Common use of Liability for Default Clause in Contracts

Liability for Default. 8.1 The Parties shall fulfill their obligations under the Contract, otherwise, the default party should take breach of contract liabilities.. 8.2 If Party A fails to draw down loan from Party B in accordance with Clause 3.3 of the Contract, Party B is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract. 8.3 If Party B fails to provide the Loan for Party A in accordance with Clause 3.3 of the Contract,. Party A is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract 8.4 If Party A repays the Loan before the maturity date without getting Party B’s written consent, Party B is entitled to charge interest for the term and at the interest rate stipulated in the Contract. 8.5 If Party A fails to make timely payment for the principal and interest of the Loan under this Contract, Party B is entitled to urge Party A to repay in a given period, it’s also entitled to counteract all accounts Party A has opened with ICBC and all its affiliates and charge interest on the default amount at the interest rate equaling to 1.5 times of the normal loan interest rate. Party B is also entitled to charge interest on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rate. 8.6 If Party A does not use the Loan for the purpose prescribed in this Contract, Party B is entitled to terminate drawdown of the Loan and withdraw part or all of the Loan before the due date, or terminate the Contract. Party B is also entitled to charge interest for the misused amount at the interest rate equaling to 1.5 times of the normal loan interest rate based on misused days. Interest shall also be charged on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rate. 8.7 During the valid period of this Contract, Party B is entitled to charge on overdue interest rate at the loan interest rate. After the validity of this Contract, Party B is entitled to charge on overdue interest at the rate in compliance with Clause 8.5. 8.8 If event of breach of contract prescribed in Clause 8.5 and 8.6 occur simultaneously, Party B should impose penalty based on the breach which is more severe instead of based on both events. 8.9 If Party A is found to have been in any of the following situations, it should rectify and take measures to the satisfaction of Party B within 7 days after receipt of Party B’s notice, otherwise Party B is entitled to withdraw part or all of the Loan before due date; In the situation where Party B is unable to do so, Party B is entitled to charge interest at the interest rate applicable to over due loan. § Party A provides false materials to or withholds true important facts of balance sheet, income sheet and other financial materials from Party B; § Party A refuses to accept or evades Party B’s supervision over its use of the Loan and related operations and financial activities; § Party A transfers or disposes its material assets without getting Party B’s consent; § The major part or all of Party A’s assets are possessed by a third party, taken over by designated client or consigner, detained or frozen, and such may cause sever loss to Party B; § Party A is in situation of contracted operation, restructuring, merger, division, capital decrease, material assets transfer, etc, without getting Party B’s consent and such situation may impair Party B’s creditor’s rights; § Party A changes its location, postal address, business scope, legal representative and other registration items or invest a considerable amount in a third party and such change may impair or threaten to impair Party B’s creditor’s rights; § Party A suffers is involved in sever economic dispute or suffers sever financial deterioration which will impair or threaten Party B’s creditor’s rights; § any other circumstances which may impair or threaten to impair Party B’s creditor’s rights.

