Common use of Contribution Schedule Clause in Contracts

Contribution Schedule. 5.4.1 Both Parties shall make their contributions to the registered capital of the JV Company within ninety (90) calendar days of the issuance of the Business License of the JV Company. 5.4.2 Notwithstanding the provisions of Article 5.4.1, a Party shall not be obligated to make its contribution if it is clear that the other Party will not be able to make its capital contribution as provided in Article 5.4.1. 5.4.3 In the event that any Party fails to make its capital contribution, in whole or in part, in accordance with the terms of this Article 5, such Party shall pay simple interest to the JV Company on the unpaid amount from the date due until the date the contribution is made at the rate for short-term (6 months) commercial loans offered by the Shenyang branch of Bank of China in Renminbi on the due date plus two percent (2%), if the contribution is to be made in Renminbi, and at the LIBOR for Euro rate, fixed on the due date at 11:00 am (GMT) for commercial short term loans of three months plus two percent (2 %), if the contribution is to be made in Euro. If any Party does not make its capital contribution in full within ninety (90) days of the due date, the other Party shall have the right to terminate this Contract, and/or claim damages from the breaching Party.