Common use of Disbursement of Loan Proceeds Clause in Contracts

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower Xxxxxxxx agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower Xxxxxxxx and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower Xxxxxxxx and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect The Borrower shall give the Administrative Agent notice of each borrowing hereunder as provided in Section 2.2 hereof. Upon receipt of each Borrowing Notice, the Administrative Agent shall promptly notify each Bank thereof. Subject to its receipt of the notice referred to in the preceding sentence, each Bank will make the amount of its Revolving Percentage of the requested Revolving Loans, Loans available to the extent Lenders make such Revolving Loans Administrative Agent for the account of the Borrower at the Payment Office not later than 2:00 p.m. on the relevant Borrowing Date specified for each borrowing hereunder, in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan funds immediately available to the extent Swing Loan Lender makes Administrative Agent at such Swing Loan in accordance with Section 2.4(b) hereofoffice. The amounts so made available to the Administrative Agent on such Borrowing Date will then, subject to the satisfaction of the terms and conditions of this Agreement, be made available on such date to the Borrower by the Administrative Agent at the Payment Office by crediting the account of the Borrower on the day so requested books of the Administrative Agent at such office with the aggregate of said amounts (in like funds) received by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, Administrative Agent. (b) with respect Unless the Administrative Agent shall have confirmed that prior to Revolving Loans deemed to have been requested its funding of a Loan it received notice from a Bank (by Borrower telephone or Swing Loans made upon any deemed request for a Revolving Loan by Borrowerotherwise, be disbursed to Agent such notice to be applied promptly confirmed by facsimile or other writing) that such Bank will not make available to the outstanding Obligations giving rise to Administrative Agent such deemed request. Prior Bank's share of the requested Loans, the Administrative Agent may assume that such Bank has made such share available to the Maturity Date, Borrower may use Administrative Agent on the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all Borrowing Date in accordance with this Section and, in reliance upon such assumption, make available to the terms Borrower on such Borrowing Date a corresponding amount. If and conditions hereof. to the extent such Bank shall not have so made such share available to the Administrative Agent, such Bank and the Borrower severally agree to pay to the Administrative Agent is authorized forthwith on demand such corresponding amount (to make the Loans, and Issuing Bank is authorized to issue extent not previously paid by the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(aother), 2.6(b) or 2.11(d). together with interest thereon for each day from the date such amount is made available to the Borrower agrees to establish and maintain the Funding Account with PNC for date such amount is paid to the purpose of receiving Administrative Agent, at a rate per annum equal to, in the proceeds case of the Loans requested by Borrower and made by Agent or Borrower, the Lenders hereunder. Unless interest rate otherwise agreed by Agent and Borrower applicable to such Loan, and, in writingthe case of such Bank, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made at a rate of interest per annum equal to the Funding Accountgreater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rates on interbank compensation. If such Bank shall pay to the Administrative Agent such corresponding amount, such amount so paid shall constitute such Bank's Loan as part of the relevant borrowing for purposes of this Agreement.

Disbursement of Loan Proceeds. All Loans The Loan proceeds, as well as any funds that may be deposited by the Borrower pursuant to the terms hereof, shall be held by the Authority and disbursed from whichever office or other place through the Escrow Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms following: (a) Except for the initial disbursement to be made by the Authority at closing of the Loan to fund the Borrower’s acquisition of the Property and Improvements, the Borrower shall make applications for disbursements of the Loan proceeds (each a “Draw Request”) in accordance with the Disbursement Agreement. (b) If, at any time a mechanic’s lien is filed against the Property and Improvements or a notice of intent to file a mechanic’s lien is filed which is not released or otherwise satisfied to the Authority’s satisfaction, or if the Borrower fails to comply with any of the other terms, conditions hereof. Agent and provisions of this Agreement, or if the Authority determines, which determination shall be binding on Borrower, that the materials furnished or work performed do not comply with the Plans, or if the Authority determines that the work done at that particular stage of construction has not been done in a good and workmanlike manner, or if Borrower is authorized in any way in default under the Loan Documents, the Authority may, at its option, refuse to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if a disbursement pursuant to any Draw Request until such conditions have been remedied to the satisfaction of the Authority and may exercise its other rights and remedies under the Loan