Common use of Method of Repayment Clause in Contracts

Method of Repayment. The Borrower shall fully repay the loan principal, interest, and other payables on schedule as agreed herein. The payables in the current period shall, at a banking workday prior to the repayment date and each interest settlement date, be deposited into the account as agreed in Article 10.1 hereof, and the Lender is entitled to deduct such money on its own on the repayment date or interest settlement date, or require the Borrower to provide cooperation in going through relevant formalities for such funds transfer so that it may perform its repayment obligations in full. If the money in the repayment account is not enough to pay all the Borrower’s mature payables, the Lender is entitled to decide the sequence of repayment.