Liability for Default. 8.1 The Parties shall fulfill their obligations under the Contract, otherwise, the default party should take breach of contract liabilities.. 8.2 If Party A fails to draw down loan from Party B in accordance with Clause 3.3 of the Contract, Party B is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract. 8.3 If Party B fails to provide the Loan for Party A in accordance with Clause 3.3 of the Contract,. Party A is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract 8.4 If Party A repays the Loan before the maturity date without getting Party B’s written consent, Party B is entitled to charge interest for the term and at the interest rate stipulated in the Contract. 8.5 If Party A fails to make timely payment for the principal and interest of the Loan under this Contract, Party B is entitled to urge Party A to repay in a given period, it’s also entitled to counteract all accounts Party A has opened with ICBC and all its affiliates Party B and charge interest on the default amount at the interest rate equaling to 1.5 times of the normal loan interest rate. 0.21‰. Party B is also entitled to charge interest on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rateinterest. 8.6 If Party A does not use the Loan for the purpose prescribed in this Contract, Party B is entitled to terminate drawdown of the Loan and withdraw part or all of the Loan before the due date, or terminate the Contract. Party B is also entitled to charge interest for the misused amount at the interest rate equaling to 1.5 times of the normal loan interest rate 0.5‰ based on misused days. Interest shall also be charged on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rateinterest. 8.7 During the valid period of this Contract, Party B is entitled to charge on overdue interest rate at the loan interest rate. After the validity of this Contract, Party B is entitled to charge on overdue interest at the rate in compliance with Clause 8.5. 8.8 If event of breach of contract prescribed in Clause 8.5 and 8.6 occur simultaneously, Party B should impose penalty based on the breach which is more severe instead of based on both events. 8.9 8.8 If Party A is found to have been in any of the following situations, it should rectify and take measures to the satisfaction of Party B within 7 days after receipt of Party B’s notice, otherwise Party B is entitled to withdraw part or all of the Loan before due date; In the situation where Party B is unable to do so, Party B is entitled to charge interest at the interest rate applicable to over due loan. § Party A provides false materials to or withholds true important facts of balance sheet, income sheet and other financial materials from Party B; § Party A refuses to accept or evades Party B’s supervision over its use of the Loan and related operations and financial activities; § Party A transfers or disposes its material assets without getting Party B’s consent; § The major part or all of Party A’s assets are possessed by a third party, taken over by designated client or consigner, detained or frozen, and such may cause sever loss to Party B; § Party A is in situation of contracted operation, restructuring, merger, division, capital decrease, material assets transfer, etc, without getting Party B’s consent and such situation may impair Party B’s creditor’s rights; § Party A changes its location, postal address, business scope, legal representative and other registration items or invest a considerable amount in a third party and such change may impair or threaten to impair Party B’s creditor’s rights; § Party A suffers is involved in sever economic dispute or suffers sever financial deterioration which will impair or threaten Party B’s creditor’s rights; § any other circumstances which may impair or threaten to impair Party B’s creditor’s rights.

Liability for Default. 8.1 The Parties shall fulfill their obligations under the Contract, otherwise, the default party should take breach of contract liabilities.. 8.2 If Party A fails to draw down loan from Party B in accordance with Clause 3.3 of the Contract, Party B is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract. 8.3 If Party B fails to provide the Loan for Party A in accordance with Clause 3.3 of the Contract,. Party A is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract 8.4 If Party A repays the Loan before the maturity date without getting Party B’s written consent, Party B is entitled to charge interest for the term and at the interest rate stipulated in the Contract. 8.5 If Party A fails to make timely payment for the principal and interest of the Loan under this Contract, Party B is entitled to urge Party A to repay in a given period, it’s also entitled to counteract all accounts Party A has opened with ICBC and all its affiliates and charge interest on the default amount at the interest rate equaling to 1.5 times of the normal loan interest rate. Party B is also entitled to charge interest on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rate. 8.6 If Party A does not use the Loan for the purpose prescribed in this Contract, Party B is entitled to terminate drawdown of the Loan and withdraw part or all of the Loan before the due date, or terminate the Contract. Party B is also entitled to charge interest for the misused amount at the interest rate equaling to 1.5 times of the normal loan interest rate based on misused days. Interest shall also be charged on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rate. 8.7 During the valid period of this Contract, Party B is entitled to charge on overdue interest rate at the loan interest rate. After the validity of this Contract, Party B is entitled to charge on overdue interest at the rate in compliance with Clause 8.5. 8.8 If event of breach of contract prescribed in Clause 8.5 and 8.6 occur simultaneously, Party B should impose penalty based on the breach which is more severe instead of based on both events. 8.9 If Party A is found to have been in any of the following situations, it should rectify and take measures to the satisfaction of Party B within 7 days after receipt of Party B’s notice, otherwise Party B is entitled to withdraw part or all of the Loan before due date; In the situation where Party B is unable to do so, Party B is entitled to charge interest at the interest rate applicable to over due loan. § · Party A provides false materials to or withholds true important facts of balance sheet, income sheet and other financial materials from Party B; § · Party A refuses to accept or evades Party B’s supervision over its use of the Loan and related operations and financial activities; § · Party A transfers or disposes its material assets without getting Party B’s consent; § · The major part or all of Party A’s assets are possessed by a third party, taken over by designated client or consigner, detained or frozen, and such may cause sever loss to Party B; § · Party A is in situation of contracted operation, restructuring, merger, division, capital decrease, material assets transfer, etc, without getting Party B’s consent and such situation may impair Party B’s creditor’s rights; § · Party A changes its location, postal address, business scope, legal representative and other registration items or invest a considerable amount in a third party and such change may impair or threaten to impair Party B’s creditor’s rights; § · Party A suffers is involved in sever economic dispute or suffers sever financial deterioration which will impair or threaten Party B’s creditor’s rights; § · any other circumstances which may impair or threaten to impair Party B’s creditor’s rights.

