Common use of ADVANCE AND DRAWDOWN Clause in Contracts

ADVANCE AND DRAWDOWN. 5.1 Conditions Precedent to Advance Unless Party B waives all or part of the following conditions, Party B shall be obligated to advance any amount of the Loan only if all the following conditions continuously remain satisfied: (1) Party A has completed all the approval, registration, delivery, insurance and other statutory procedures in relation to the Loan hereunder; (2) the security has become and remains effective, if a security is established for the Contract; (3) Party A has opened the bank accounts for drawdown and debt service purposes as Party B requests; (4) Party A has not triggered any event of default hereunder; (5) no event has occurred that may adversely impact Party B’s rights as a creditor; (6) the advance to be made by Party B is not prohibited or restricted by any laws, regulations, rules or competent authorities; and (7) the financial indicators of Party A shall, at all time, continue to meet the requirements specified in Schedule 2 Terms relating to Mandatory Financial Indicators; (8) Party A has submitted such materials as required in this Contract before any loan drawdown; (9) the materials submitted by Party A are legal, authenticated, complete, accurate, valid and be in accordance with other requirements of Party B; (10) Other conditions