Documents. (c) If the Authority determines that the Loan is not in balance and there are insufficient undisbursed Loan proceeds to enable the Borrower to complete the construction of the Renovations, or make any other payments required herein or under the Loan Documents, including but not limited to the payment of all items described in paragraph (f) of this Section 2.2(a5 (the “Other Costs”), 2.6(bor if there are insufficient funds in a line item, as shown on the Budget or Schedule of Values, then the Authority may refuse to make any further disbursements of Loan proceeds until Borrower shall have deposited with the Title Company an amount (the “Borrower’s Balancing Funds”) equal to the greater of: (i) the amount as determined and certified by a licensed architect, employed at Borrower’s expense and approved by the Authority, as the amount required to complete the Renovations in accordance with the Plans together with payment of the Other Costs; (ii) the amount of any subcontracts and/or firm quotations for the completion of any such work together with payment of the Other Costs; or 2.11(d)(iii) an amount determined necessary by the Authority to bring the Loan in balance. Borrower agrees to establish and maintain The Borrower’s Balancing Funds shall be deposited into an interest-bearing account established by the Funding Account with PNC Title Company for the purpose of receiving disbursing the Loan proceeds and shall for all purposes become a part of the Loans requested Loan proceeds as provided herein and in the Disbursement Agreement and shall be disbursed first to fund Draw Requests prior to the disbursement of any further Loan proceeds. All Borrower’s Balancing Funds are hereby pledged to secure the Loan and in the event of default by Borrower and made by Agent under the Loan Documents, Borrower’s Balancing Funds may, at the option of Lender, be applied either to the completion of the Renovations or the Lenders hereunder. Unless otherwise agreed amounts due to the Lender under the Loan Documents. (d) The Authority may, without the consent of the Borrower, but with prior notice to Borrower before disbursement, authorize the disbursement to itself from the Loan proceeds any sums payable to the Authority by Agent the Borrower on account of recording costs, title insurance costs, loan fees, attorney fees, interest, loan extension fees, insurance, taxes and inspection fees all as provided for in the Loan Documents; provided, however, that Borrower in writingmay pay any of such items and upon furnishing receipt evidencing such payments, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made entitled to reimbursement from the Funding AccountLoan proceeds, provided there are sufficient funds to complete the construction of the Renovations and such items are included in the Budget.

Disbursement of Loan Proceeds. All Loans 7.1 Any single loan exceeding RMB 3 million shall be disbursed from whichever office or by the lender upon request. Method for disbursement of other place Agent may designate from time loan proceeds to time and, together with any be adopted (single choice) þ Disbursement by the lender upon request: the lender will disburse the loan via the borrower’s account to the counterparty of the borrower that meets the purpose set forth herein after satisfactory review according to the drawdown application and all other Obligations payment request of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, the borrower. Where Section 6.3 hereof provides that the withdrawn amount shall be charged deposited into the dedicated loan disbursement account, the disbursement upon request shall be handled through this account. ¨ Disbursement by the borrower: After the lender disburses the loan proceeds into the borrower’s account according to the Loan Account borrower’s drawdown application, the borrower will disburse the same to its counterparty that meets the purpose set forth herein at its sole discretion. Where Section 6.3 hereof provides that the withdrawn amount shall be deposited into the dedicated loan disbursement account, the autonomous disbursement shall be handled through this account. 7.2 Where the disbursement is to be made by the lender upon request, the borrower shall submit the related transaction documents to the lender ___ banking days prior to the date of request for disbursement; Where the disbursement is to be made by the borrower itself, the borrower shall summarize and report on Agent’s books. The the disbursement of loan proceeds in writing within ___ days of the end of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a)□quarter/□month. 7.3 During the loan disbursement, 2.6(b) or 2.11(d) hereof shall, (a) if any of the following events occurs with respect to requested Revolving Loansthe borrower, the lender shall consult with the borrower to make additional conditions for drawdown in writing as integral part of this contract or cease to disburse the loan proceeds: 7.3.1 Decreased credit standing; 7.3.2 Failure to pay the loan proceeds according to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds provisions of the Loans requested contract. 7.3.3 Insufficient profitability of primary line of business; 7.3.4 Abnormal use of loan proceeds; 7.3.5 Attempt to circumvent authorized disbursement by Borrower and made the lender by Agent or means of breaking down the Lenders hereunder. Unless otherwise agreed by Agent and Borrower loan into parts in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or violation of the Lenders hereunder shall be made to the Funding Accountprovisions hereof.

