Loan Amount Payment Clause Samples
The Loan Amount Payment clause defines the borrower's obligation to repay the principal sum of money provided by the lender under the loan agreement. It typically specifies the total amount to be repaid, the schedule or frequency of payments (such as monthly or quarterly), and may outline acceptable payment methods. By clearly stating how and when the loan amount must be paid back, this clause ensures both parties understand their financial commitments and helps prevent disputes over repayment terms.
Loan Amount Payment. 1. The authorized payment by the Lender means that the Lender pays the loan fund to the Borrower’s counter-party in a transaction conforming to the purpose agreed herein according to the Borrower’s withdrawal notice and payment authorization. Payment of the Borrower’s loan fund for which the amount of a single payment under this Contract exceeds the specified amount shall be made in a manner of authorized payment by the Lender. In the event of the authorized payment by the Lender, the Borrower shall make express payment authorization and provide other necessary payment information (including name of counter-party who receives payment, account number of such counter-party, and amount of payment) in the withdrawal notice, and submit to the Lender the supporting documents for loan purpose such as business contracts required for the examination. In this case, the Lender shall pay the loan fund to the counter-party of the Borrower via the Borrower’s account upon examination and approval. In the event of the Lender’s failure to perform its obligation to pay upon authorization resulting from untruthfulness, incorrectness, and incompleteness of the information of payment authorization and relevant transactions furnished by the Borrower, the Lender shall not be held liable for such failure whatsoever and the Borrower’s obligation to repay under the Contract shall not be affected. The Lender will make payment to the account of the Borrower’s counter-party in accordance with the Borrower’s withdrawal notice and the payment certificate as required by the Lender. In the event that the Lender, upon examination, discovers that the supporting documents for loan purpose such as business contracts furnished by the Borrower fail to comply with the Contract or there is any other defects, the Lender shall be entitled to request the Borrower to supplement, replace, explain or re-furnish such documents, and the Lender may suspend granting or paying of such loans until the Borrower has furnished the supporting documents such as business contracts to the satisfaction of the Lender. In the event that the account-holding bank of the counterparty returns such payments, resulting in the Lender’s failure to transfer such loans to the Borrower’s counterparty as authorized by the Borrower in a timely manner, the Lender shall not be liable for such failure whatsoever and the Borrower’s obligation to repay under the Contract shall not be affected. With respect to the funds returned by the ...