Autonomous Payment. Party A submits a Payment Request and related documents to Party B in accordance with the requirements set out in Appendix IV herein; if the request is approved, Party B will pay the relevant sums to an account which Party A maintains with Party B and which is specified in Party A’s payment request, and Party A can pay the sums to its transaction party for the purpose described in this Contract. Where Autonomous Payment is used, Party A shall submit regular reports to Party B in respect of the use of the proceeds of the loan. If both parties have agreed upon other forms of supervision, Party A shall submit itself to such supervision by Party B.
Appears in 2 contracts
Sources: Loan Agreement (China Yida Holding, Co.), Contract on Loan for Fixed Assets (China Yida Holding, Co.)