Common use of Account supervision Clause in Contracts

Account supervision. 10.1 The Borrower shall, prior to withdrawal, open a general settlement account with the Lender and keep such account until the accounts payable hereunder are all paid off and all obligations and responsibilities of the Borrower hereunder are completely performed. 10.2 The Borrower shall deposit the amounts, including but not limited to the following money, into the account agreed in Article 10.1 of this Contract: (1) Loan under this Contract; (2) The Borrower’s corresponding sales income or money planned for repayment. If the corresponding sales income is settled in a non-cash manner, the Borrower shall ensure that the money can be transferred into the said account in a timely manner. (3) Income of the Borrower obtained during the process of production and operation; (4) Other money related to operating income required by the Lender. 10.3 In order to the ensure the exercise of the rights hereunder and the performance of the obligations hereunder, the Lender has the right to supervise the account opened by the Borrower in accordance with Article 10.1 of this Contract within the effective term hereof in accordance with relevant provisions on the administration of bank settlement accounts and stipulations hereof. 10.4 The account supervision includes, without limitation: 10.4.1 The withdrawal of loan and supervision over the use of loan (1) When using the funds borrowed, the Borrower must provide materials including the application of withdrawal as required by the Lender, and the fund will be granted to the account with the consent of the Lender after examination and paid externally in the method of payment as stipulated herein; (2) Where the Borrower’s application for the use of loan fails to conform to the fund use plan or purpose, the Lender is entitled to refuse the granting of the loan, but it shall give written notice to the Borrower, indicating the reason for refusal. 10.4.2 The Borrower shall cooperate with the inquiry and supervision over the incomes and expenses of the account. Upon the request of the Lender, the Borrower shall sign a special account supervision agreement with the Lender.

Account supervision. 10.1 The Borrower shall, prior to withdrawal, open a general settlement deposit account with the Lender and keep such account until the accounts payable hereunder are all paid off and all obligations and responsibilities of the Borrower hereunder are completely performed. 10.2 The Borrower shall deposit the amounts, including but not limited to the following money, into the account agreed in Article 10.1 of this Contract: (1) Loan under this Contract; (2) The Borrower’s corresponding sales income or money planned for repayment. If the corresponding sales income is settled in a non-cash manner, the Borrower shall ensure that the money can be transferred into the said account in a timely manner. (3) Income of the Borrower obtained during the process of production and operation; (4) Other money related to operating income required by the Lender. 10.3 In order to the ensure the exercise of the rights hereunder and the performance of the obligations hereunder, the Lender has the right to supervise the account opened by the Borrower in accordance with Article 10.1 of this Contract within the effective term hereof in accordance with relevant provisions on the administration of bank settlement accounts and stipulations hereof. 10.4 The account supervision includes, without limitation: 10.4.1 The withdrawal of loan and supervision over the use of loan (1) When using the funds borrowed, the Borrower must provide materials including the application of withdrawal as required by the Lender, and the fund will be granted to the account with the consent of the Lender after examination and paid externally in the method of payment as stipulated herein; (2) Where the Borrower’s application for the use of loan fails to conform to the fund use plan or purpose, the Lender is entitled to refuse the granting of the loan, but it shall give written notice to the Borrower, indicating the reason for refusal. 10.4.2 The Borrower shall cooperate with the inquiry and supervision over the incomes and expenses of the account. Upon the request of the Lender, the Borrower shall sign a special account supervision agreement with the Lender.