Conditions for drawdown. 3.4.1.1 The borrower shall meet all of the following conditions when applying for drawdown:
(1) The borrower is qualified as borrower and its corresponding decision-making body or authorizing body has made a resolution consenting to loan according to law and the approvals of competent authorities have been obtained if necessary;
(2) The borrower has completed the related guarantee formalities as required by the lender and the guarantee is lawful and valid;
(3) The use of loan by the borrower complies with the laws and regulations and the provisions of the loan contract and the commercial contract applicable to the loan use;
(4) The related representations and warranties made by the borrower at the time of execution of the contract remain true and valid at the time of each drawdown, no material or substantial adverse change has occurred and no other material adverse circumstances that might affect the performance of this contract have occurred.
(5) Other covenants:______.
3.4.1.2 If the borrower fails to satisfy any of the conditions set forth in Subsection 3.4.1.1 above within 3 (3/6/9) months of execution of this contract, the lender has the right to terminate this contract at its sole discretion. Where the lender so terminates this contract, the borrower shall have 7 days to raise any objection, commencing from the date when the lender notifies the borrower in writing, orally or in any other form.
Conditions for drawdown. 5.1 The borrower shall meet the following conditions in order to withdraw the loan proceeds:
5.1.1. This contract and its annexes shall have taken effect.
Conditions for drawdown. 6.1 Party A may not draw down the loan unless the following conditions are satisfied:
6.1.1 Party A has obtained governmental approvals, licenses and has completed relevant registrations and other statutory procedures related to the loan hereunder pursuant to the laws and regulations;
6.1.2 The capital in the same proportion of the loan has been provided, which means the capital of the project shall be provided consistently with the provision of the loan;
6.1.3 The progress of the project is consistent with the investment already made;
6.1.4 Party A has provided duly completed and signed drawdown application to Party B;
6.1.5 Party A has provided the following relevant information as required by Party B;
6.1.5.1 Information confirming consistency between project progress with investment, including without limitation project schedule and notes thereto;
6.1.5.2 Information confirming the capital in the same proportion of the loan has been provide; and
6.1.5.3 Fixed assets purchase or construction agreement, as applicable.
6.1.6 Where a security is created hereunder, the Parties have completed all procedures as agreed upon, and such procedures/security/pledge have come into effect;
6.1.7 No event of default has occurred on part of Party A;
6.1.8 As of the drawdown date, all Party A’s representations and warranties hereunder remain true, accurate and valid; and
6.1.9 As of the drawdown date, operational and financial conditions of Party A remain substantially the same as those as of the execution hereof, and no major adverse changes have occurred.
6.2 Party A shall handle drawdown procedures at Party B’s office upon satisfaction of the conditions set forth above, and shall sign the loan certificate with Party B. The loan certificate shall constitute an integral part of this Agreement with same legal effect.
6.3 The granting of the loan prior to satisfaction of conditions set forth in Article 6.1 shall not constitute a flaw in Party B’s performance.
Conditions for drawdown. 3.4.1.1 The borrower shall meet all of the following conditions when applying for drawdown:
(1) The borrower is qualified as borrower and its corresponding decision-making body or authorizing body has made a resolution consenting to loan according to law and the approvals of competent authorities have been obtained if necessary;
(2) The borrower has completed the related guarantee formalities as required by the lender and the guarantee is lawful and valid;
(3) The use of loan by the borrower complies with the laws and regulations and the provisions of the loan contract and the commercial contract applicable to the loan use;
(4) The related representations and warranties made by the borrower at the time of execution of the contract remain true and valid at the time of each drawdown, no material or substantial adverse change has occurred and no other material adverse circumstances that might affect the performance of this contract have occurred.
Conditions for drawdown. 9 9. Repayment......................................................... 11 10. Security.......................................................... 12 11. Illegality........................................................ 13 12.
