Common use of Optional Terms Clause in Contracts

Optional Terms. 1. In the event that any one of the precedent conditions to the completion of the transaction has not been satisfied by the end of the period specified under Clause 2 of Article 11 hereof, Manwide Holdings shall grant Jiu Sheng Investment an extension period (no less than sixty (60) days, subject to a further notice) to satisfy all the precedent conditions under Clause 1 of Article 11 hereof. 2. In the event that Jiu Sheng Investment fails to satisfy all the precedent conditions to the completion of the transaction by the end of the extension period granted by Manwide Holdings under Clause 1 above, Manwide Holdings shall be entitled to terminate this Contract at its discretion by giving a written notice to Jiu Sheng Investment and Jiu Sheng Investment shall repay all amount paid by Manwide Holdings under this Contract within seven (7) days after receiving the notice, together with interests accrued at the prevailing bank interest rate of bank loans for a same term from the actual payment date to the actual repayment