Common use of Withhold Clause in Contracts

Withhold. ​ 11.1 When the borrower fails to repay the debts due (including those declared to be due immediately) under this contract as agreed, the borrower agrees that the lender shall deduct the corresponding amount from all the local and foreign currency accounts opened by the borrower in Industrial and Commercial Bank of China for repayment until all the debts of the borrower under this contract are fully repaid. 11.2 If the withholding amount is inconsistent with the currency of this contract, it shall be converted according to the lender’s applicable exchange rate on the date of withholding. The interest and other expenses incurred during the period from the date of withholding to the date of repayment (the date on which the Lender converts the deducted amount into the contract currency in accordance with the State Administration of Foreign Exchange control policy and actually pays off the debt hereunder) and the difference arising from exchange rate fluctuations during this period shall be borne by the borrower. ​

Withhold. ​ 11.1 10.1 When the borrower fails to repay the debts due (including those declared to be due immediately) under this contract as agreed, the borrower agrees that the lender shall deduct the corresponding amount from all the local and foreign currency accounts opened by the borrower in Industrial and Commercial Bank of China for repayment until all the debts of the borrower under this contract are fully repaid. 11.2 10.2 If the withholding amount is inconsistent with the currency of this contract, it shall be converted according to the lender’s applicable exchange rate on the date of withholding. The interest and other expenses incurred during the period from the date of withholding to the date of repayment (the date on which the Lender lender converts the deducted amount into the contract currency in accordance with the State Administration of Foreign Exchange control policy and actually pays off the debt hereunder) and the difference arising from exchange rate fluctuations during this period shall be borne by the borrower. ​