Disbursement of Loan Proceeds. All Loans 7.1 Unless otherwise provided in the Schedule of Facility, disbursement of loan proceeds under the facility shall be disbursed from whichever office or other place Agent may designate from time follow the provisions of this Clause 7. 7.2 Disbursement of loan proceeds under each facility financing the Borrower’s fixed asset investment requirement shall follow the provisions under this Clause 7.2. If the Borrower has opened a designated loan disbursement account with the Bank for the purpose of this Facility Letter, then sections “Disbursement by the Bank (through designated loan disbursement account)” and ‘‘Disbursement by the Borrower itself” below will apply to time andloan proceeds disbursement hereunder. If the Borrower has not opened a designated loan disbursement account with the Bank for the purpose of this Facility Letter, together with any and all other Obligations of Borrower then section “Disbursement by the bank (through existing account)” below will apply to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s booksloan proceeds disbursement hereunder. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a)understands and acknowledges that, 2.6(b) or 2.11(d) hereof shall, (a) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Provisional Rules on Administration of Fixed Asset Loans, and Issuing Bank is authorized to issue for any single payment of loan proceeds of more than the Letters Threshold Amount (as defined in the Schedule of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(aFacility), 2.6(b) or 2.11(d)the approach of Disbursement by Bank must be adopted. That is, the Bank will pay the loan proceeds to the designated loan disbursement account opened by the Borrower agrees with the Bank provided that the Bank has received the following documents from the Borrower 3 business days before the proposed drawdown and is satisfied that the relevant payment under the transaction has become due and conforms to establish and maintain the Funding Account with PNC for the purpose of receiving the facility after verification of the transaction materials. and forthwith immediately transfer the loan proceeds to the Borrower’s counterparties under the relevant transactions pursuant to payment instruction(s) from the Borrower: (a) drawdown notice for the proposed loan; (b) transaction materials (which include without limitation contracts and invoices in relation to the payment(s) to be made with the proceeds of the Loans requested loan to be drawn) evidencing the payment requirement(s) to be funded by Borrower and the loan proceeds; and (c) instruction(s) to the Bank for payment of the loan proceeds to relevant third party counterparties. Single payment of loan proceeds no more than the Threshold Amount can be made by Agent or means of Disbursement by the Lenders hereunderBorrower, which means, after loan proceeds are paid by the Bank to the Borrower’s loan disbursement account, the Borrower will disburse such loan proceeds to its counterparty by itself. Unless otherwise agreed As a condition precedent for drawdown under such approach, the Borrower shall provide the Bank with a utilization plan regarding the loan proceeds of such drawdown together with the drawdown notice. The Borrower undertakes that it will not pay any loan proceeds to any of its accounts opened with any other Bank. The Borrower further undertakes that it will send a summarized report on a quarterly basis in a form and substance to the Bank’s satisfaction, reporting information relating to its payment of loan proceeds by Agent itself and shall provide evidences and supporting documents in relation to relevant transactions promptly upon request by the Bank. The Borrower understands and acknowledges that, for the payment of each loan proceeds, the Bank will make the relevant loan proceeds payment to the designated existing settlement account opened by the Borrower with the Bank provided that the Bank has received the following documents from the Borrower 3 business days before the proposed drawdown and is satisfied that the relevant payment under the transaction has become due and conforms to the purpose of the Facility after verification of the transaction materials, and forthwith immediately transfer the loan proceeds to the Borrower’s counterparty under the relevant transaction pursuant to payment instructions from the Borrower. (a) drawdown notice for the proposed loan; (b) transaction materials (which include without limitation contracts and invoices in writingrelation to the payment(s) to be made with the proceeds of the loan to be drawn) evidencing the payment requirement(s) to be funded by the loan proceeds; and (c) instruction(s) to the Bank for payment of the loan proceeds to relevant third party counterparties. 7.3 In relation to any disbursement by the Bank, any Loan requested by the Borrower hereby undertakes and warrants to the Bank as follows: (a) As the payment obligor under the relevant transaction, the Borrower shall be solely liable for the appropriateness and/or correctness of each payment made by Agent, Swing Loan Lender the Bank with the Borrower’s authorization. The Bank’s examination of transaction materials and its payment in reliance thereon will not release or mitigate such liability of the Lenders hereunder Borrower. (b) The Borrower shall be made not instruct the Bank to pay any loan proceeds to any of its accounts opened with any other bank except for cases whereunder the Borrower’s payment must he paid through such account opened with another bank and the Borrower provides documentation satisfactory to the Funding AccountBank to assure the Bank that the disbursement of the loan proceeds to the other bank’s account will not breach the regulatory requirements on the usage of loan proceeds. (c) The Borrower will not break a large payment into several parts to avoid application of Disbursement by Bank.