Conditions for drawdown. On or before the Drawdown hereunder, the following conditions shall be satisfied by the Borrower:
(a) the Lender shall have received fully executed copies of the following documents, each in form and substance satisfactory to the Lender:
(i) the Flow of Funds Agreement;
(ii) an agreement between the Lender and the Borrower pursuant to which the parties agree that if the Pledged FCCT Units are not delivered to the Lender on the date on which the Closing Time (as defined in the Flow of Funds Agreement) occurs, then a Default shall occur under this Agreement (which Default shall become an Event of Default upon notice from the Lender to the Borrower); and
(iii) an irrevocable direction from the Borrower to the Trust and to ComputerShare Trust Company of Canada, whereby the Borrower directs the delivery of the Pledged FCCT Units to the Lender at the Closing Time (as defined in the Flow of Funds Agreement);
(b) this Agreement, the Units Pledge Agreement, the Accounts Agreement and the Cash Collateral Agreement, each in form and on terms satisfactory to the Lender, shall have been duly authorized, executed and delivered to the Lender by the Borrower (and, in case of the Accounts Agreement, NBF), respectively, and shall constitute legal, valid and binding obligations of the Borrower (and, in case of the Accounts Agreement, NBF);
(c) the Borrower shall have delivered to the Lender certified copies of its constating documents and borrowing by-laws, the resolution authorizing the borrowings hereunder and the incumbency of officers signing this Agreement, the Units Pledge Agreement, the Accounts Agreement and the Cash Collateral Agreement and any documents to be provided pursuant to the provisions hereof and thereof and a certificate of compliance, good standing or like certificate with respect to the Borrower issued by appropriate government officials of the jurisdiction of its incorporation;
(d) the representations and warranties set forth in Section 6.1 shall be true and correct in all material respects on and as of the date of the Drawdown and the Borrower shall have delivered an Officer's Certificate to such effect;
(e) no Default or Event of Default shall have occurred and be continuing nor shall any such event occur as a result of the Drawdown or the application of proceeds therefrom, and the Borrower shall have delivered an Officer's Certificate to such effect;
(f) the Lender shall have received satisfactory evidence that the Borrower owns a 100% legal and ben...
Conditions for drawdown. The Borrower may not, save as the Agent may otherwise agree in writing, deliver a notice of drawdown pursuant to Sec. 7.1 unless the following conditions have been satisfied:
8.1 The Agent has been furnished with the following documents which accurately describe the up-to-date-position of the information and statements contained therein, and which have not been changed by any amendments or supplements thereto:
8.1.1 Certified copies of the certificate of incorporation and the memorandum and articles of association of the Borrower (incorporating the amendments required to be made under the Security Document referred to in Sec. 10.
Conditions for drawdown. If the Borrower fails to satisfy the following conditions, the Lender has the right to reject the Borrower's drawdown application:
(1) submit a written drawdown application and the relevant documents evidencing the purpose of the loan ___ days in advance;
(2) this loan Contract and the relevant attachments have formally taken effect;
(3) the security contract stipulated in Article 9 of this Contract is already in effect;
(4) the Borrower has, pursuant to the Lender's request, opened the relevant accounts for drawdown, interest payment, fees payment and repayment;
(5) the Borrower has submitted the following written materials to the Lender:
1. resolutions and authorization letters of the board of directors or other departments with requisite power, approving the execution and the performance of this Contract;
2. the list of personnel who are authorized to sign this Contract and the documents relating to this Contract and the signature specimens of the aforesaid personnel;
3. evidence that the (estimated) budget funding (including self-raised funds) for the loan project has wholly materialized;
4. approval documents for the project land use, planning, construction design proposals;
5. project work commencement approval issued by the governmental department in charge;
6. documents evidencing registration of debts issued by foreign exchange administrative department.
(6) none of the events of default specified in Article 12 has occurred;
(7) other drawdown conditions specified by law and agreed upon by the parties have been satisfied.
Conditions for drawdown. 4.1 The Bank has, prior to execution of this Agreement, received copies of the powers of attorney granted by the Borrower and the Initial Guarantors for the execution of this Agreement.
4.2 Prior to or simultaneously with the first Drawdown Notice under the Facility, the Bank shall receive satisfactory proof that the Borrower and JX Xxxxxx Securities Inc have signed the Engagement Agreement on terms substantially as per Annex 1 hereto.
Conditions for drawdown. If the Borrower fails to satisfy the following conditions, the Lender has the right to reject the Borrower's drawdown application:
(1) submit a written drawdown application and the relevant documents evidencing the purpose of the loan _________ days in advance;
(2) this loan Contract and the relevant attachments have formally taken effect;
(3) the security contract stipulated in Article 9 of this Contract is already in effect;
(4) the Borrower has, pursuant to the Lender's request, opened the relevant accounts for drawdown, interest payment, fees payment and repayment;
(5) the Borrower has submitted to the Lender the resolutions and authorization letters of the board of directors or other departments with requisite power, approving the execution and the performance of this Contract;
(6) the Borrower has submitted to the Lender the list of personnel who are authorized to sign this Contract and the documents and instruments relating to this Contract and the signature specimens of the aforesaid personnel;
(7) none of the events of default specified in Article 11 has occurred;
(8) other drawdown conditions specified by law and agreed upon by the parties have been satisfied.
