Common use of Extension of Loan Clause in Contracts

Extension of Loan. In case that Party B fails to make repayment of this loan under this contract by the due date and thereof extension of this loan must be handled, Party B shall file an application in writing to Party A one month ahead of expiration of this contract; where Party A agrees on such extension based on examination, Party A and Party shall otherwise sign the Agreement of Extension of Term of Loan Contract. In case that Party A disagrees with such extension, this contract shall be valid as before. With respect to any part of this loan or payable interest which Party B has used, repayment shall be made according to this contract.

Extension of Loan. In case that Party B fails is unable to make repayment of this loan under this contract by the due date and thereof needs to handle extension of this loan must be handledloan, Party B shall file an application in writing to Party A one month ahead of expiration of this contract; where Party A agrees on such extension based on examination, Party A and Party B shall otherwise sign the Agreement of Extension of Term of Loan Contract. In case that Party A disagrees with such extension, this contract shall be valid as beforestill valid. With respect to any part of this loan or payable unpaid interest which Party B has used, repayment shall be made according to in accordance with this contract.