Conditions for drawdown Sample Clauses
The 'Conditions for drawdown' clause defines the specific requirements that must be satisfied before a borrower can access funds under a loan agreement. Typically, these conditions include the delivery of certain documents, evidence of compliance with covenants, and confirmation that no default has occurred. For example, a borrower may need to provide up-to-date financial statements or proof of insurance before receiving the loan proceeds. This clause ensures that the lender's risk is minimized by verifying that all agreed-upon prerequisites are met before disbursing funds, thereby protecting the lender from potential losses due to non-compliance or adverse changes in the borrower's situation.
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. 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. 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. 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 shall satisfy the conditions hereunder:
1. This Contract and its appendix have officially come into force; and
2. The Borrower has provided guarantee on the request of the Lender, and the Contract of Guarantee has come into force and gone through legal approval, registration or procedures for the record; and
3. The Lender has kept documents, certificates, seal, personnel roster and specimen signature in relation to concluding and performing this Contract in reserve at the Lender, and has filled in relevant vouchers; and
4. The Borrower has already opened, on the request of the Lender, an account required for fulfilling this Contract; and
5. The Borrower has presented the Lender with a written application for drawdown and relevant certification on purpose of loan on the date of drawdown, and has gone through formalities for drawdown; and
6. The Borrower has presented the Lender with Resolution and Power of Attorney of the board of directors or other authorized department regarding the consent of signing and performing this Contract; and
7. Other requirements for drawdown stipulated in relevant laws and agreed by both parties. In the event that the aforementioned conditions could not be satisfied, the Lender is entitled to reject the Borrower’s application for drawdown, except that the Lender assents drawdown.
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 J▇ ▇▇▇▇▇▇ Securities Inc have signed the Engagement Agreement on terms substantially as per Annex 1 hereto.
Conditions for drawdown. 6.1 Prior to each drawdown, Party A shall satisfy the following conditions:
6.1.1 The guarantee contract is legally established and has taken effect;
6.1.2 The capital fund or other fund that should be raised for the project developed by the loan under this Contract has been put in place in full pursuant to the stipulated time and proportion;
6.1.3 There has been no budget deficit or the budget deficit has been resolved through raising capital on its own;
6.1.4 The construction progress has been on schedule;
6.1.5 It has conducted the drawdown formalities with Party B in accordance with the provisions of the Contract;
6.1.6 There has been no occurrence of events of default stipulated by this Contract;
6.1.7 It has provided other relevant material for administering the loan as requested by Party B.
Conditions for drawdown. The Applicants shall meet the following conditions for drawing down the investment amount. Otherwise, the Investor has the right to reject any application of drawdown.
5.1 The Applicants have submitted the business license affixed with common seals to the Project Manager;
5.2 This agreement and relevant exhibits have officially become effective;
5.3 Except for the debt investment without security, the Applicants have provided corresponding security according to this agreement, the registration formality of such security has been completed, and no adverse change has occurred to the Investor;
5.4 The representations and warranties of the Applicants hereunder continue to be true, accurate and complete;
5.5 The Applicants have opened the accounts for receipt and payment of fund, payment of interest, payment of costs, and repayment;
5.6 The Applicants have provided the Investor and the Project Manager with the authorization or approval required for execution of this agreement;
5.7 The Applicants have no breaching event under this agreement or other financing documents to which they are bound;
5.8 Other investment conditions provided by laws or agreed by the parties hereto.