Common use of Payment Monitoring Clause in Contracts

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.