Disbursement of Loan Proceeds. All Loans 7.1 Any single loan exceeding RMB three million shall be disbursed from whichever office or by the lender upon request. Method for disbursement of other place Agent may designate from time loan proceeds to time and, together with any be adopted (single choice) þ Disbursement by the lender upon request: the lender will disburse the loan via the borrower’s account to the counterparty of the borrower that meets the purpose set forth herein after satisfactory review according to the drawdown application and all other Obligations payment request of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, the borrower. Where Section 6.3 hereof provides that the withdrawn amount shall be charged deposited into the dedicated loan disbursement account, the disbursement upon request shall be handled through this account. ¨ Disbursement by the borrower: After the lender disburses the loan proceeds into the borrower’s account according to the Loan Account borrower’s drawdown application, the borrower will disburse the same to its counterparty that meets the purpose set forth herein at its sole discretion. Where Section 6.3 hereof provides that the withdrawn amount shall be deposited into the dedicated loan disbursement account, the autonomous disbursement shall be handled through this account. 7.2 Where the disbursement is to be made by the lender upon request, the borrower shall submit the related transaction documents to the lender _____banking days prior to the date of request for disbursement; Where the disbursement is to be made by the borrower itself, the borrower shall summarize and report on Agent’s books. The the disbursement of loan proceeds in writing within ___ days of the end of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a)¨ quarter/¨ month. 7.3 During the loan disbursement, 2.6(b) or 2.11(d) hereof shall, (a) if any of the following events occurs with respect to requested Revolving Loansthe borrower, the lender shall consult with the borrower to make additional conditions for drawdown in writing as integral part of this contract or cease to disburse the loan proceeds: 7.3.1 Decreased credit standing; 7.3.2 Failure to pay the loan proceeds according to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds provisions of the Loans requested contract. 7.3.3 Insufficient profitability of primary line of business; 7.3.4 Abnormal use of loan proceeds; 7.3.5 Attempt to circumvent authorized disbursement by Borrower and made the lender by Agent or means of breaking down the Lenders hereunder. Unless otherwise agreed by Agent and Borrower loan into parts in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or violation of the Lenders hereunder shall be made to the Funding Accountprovisions hereof.

Disbursement of Loan Proceeds. All Loans 7.1 Any single loan exceeding RMB 3 million shall be disbursed from whichever office or by the lender upon request. Method for disbursement of other place Agent may designate from time loan proceeds to time and, together with any be adopted (single choice) þDisbursement by the lender upon request: the lender will disburse the loan via the borrower’s account to the counterparty of the borrower that meets the purpose set forth herein after satisfactory review according to the drawdown application and all other Obligations payment request of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, the borrower. Where Section 6.3 hereof provides that the withdrawn amount shall be charged deposited into the dedicated loan disbursement account, the disbursement upon request shall be handled through this account. ¨Disbursement by the borrower: After the lender disburses the loan proceeds into the borrower’s account according to the Loan Account on Agentborrower’s booksdrawdown application, the borrower will disburse the same to its counterparty that meets the purpose set forth herein at its sole discretion. Where Section 6.3 hereof provides that the withdrawn amount shall be deposited into the dedicated loan disbursement account, the autonomous disbursement shall be handled through this account. The proceeds lender may also determine the corresponding disbursement process according to the reality of each Loan requested drawdown of the borrower, and so indicate on the written drawdown application of the borrower. If the disbursement process indicated on the drawdown application is inconsistent with that set forth herein, the former shall prevail. 7.2 Where the disbursement is to be made by Borrower or deemed the lender upon request, the borrower shall submit the related transaction documents to have been requested the lender 7 banking days prior to the date of request for disbursement; Where the disbursement is to be made by Borrower under Section 2.2(a)the borrower itself, 2.6(b) or 2.11(d) hereof shallthe borrower shall summarize and report on the disbursement of loan proceeds in writing within ___ days of the end of each ¨quarter/¨month. 7.3 During the loan disbursement, (a) if any of the following events occurs with respect to requested Revolving Loansthe borrower, the lender shall consult with the borrower to make additional conditions for drawdown in writing as integral part of this contract or cease to disburse the loan proceeds: 7.3.1 Decreased credit standing; 7.3.2 Failure to pay the loan proceeds according to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds provisions of the Loans requested contract. 7.3.3 Insufficient profitability of primary line of business; 7.3.4 Abnormal use of loan proceeds; 7.3.5 Attempt to circumvent authorized disbursement by Borrower and made the lender by Agent or means of breaking down the Lenders hereunder. Unless otherwise agreed by Agent and Borrower loan into parts in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or violation of the Lenders hereunder shall be made to the Funding Accountprovisions hereof.

