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.
Prepayment and Extension
