Joint loan and joint security definition
Joint loan and joint security means that Party A, Party B, Party C and Party D, jointly apply for loan from Lender and Lender will grant financing amount separately to Borrowers; each Borrower uses within range of financing limit granted by Lender. Each Borrower will assume associated guarantee responsibility for all three loans of other Borrowers under the Contract. During guarantee period, Lender separately calculates each financing business of Borrowers, starting from issuance day of each financing business to two years after expiration of performance period of the financing business. If extension agreement on performance period of single financing is settled by and between Lender and Borrowers, guarantee period ends after two years after expiration day of debt performance period renewed in extension agreement; if events ruled in laws and regulations occur, or the Contract and Lender declares debts due in advance, guarantee period ends after two years from that date.