Common use of Breach Liability Clause in Contracts

Breach Liability. (1) For overdue principal, default interest shall be charged at an additional 50% on top of the agreed loan interest rate from the overdue date until repayment. (2) For misappropriated loan funds, default interest shall be charged at an additional 100% on top of the agreed loan interest rate from the date of misappropriation until repayment. (3) For overdue interest (including default interest), compound interest shall be charged as agreed; where the loan becomes overdue, compound interest shall be charged at the default interest rate. (4) Early repayment requires the Lender’s consent, and interest will be charged based on the actual days and the agreed rate unless otherwise stipulated.