Disbursement of Loan Proceeds. All Loans 7.1 Any single loan exceeding RMB three million shall be disbursed from whichever office or by the lender upon request. Method for disbursement of other place Agent may designate from time loan proceeds to time and, together with any be adopted (single choice) x Disbursement by the lender upon request: the lender will disburse the loan via the borrower’s account to the counterparty of the borrower that meets the purpose set forth herein after satisfactory review according to the drawdown application and all other Obligations payment request of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, the borrower. Where Section 6.3 hereof provides that the withdrawn amount shall be charged deposited into the dedicated loan disbursement account, the disbursement upon request shall be handled through this account. ¨ Disbursement by the borrower: After the lender disburses the loan proceeds into the borrower’s account according to the Loan Account borrower’s drawdown application, the borrower will disburse the same to its counterparty that meets the purpose set forth herein at its sole discretion. Where Section 6.3 hereof provides that the withdrawn amount shall be deposited into the dedicated loan disbursement account, the autonomous disbursement shall be handled through this account. 7.2 Where the disbursement is to be made by the lender upon request, the borrower shall submit the related transaction documents to the lender ______banking days prior to the date of request for disbursement; Where the disbursement is to be made by the borrower itself, the borrower shall summarize and report on Agent’s books. The the disbursement of loan proceeds in writing within ___ days of the end of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a)¨ quarter/¨ month. 7.3 During the loan disbursement, 2.6(b) or 2.11(d) hereof shall, (a) if any of the following events occurs with respect to requested Revolving Loansthe borrower, the lender shall consult with the borrower to make additional conditions for drawdown in writing as integral part of this contract or cease to disburse the loan proceeds: 7.3.1 Decreased credit standing; 7.3.2 Failure to pay the loan proceeds according to the extent Lenders make such Revolving Loans in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan to the extent Swing Loan Lender makes such Swing Loan in accordance with Section 2.4(b) hereof, be made available to Borrower on the day so requested by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, (b) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Loans made upon any deemed request for a Revolving Loan by Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to the Maturity Date, Borrower may use the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds provisions of the Loans requested contract. 7.3.3 Insufficient profitability of primary line of business; 7.3.4 Abnormal use of loan proceeds; 7.3.5 Attempt to circumvent authorized disbursement by Borrower and made the lender by Agent or means of breaking down the Lenders hereunder. Unless otherwise agreed by Agent and Borrower loan into parts in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or violation of the Lenders hereunder shall be made to the Funding Accountprovisions hereof.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Administrative Agent may designate from time to time and, together with any and all other Obligations of Borrower Borrowers to Agent, Administrative Agent or Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Borrowers’ Account on Administrative Agent’s books. The proceeds of each Revolving Loan or Swing Line Loan requested by the Borrower Representative on behalf of Borrowers or deemed to have been requested by any Borrower under Section 2.2(aSections 2.02(b)(i), 2.6(b2.05(b) or 2.11(d) Section 2.13 hereof shall, (ai) with respect to requested Revolving Loans, to the extent Lenders make such Revolving Loans in accordance with Section 2.2(aSections 2.02(b)(i), 2.6(b2.05(b) or 2.11(d) hereof Section 2.13 hereof, and with respect to Swing Line Loans made upon any request by Borrower for a Revolving Loan Representative to the extent Swing Loan Line Lender makes such Swing Line Loan in accordance with Section 2.4(b2.03(b) hereof, be made available to the Borrower Representative not later than 1:00 p.m. (New York City time) on the day so requested by way of credit to the Funding Account Borrower Representative’s operating account at PNC, or such other bank as the Borrower Representative may designate following notification to Administrative Agent, in immediately available federal funds or other immediately available funds or, (bii) with respect to Revolving Loans deemed to have been requested by Borrower or Swing Line Loans made upon any deemed request for a Revolving Loan by any Borrower, be disbursed to Administrative Agent to be applied to the outstanding Obligations giving rise to such deemed request. Prior to During the Maturity Dateterm of this Agreement, Borrower Borrowers may use the Revolving Loans and Swing Line Loans by borrowing, prepaying and re-borrowing, all in accordance with the terms and conditions hereof. Agent is authorized to make the Loans, and Issuing Bank is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(a), 2.6(b) or 2.11(d). Borrower agrees to establish and maintain the Funding Account with PNC for the purpose of receiving the proceeds of the Loans requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder shall be made to the Funding Account.