Liability for Default. 8.1 The Parties shall fulfill their obligations under the Contract, otherwise, the default party should take breach of contract liabilities.. 8.2 If Party A fails to draw down loan from Party B in accordance with Clause 3.3 of the Contract, Party B is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract. 8.3 If Party B fails to provide the Loan for Party A in accordance with Clause 3.3 of the Contract,. Party A is entitled to charge penalty for breach of contract by charging interest daily at the interest rate stipulated in the Contract 8.4 If Party A repays the Loan before the maturity date without getting Party B’s written consent, Party B is entitled to charge interest for the term and at the interest rate stipulated in the Contract. 8.5 If Party A fails to make timely payment for the principal and interest of the Loan under this Contract, Party B is entitled to urge Party A to repay in a given period, it’s also entitled to counteract all accounts Party A has opened with ICBC and all its affiliates Party B and charge interest on the default amount at the interest rate equaling to 1.5 times of the normal loan interest rate. 0.21‰. Party B is also entitled to charge interest on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rateinterest. 8.6 If Party A does not use the Loan for the purpose prescribed in this Contract, Party B is entitled to terminate drawdown of the Loan and withdraw part or all of the Loan before the due date, or terminate the Contract. Party B is also entitled to charge interest for the misused amount at the interest rate equaling to 1.5 times of the normal loan interest rate 0.3‰ based on misused days. Interest shall also be charged on overdue interest at the interest rate equaling to 1.5 times of the normal loan interest rateinterest. 8.7 During the valid period of this Contract, Party B is entitled to charge on overdue interest rate at the loan interest rate. After the validity of this Contract, Party B is entitled to charge on overdue interest at the rate in compliance with Clause 8.5. 8.8 If event of breach of contract prescribed in Clause 8.5 and 8.6 occur simultaneously, Party B should impose penalty based on the breach which is more severe instead of based on both events. 8.9 8.8 If Party A is found to have been in any of the following situations, it should rectify and take measures to the satisfaction of Party B within 7 days after receipt of Party B’s notice, otherwise Party B is entitled to withdraw part or all of the Loan before due date; In the situation where Party B is unable to do so, Party B is entitled to charge interest at the interest rate applicable to over due loan. § Party A provides false materials to or withholds true important facts of balance sheet, income sheet and other financial materials from Party B; § Party A refuses to accept or evades Party B’s supervision over its use of the Loan and related operations and financial activities; § Party A transfers or disposes its material assets without getting Party B’s consent; § The major part or all of Party A’s assets are possessed by a third party, taken over by designated client or consigner, detained or frozen, and such may cause sever loss to Party B; § Party A is in situation of contracted operation, restructuring, merger, division, capital decrease, material assets transfer, etc, without getting Party B’s consent and such situation may impair Party B’s creditor’s rights; § Party A changes its location, postal address, business scope, legal representative and other registration items or invest a considerable amount in a third party and such change may impair or threaten to impair Party B’s creditor’s rights; § Party A suffers is involved in sever economic dispute or suffers sever financial deterioration which will impair or threaten Party B’s creditor’s rights; § any other circumstances which may impair or threaten to impair Party B’s creditor’s rights.