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“Pledge loan” shall refer to a loan granted against movable property or a right of the borrower or a third party as a pledged item in accordance with the forms of pledge stipulated in the PRC， Security Law.
“Discounting of negotiable instrument” shall refer to a loan granted through the purchase by the lender of a commercial negotiable instrument before maturity from the borrower.
Article 10 Except in the case of an entrusted loan， where a lender grants a loan， the borrower shall provide a guarantee. The lender shall conduct a strict examination into the repayment capability of the guarantor， and the ownership and value of a mortgaged property or pledged item， as well as the feasibility of realizing the mortgage rights or pledging rights.
Where， upon loan examination and assessment， the good creditworthiness and actual capability to repay the loan of the borrower is appraised and confirmed， it is permissible for a guarantee not to be provided.
PART THREE TERM AND INTEREST RATE OF A LOAN
Article 11 Term of a loan：
The term of a loan shall be determined after consultations between the lender and the borrower according to the borrower’s production or business cycle and repayment capability， and the lender’s ability to provide funds， and shall be stated clearly in the lending contract.
The term of a loan for one’s own account shall generally not exceed ten years. Loans with a term exceeding 10 years shall be reported to the People’s Bank of China for the record.
The term of discount for the discounting of negotiable instruments shall not exceed six months. The term of discount shall be from the date of discounting to the date of maturity of the negotiable instruments.
Article 12 Extension of the term of a loan：
Where a loan cannot be repaid on time， the borrower shall， before the date of maturity of the loan， apply to the lender for an extension of the term of such loan. The lender shall decide whether or not to extend the term. Where an application is made for extension of the term of a guaranteed loan， mortgage loan or pledge loan， the guarantor， mortgagor or pledgor shall additionally issue written proof of his or its consent. Where arrangements have already been made， matters shall be implemented in accordance with such arrangements.
Extensions of the term of a short-term loan may not cumulatively exceed the original term of the loan； extensions of the term of a medium-term loan may not cumulatively exceed half of the original term of the loan； and extensions of the term of a long-term loan may not cumulatively exceed three years， unless regulations of the State provide otherwise. Where a borrower does not apply for an extension， or the application for an extension is not approved， the loan shall become an overdue loan account as of the day after the date of maturity of the loan.
Article 13 Determination of interest on a loan
The lender shall confirm the interest rate for each loan in accordance with the maximum and minimum lending interest rates specified by the People’s Bank of China， and specify the rate in the loan contract.
Article 14 Calculation and collection of interest on a loan
The lender and the borrower shall calculate and collect or pay interest on schedule in accordance with the lending contract and regulations of the People’s Bank of China regarding the calculation of interest.
If the extended and the original terms， when added together， fall within a new interest rate bracket， lending interest from the date of the extension shall be calculated and collected in accordance with the new interest rate bracket.
Penalty interest shall be calculated and collected on overdue loans in accordance with regulations.
Article 15 Subsidized interest for loans：
Based on State policy， relevant departments may subsidize interest for loans， in order to promote the economic development of certain industries or regions.
A bank that undertakes loans for which relevant departments subsidize interest， shall investigate and grant such loans on their own initiative， and shall strictly administrate such loans in accordance with relevant regulations of these General Provisions.
Article 16 Suspension， reduction or deferment of， or exemption from， loan interest：
Except where decided by the State Council， no work units or individuals shall have the right to decide on a suspension， reduction or deferment of， or exemption from， interest. Lenders shall specifically handle the suspension， reduction or deferment of， or exemption from， interest based on the decision of the State Council， in accordance with their limits of authority and responsibility.
PART FOUR BORROWERS
Article 17 A borrower shall be an enterprise legal person， institution legal person or other economic organization， individual industrialist or merchant approved and registered by the administrative authorities for the administration of industry and commerce （or the authorities-in-charge）， or a natural person with full capacity for civil acts and a PRC national.
A borrower applying for a loan shall satisfy such basic conditions as having a market for his or its products， having profitable production or business operations， not wrongfully seizing or misappropriating loan funds， and being scrupulously creditworthy， and shall comply with the following requirements：
1. To be able to pay off the principal and interest according to schedule， and to have already paid off the interest on previous loans and due loans； where such payments have not been paid off， to have made a repayment plan approved by the lender；
2. To have gone through the annual inspection by the departments for industry and commerce， except in the case of a natural person or an institution legal person that is not required to undergo approval and registration by the departments for industry and commerce；
3. To have already opened a basic account or an ordinary savings account；
4. That， in the case of a limited liability company or company limited by shares， the cumulative amount of its equity investment in outside shares does not exceed 50 per cent of its total net assets， except where otherwise stipulated by the State Council；
5. That the debt-equity ratio of the borrower conforms with the requirements of the lender； and
6. Where an application for a medium- or long-term loan is made， the ratio of the ownership interest of the enterprise legal person in a new construction project to the total investment necessary for the project is not less than the capital fund ratio for investment projects stipulated by the State.
Article 18 Rights of a borrower：
1. A borrower may apply for a loan on his or its own initiative from the management organization of his or its loan organizer or other bank and obtain a loan according to the conditions；
2. A borrower shall have the right to draw down and use the entire loan as agreed in the contract；
3. A borrower shall have the right to reject attached conditions not included in the loan contract；
4. A borrower shall have the right to refer and report relevant details to the lender’s superior authorities and to the People’s Bank of China； and
5. Upon soliciting and obtaining the consent of the lender， a borrower shall have the right to transfer the debt to a third party.
Article 19 Obligations of a borrower：
1. A borrower shall provide such true information as the lender may require （with the exception of such information that may not be provided by law）， provide to the lender true details of all banks with which he or it has opened accounts， all account numbers and all deposit balances， and co-operate with the lender in investigation， examination and inspection；
2. A borrower shall be subject to the lender’s supervision of his or its use of credit funds and of the relevant production， operation and financial activities；
3. A borrower shall use the loan as agreed upon in the loan contract；
4. A borrower shall promptly pay off the principal of the loan together with the interest thereon， as agreed in the loan contract；
5. A borrower shall obtain the lender’s consent if the borrower wishes to assign all or part of the debt to a third party； and
6. A borrower shall notify the lender in a timely manner of any details that may jeopardize the security of the lender’s claim， and at the same time shall take measures to preserve the claim.
Article 20 Restrictions on a borrower：
1. A borrower may not obtain loans from two or more branches of the same lender at the same level and in the same jurisdiction；
2. A borrower may not provide false details to， or withhold important details， from the lender concerning balance sheets， profit and loss accounts， etc.；
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