Disbursement of Loan Proceeds. All Loans shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrower to Agent, Lenders, Swing Loan Lender and Issuing Bank, shall be charged to the Loan Account on Agent’s books. The proceeds of each Loan requested by Borrower or deemed to have been requested by Borrower under Section 2.2(a), 2.6(b) or 2.11(d) hereof shall, (a) with respect Each Borrower shall give the Administrative Agent notice of each borrowing hereunder as provided in Section 2.2 hereof. Upon receipt of each Borrowing Notice, the Administrative Agent shall promptly notify each Bank thereof. Subject to its receipt of the notice referred to in the preceding sentence, each Bank will make the amount of its Revolving Percentage of the requested Revolving Loans, Loans available to the extent Lenders make such Revolving Loans Administrative Agent for the account of the applicable Borrower at the Payment Office not later than 2:00 p.m. on the relevant Borrowing Date specified for each borrowing hereunder, in accordance with Section 2.2(a), 2.6(b) or 2.11(d) hereof and with respect to Swing Loans made upon any request by Borrower for a Revolving Loan funds immediately available to the extent Swing Loan Lender makes Administrative Agent at such Swing Loan in accordance with Section 2.4(b) hereofoffice. The amounts so made available to the Administrative Agent on such Borrowing Date will then, subject to the satisfaction of the terms and conditions of this Agreement, be made available on such date to the applicable Borrower by the Administrative Agent at the Payment Office by crediting the account of such Borrower on the day so requested books of the Administrative Agent at such office with the aggregate of said amounts (in like funds) received by way of credit to the Funding Account in immediately available federal funds or other immediately available funds or, Administrative Agent. (b) with respect Unless the Administrative Agent shall have confirmed that prior to Revolving Loans deemed to have been requested its funding of a Loan it received notice from a Bank (by Borrower telephone or Swing Loans made upon any deemed request for a Revolving Loan by Borrowerotherwise, be disbursed to Agent such notice to be applied promptly confirmed by facsimile or other writing) that such Bank will not make available to the outstanding Obligations giving rise to Administrative Agent such deemed request. Prior Bank's share of the requested Loans, the Administrative Agent may assume that such Bank has made such share available to the Maturity Date, Borrower may use Administrative Agent on the Revolving Loans and Swing Loans by borrowing, prepaying and re-borrowing, all Borrowing Date in accordance with this Section and, in reliance upon such assumption, make available to the terms applicable Borrower on such Borrowing Date a corresponding amount. If and conditions hereof. to the extent such Bank shall not have so made such share available to the Administrative Agent, such Bank and the applicable Borrower severally agree to pay to the Administrative Agent is authorized forthwith on demand such corresponding amount (to make the Loans, and Issuing Bank is authorized to issue extent not previously paid by the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.2(aother), 2.6(b) or 2.11(d). together with interest thereon for each day from the date such amount is made available to such Borrower agrees to establish and maintain the Funding Account with PNC for date such amount is paid to the purpose Administrative Agent, at a rate per annum equal to, in the case of receiving such Borrower, the proceeds interest rate otherwise applicable to such Loan, and, in the case of such Bank, at a rate of interest per annum equal to the greater of the Loans requested Federal Funds Rate and a rate determined by Borrower and made by the Administrative Agent or the Lenders hereunderin accordance with banking industry rates on interbank compensation. Unless otherwise agreed by Agent and Borrower in writing, any Loan requested by Borrower and made by Agent, Swing Loan Lender or the Lenders hereunder If such Bank shall be made pay to the Funding AccountAdministrative Agent such corresponding amount, such amount so paid shall constitute such Bank's Loan as part of the relevant borrowing for purposes of this Agreement.