Common use of Deduct Clause in Contracts

Deduct. 10.1 In the event that the Borrower has not fully repaid the loan due, the Lender shall have right to deduct the same amount from the Borrower’s bank account in ICBC until the entire loan due has been paid off. 10.2 If the currency of the deducted money is different from the currency of the loan hereunder, the exchange rate shall be applied to the exchange rate circulated by the Lender. The Interest, other expenses and exchange rate difference incurred from the date of deduction to settlement date shall be borne by the Borrower. 10.3 If the money deducted by the Lender is not enough to pay off the loan due, the Lender shall have right to determine the settlement order.

Deduct. 10.1 9.1 In the event that the Borrower has not fully repaid the loan due, the Lender shall have right to deduct the same amount from the Borrower’s bank account in ICBC until the entire loan due has been paid off. 10.2 9.2 If the currency of the deducted money is different from the currency of the loan hereunder, the exchange rate shall be applied to the exchange rate circulated by the Lender. The Interest, other expenses and exchange rate difference incurred from the date of deduction to settlement date shall be borne by the Borrower. 10.3 9.3 If the money deducted by the Lender is not enough to pay off the loan due, the Lender shall have right to determine the settlement order.