Entrustment Loans definition
Examples of Entrustment Loans in a sentence
If the Borrower B fails to repay any outstanding amounts under the Entrustment Loans B on or before the due dates as set out in the specific loan agreements under Entrustment Loan B, the Lender shall be entitled to charge overdue interest against the Borrower B, the rates of which will be 50% higher than the interest rates under the Entrustment Loans B.
The Lender and Borrower B will enter into specific loan agreements under Entrustment Loans B with relevant Financial Institution in respect of specific loans under the Entrustment Loans B according to the terms and conditions set out in the Framework Agreement B.
The Limited Partnership has agreed to invest in the Target Projects by injection of registered capital and provision of Entrustment Loans to be arranged by ICBC, to develop the Target Projects situated in different locations in Zhongshan area, the PRC and the investment period with respect to each of the Target Projects shall be 5 years.
The proceeds of each loan under Entrustment Loans A shall only be used exclusively for the purpose as stipulated in the specific loan agreements under the Entrustment Loans A.
The Limited Partnership has entrusted ICBC to provide the Entrustment Loans in accordance with the terms and conditions of the Entrustment Loan Agreements in the principal amount of RMB241.96 million, RMB594.17 million and RMB983.60 million to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, respectively for development of the Target Projects.
Generally the Borrower B shall make one-off repayment of the principal and interest of each of the specific loans under the Entrustment Loans B to the Lender upon the maturity thereof.
If the Borrower A fails to repay any outstanding amounts under the Entrustment Loans A on or before the due dates as set out in the specific loan agreements under Entrustment Loan A, the Lender shall be entitled to charge overdue interest against the Borrower A, the rates of which will be 50% higher than the interest rates under the Entrustment Loans A.
As part of the security for repayment of the Entrustment Loans by the Target Companies, Zhongshan Yajing (as one of the current holders of equity interest in each of the Target Companies) and the current other holders of equity interest of the Target Companies including Shiguang Shiye, also entered into the Pledge Agreements to pledge their respective equity interests in the Target Companies.
Notwithstanding the foregoing, the Lender is entitled to request for early repayment of each of the loans under the Entrustment Loans A by serving at least 5 working days’ prior written notice to the Borrower A, while the Borrower A is entitled to make early repayment (subject to the approval by the Lender) by giving 5 working days’ prior written notice to the Lender.
Under the Framework Agreement A, the Lender will entrust Financial Institutions to provide Entrustment Loans A to the Borrower A during the term of the Framework Agreement A provided that the maximum amount (including the accrued interest) at any time outstanding under the Framework Agreement A shall not exceed RMB300,000,000 (equivalent to HK$378,000,000).