Loan and Payment Sample Clauses

Loan and Payment. 1.1. Party A agrees to provide Party B and Party C with a loan up to RMB60 million, respectively (hereinafter “Loan”), according to this Agreement. The Loan will be disbursed in accordance with Article 2 of this Agreement. 1.2. The Parties agree that Party B and Party C shall inject the amount of the Loan to Sichuan Time Share by increasing its registered capital or in other legitimate forms, and shall be used for the purposes of: 1) the daily operation expenses of Sichuan Time Share; 2) the operation, development and expansion of advertising business of Sichuan Time Share; 3) other purposes that the Parties agree to. 1.3. The Parties agree that the term of the Loan is ten years, commencing from the date that the Loan is wired to the account designated by Party B and Party C. The Agreement can be renewed upon the Parties’ written confirmation prior to its expiration. The term of the extension shall be subject to the negotiation of the Parties. 1.4. To the extent permitted by PRC laws, Party B and Party C shall convert the amount to the equivalent of the equity interest, transferring it to Party A or any person or persons designated by Party A as the payment to the loan. 1.5. The Loan is an interest-free loan.