Common use of Method of Repayment Clause in Contracts

Method of Repayment. 3.7.1.1 The borrower shall deposit the principal and interest of debt repayable in this period into the repayment account before the repayment due date, and irrevocably authorize the lender to transfer the capital from the account. In case the balance of the repayment is insufficient, the lender could lawfully transfer capital from other accounts of the borrower opened with each institutions of Agricultural Bank of China. 3.7.1.2 In case the lender exercises the right of offset according to laws and this contract, objection period of the borrower is seven days from the date when the lender informs the borrower in writing, orally or otherwise.