Common use of Conditions Precedent to the Disbursement of the Loan Clause in Contracts

Conditions Precedent to the Disbursement of the Loan. 3.1 The Lender shall not be obliged to make any disbursement of the Loan unless all of the following conditions have been satisfied or waived by the Lender: 3.1.1 All the representations and warranties made by the Borrower are correct, accurate, complete and not misleading. 3.1.2 The Borrower is not in breach of the covenants and undertakings made by such Borrower in Section 5 hereof. 3.1.3 The Parties have executed an Equity Option Agreement (“Option Agreement”), pursuant to which the Borrower grants to the Lender or its designated person (legal or natural) an exclusive option to purchase all of the Borrower’s equity interest in Qianxiang Changda, to the extent permitted under PRC laws. 3.1.4 The Parties have executed an Equity Interest Pledge Agreement (“Pledge Agreement”), pursuant to which the Borrower pledges all of his equity interest in Qianxiang Changda to the Lender, to the extent permitted under PRC laws.

Conditions Precedent to the Disbursement of the Loan. 3.1 The Lender shall not be obliged to make any disbursement of the Loan unless all of the following conditions have been satisfied or waived by the Lender: 3.1.1 All the representations and warranties made by the Borrower are correct, accurate, complete and not misleading. 3.1.2 The Borrower is not in breach of the covenants and undertakings made by such Borrower in Section 5 hereof. 3.1.3 The Parties have executed an Equity Option Agreement (“Option Agreement”), pursuant to which the Borrower grants to the Lender or its designated person (legal or natural) an exclusive option to purchase all of the Borrower’s equity interest in Qianxiang ChangdaRenren Automobile, to the extent permitted under PRC laws. 3.1.4 The Parties have executed an Equity Interest Pledge Agreement (“Pledge Agreement”), pursuant to which the Borrower pledges all of his equity interest in Qianxiang Changda Renren Automobile to the Lender, to the extent permitted under PRC laws.

Conditions Precedent to the Disbursement of the Loan. 3.1 The Lender shall not be obliged to make any disbursement of the Loan unless all of the following conditions have been satisfied or waived by the Lender: 3.1.1 All the representations and warranties made by the Borrower are correct, accurate, complete and not misleading. 3.1.2 The Borrower is not in breach of the covenants and undertakings made by such Borrower in Section 5 hereof. 3.1.3 The Parties have executed an Equity Option Agreement (“Option Agreement”), pursuant to which the Borrower grants to the Lender or its designated person (legal or natural) an exclusive option to purchase all of the Borrower’s equity interest in Qianxiang ChangdaJingwei Zhihui, to the extent permitted under PRC laws. 3.1.4 The Parties have executed an Equity Interest Pledge Agreement (“Pledge Agreement”), pursuant to which the Borrower pledges all of his equity interest in Qianxiang Changda Jingwei Zhihui to the Lender, to the extent permitted under PRC laws.