Common use of Withdrawal Instruction Clause in Contracts

Withdrawal Instruction. 9.1 In the event that Borrower is overdue in payment in respect of principal, interest, penalty interest, compound interest or other expenses, Lender is authorized to withdraw the money from any other bank accounts of Borrower with Bank of Communication to setoff the said outstanding payment. 9.2 After the aforesaid withdrawal, Lender shall inform the Borrower of such account number, loan contract reference number, promissory note reference number, amount of withdrawal, and the outstanding Loan amount. 9.3 If the amount of withdrawal is not sufficient to setoff the aforesaid payment, the overdue expenses shall be settled first. If the principal and interest are overdue for less than ninety (90) days, the remaining balance shall be first used to settle the overdue interest, penalty interest and compound interest, then shall be used to settle the overdue principal. In the event that the overdue payment or interest is overdue for more than ninety (90) days, the remaining balance shall be used to settle the overdue principal, then shall be used to settle the overdue interest, penalty interest or compound interest. 9.4 If the currency of the aforesaid withdrawal amount is different from the currency of the Loan, the exchange rate determined by Bank of Communication on the date of withdrawal shall be used for the currency conversion calculation.

Withdrawal Instruction. 9.1 In the event that Borrower Xxxxxxxx is overdue in payment in respect of principal, interest, penalty interest, compound interest or other expenses, Lender Xxxxxx is authorized to withdraw the money from any other bank accounts of Borrower with Bank of Communication to setoff the said outstanding payment. 9.2 After the aforesaid withdrawal, Lender Xxxxxx shall inform the Borrower of such account number, loan contract reference number, promissory note reference number, amount of withdrawal, and the outstanding Loan amount. 9.3 If the amount of withdrawal is not sufficient to setoff the aforesaid payment, the overdue expenses shall be settled first. If the principal and interest are overdue for less than ninety (90) days, the remaining balance shall be first used to settle the overdue interest, penalty interest and compound interest, then shall be used to settle the overdue principal. In the event that the overdue payment or interest is overdue for more than ninety (90) days, the remaining balance shall be used to settle the overdue principal, then shall be used to settle the overdue interest, penalty interest or compound interest. 9.4 If the currency of the aforesaid withdrawal amount is different from the currency of the Loan, the exchange rate determined by Bank of Communication on the date of withdrawal shall be used for the currency conversion calculation.

Withdrawal Instruction. 9.1 In the event that Borrower Bxxxxxxx is overdue in payment in respect of principal, interest, penalty interest, compound interest or other expenses, Lender Lxxxxx is authorized to withdraw the money from any other bank accounts of Borrower with Bank of Communication to setoff the said outstanding payment. 9.2 After the aforesaid withdrawal, Lender Lxxxxx shall inform the Borrower of such account number, loan contract reference number, promissory note reference number, amount of withdrawal, and the outstanding Loan amount. 9.3 If the amount of withdrawal is not sufficient to setoff the aforesaid payment, the overdue expenses shall be settled first. If the principal and interest are overdue for less than ninety (90) days, the remaining balance shall be first used to settle the overdue interest, penalty interest and compound interest, then shall be used to settle the overdue principal. In the event that the overdue payment or interest is overdue for more than ninety (90) days, the remaining balance shall be used to settle the overdue principal, then shall be used to settle the overdue interest, penalty interest or compound interest. 9.4 If the currency of the aforesaid withdrawal amount is different from the currency of the Loan, the exchange rate determined by Bank of Communication on the date of withdrawal shall be used for the currency conversion calculation.