Prepayment and Extension Sample Clauses

Prepayment and Extension. 3.1 The loan cannot be prepaid within withdrawal period. Both parties should negotiate to consent if the Borrower requires for prepayment after withdrawal period; the Borrower must submit irrevocable written application to Bank of Beijing 30 days in advance, to explain the loan principal amount of prepayment and left loan principal payment plan; after Bank of Beijing’s review and agreement, the Borrower should execute prepayment on prepayment date and pay prepayment compensation regulated in Section N of this AGREEMENT to Bank of Beijing (the prepayment annual number should be the result the actual days number from prepayment date to agreed loan due date divided by 365, keep two digitals after point), and repay the entire interests related to the prepayment principal and repay other related payables, the left principal should be repaid subject to the new plan agreed by Bank of Beijing (the latest repayment day should not be late than latest due day), if no new repayment plans submitted by the Borrower or agreed by both parties, reverse order repayment (prepayment amount shall be firstly used for repaying latest due amount) shall be executed; the contract interest rate shall not be impacted by the prepayment and the new repayment period agreed on the new repayment plan. 3.2 If the Borrower requires for extension, the Borrower must submit written extension application to Bank of Beijing at least 30 days prior to the maturity date, to explain repayment plan after extension, upon Bank of Beijing’s approval and the Borrower’s satisfaction to related requirements of Bank of Beijing, both parties sign extension agreement and go through extension procedure based on the agreement. If disagree from Bank of Beijing regarding extension or no extension agreement signed by both parties, the Borrower should repay the loan based on the AGREEMENT. 3.3 Bank of Beijing has the right to request the Borrower to repay the loan in advance according to the recoup fund conditions (including but not limited to funds the Borrower planned to repay returned in advance, available liquidity of the Borrower’s are so sufficient that it can meet the normal fund requirement after being repaid in advance). When receiving the early prepayment notice from Bank of Beijing, the Borrower should repay the loan quickly as per the requirements of loan principal and interest appointed by Bank of Beijing.