliance with the Borrower should entitle for agreed payment condition. External payment shall be made, upon verification and approval of the loan that is drawn downLender, with a payment voucher chopped with the reserved seal of working capital loan. When using the direct voluntary payment method is usedby Borrower payment method, the Borrower shall submit the payment application form (refer to Appendix 2 for format) and related information provide to the Lender Lender, three (3) banking days prior to before the proposed date of payment, a payment day. The Lender shall have the rights to review requisition form (format see appendix 3) and approve whether the relevant documents complies with the payment condition stipulated under this Contract. When reviewed and approved by the Lender, the Borrower is required to complete payment voucher (the amount of each summary payment voucher must not exceed the loan amount the Lender entrusted for payment under this Contract). When approved, the Lender will stamp on the summary payment voucher a working capital loan fund monitoring chop and the required fund will be transferred to the Borrower’s general settlement account.
5. In the case that direct payment method is used, the Borrower shall report to the Lender the details of direct payments from the loan obtained on a monthly basis. The Lender shall have the right to verify whether the payments made by the Borrower complies with the purpose and payment method as agreed in this Contract, by ways of account analysis, voucher inspections and on-site investigations, etc.
6. The Borrower confirms that the Borrower shall pay to the Lender any clearing fees that may be incurred due to the drawdown of the loan. At the time when clearing fee become chargeableother related documents, the Lender has the right to audit whether the payment made is in compliance with the agreed payment condition. Upon verification and approval of the Lender, the Borrower fills out a payment voucher (the total amount of each summary payment voucher shall not exceed the Lender’s entrusted payment amount agreed under this Contract). The Lender stamps the summary payment voucher with the reserved seal of working capital loan upon verification, and transfers the related fund to the general settlement account of the Borrower.
5. For voluntary payment by Borrower method, the Borrower shall provide a report to the Lender, on specified days of each month, summarizing the status of voluntary payment made of the loan capital. The Lender has the right to audit whether the payment made is in compliance with the agreed usage and payment method via account analysis, voucher inspection, on-site investigation etc.
6. For the clearing fee incurred due to the payment of the loan capital by the Lender, the Borrower confirms that the Lender has the right to directly deduct the actual clearing fee from at the Borrower’s bank accounttime of occurrence.
7. In the case of any of the followingfollowing events by the Borrower during the course of loan granting and payment, the Lender shall have has the right to request the Borrower, during Borrower to supplement on the course of drawdown application drawing condition and payment applicationcondition, to provide additional condition for the drawdown and payment, to or change the way of settlement or cease to loan payment method, stop the granting and payment of the loanloan capital:
(1) Deterioration The decline of the credit status
(2) Weak profitability of core businessWeek main business profitability
(3) Abnormal usage of the loan under this Contractcapital
Appears in 1 contract
