Drawdown of the Loan. 2.1 The Borrower must fulfil all the precedents as agreed under this Contract prior to the drawdown of the Loan or the Lender does not has the obligation to grant any of the Loan to the Borrower, unless as otherwise agreed by the Lender.
Drawdown of the Loan. 2.1 The Borrower must fulfil the following precedents prior to the drawdown of the Loan or the Lender does not has the obligation to grant any of the Loan to the Borrower, unless as otherwise agreed by the Lender.
(1) Except in the case of credit loan, the Borrower has completed all relevant pledge procedures as required by the Lender;
(2) There is no event of the default by the Borrower under the terms of this Contract or contracts with other third parties;
(3) Supporting provided by the Borrower matches the agreed purpose of the Loan;
(4) Any other information as requested by the Lender.
2.2 Written documents provided by the Borrower to the Lender for the purpose of drawdown application must be in their original form. In case where the document is not original, consent must be obtained from the Lender and the copy must be stamped with a company seal of the Borrower.
2.3 The Borrower shall submit the drawdown notification at least 5 bank business days prior to the drawdown of the Loan. Once submitted, the application shall not be withdrawn unless with the written consent of the Lender.
2.4 In event where the Loan is granted after all precedents are satisfied by the Borrower or waived by the Lender, and the Lender has transfer the Loan into the Borrower’s bank account, it is deemed that the Lender has granted the Loan to the Borrower pursuant to this Contract.
2.5 In accordance with the requirements of relevant supervisory regulations and the management of the Lender, in the case where the Loan has exceeded certain amount, entrusted payment method shall be used and the Lender shall payment to the designated payee according to the drawdown and entrusted payment application. For this purpose, the Borrower and the Lender shall enter into a separate entrusted payment contract as a supplement to this Contract and the Borrower shall open or designate a bank account to process the entrusted payments.
Drawdown of the Loan. 3.1. The principal amount of the Loan referred to in Section 1.1 herein shall be available in 2 (two) drawings of a minimum amount of USD$ 42,500 (Forty-Five Thousand, Five Hundred Dollars) and USD$ 57,500 (Fifty-Seven Thousand, Five Hundred Dollars)
3.2. The date of the disbursement of the principal amount of the Loan or any portion of it shall be considered the date of crediting a respective amount to the bank account of the Borrower in an authorized bank.
Drawdown of the Loan. [DRAFTING NOTE: Drawdown procedure provisions to be inserted on an individual project basis.]
Drawdown of the Loan. You authorise us to pay the Amount of Loan into your nominated account following receipt by us of the agreement signed by you. Alternatively, if, according to your instructions, some of the credit is being used to redeem an existing credit agreement with Hitachi, we will arrange for the relevant amount to be used to settle that loan and the balance remaining shall be paid to your nominated account.
Drawdown of the Loan. Article 9 The Borrower shall utilize the Loan by submitting a drawdown notice in the form of Exhibit I hereto, the borrowing certificate and the relevant documents and materials required by the Lender in advance. Upon examination and approval by the Lender, it may make the Loan to the Borrower. The duplicate copies of the foregoing documents should be certified by the authorized signatory of the Borrower as true, complete and valid by way of signature and affixed with the chop consistent with the specimen chop of the Borrower.
Article 10 The Borrower shall further satisfy the following conditions in order to utilize the Loan: the drawdown period for the first drawdown by the Borrower of the Loan hereunder shall be three (3) months (commencing from the effective date hereof).
1. The Borrower has opened the relevant accounts as required by the Lender; Special provisions: (Not Applicable)
Article 11 If there is no drawdown within the period set forth above, the Lender shall have the right to cancel the Loan in its entirety hereunder until this Agreement is terminated.
Drawdown of the Loan. During the Revolving Period, once BORROWER informs BANCOMER that its cash flow is insufficient to settle interest derived from the Issue with its own funds, according to Clause FIFTEEN, Section (II), subsection (B) hereof, it may make drawdowns against the Loan for as much as a principal sum of US$6'500,000.00 (SIX MILLION FIVE HUNDRED THOUSAND DOLLARS 00/100) each, to be made precisely 48 (FORTY-EIGHT) hours before June first and December first of each year, beginning on June first nineteen hundred and ninety-eight, as long as it fulfills the conditions on disbursements established in this Agreement and each drawdown does not exceed US$6'500,000.00 (SIX MILLION FIVE HUNDRED THOUSAND DOLLARS 00/100). The foregoing is in the understanding that at the end of the Revolving Period the amount actually disposed of by BORROWER shall not exceed the
Drawdown of the Loan. 5.1 Precedents before drawdown of the Loan:
(1) Unless as cancel by the Lender part or whole of the Loan, the Lender only has the obligation to grant any of the Loan to the Borrower if and only if the Borrower have fulfilled the following precedents prior to the drawdown of the Loan:
1) The Borrower has completed all relevant approval, registration, submission, insurance and other lawful procedures relating to the Loan under this Contract;
2) The Borrower has provided a resolution for the approval of the Loan from its board of directors or any other internal department which has the authority to approve the Loan;
3) In case where the Loan is secured in nature, a guarantee contract as required by the Lender is in effective and remain valid, and terms agreed under the guarantee contract has been fulfilled, and the internal department of the guarantor has completed truthful, legal and valid resolution regarding the agreement to provide guarantee under this Contract, or other documentation as requested by the Lender;
4) The Borrower has opened drawdown and repayment bank account as requested by the Lender;
5) There is no event of default as agreed under this Contract by the Borrower or circumstances that may be harmful to the rights of the Lender.
6) There is neither prohibition nor restriction by laws and regulations and rules and relevant authorities regarding the granting of the Loan under this Contract by the Lender.
7) The trust has been established and effective;
8) Any other precedents agreed between both parties.
(2) The Lender shall grant the Loan to Borrower upon the fulfilment of all precedents stated above.
5.2 Limited by paragraph 5.1 above, the Lender shall transfer the granting of the Loan to the following bank account of the Borrower: Account name: China Northeast Logistics City Dezhou Co., Ltd. Account No.: [Not disclosed in this translation] Account opening bank: [Not disclosed in this translation]
5.3 The Borrower shall issue to the Lender a Loan Confirmation within 3 business days from the day when the Loan is granted.
5.4 Prior to the drawdown of the Loan, in case where there is publication for the amendment of the laws, change in the national macroeconomic policy, launch of new supervisory procedures by the risk management department of the Lender or the Lender unable to raise the funds required for the granting of the Loan, the Lender has the right to stop granting any of the Loan or to dismiss this Contract and shall not be liable for a...
Drawdown of the Loan. The Bank will permit drawdown of the Loan only upon completion of all the requirements set out in the Loan Documentation, to the satisfaction of the Bank. Incaseofbuy-out,theBorrowerauthorizestheBanktofirstpaytheotherbankhistotal liability to him, from the proceeds of the loan sanctioned to him. When the Borrower submits to the Bank the salary assignment letter and his first salary is received into his account, with the Bank, then only the Bank shall credit the remainder of the loan amount into the Borrower’s account.
Drawdown of the Loan. (a) If:-
(1) all Conditions Precedent in Section 5.01 shall have been complied with to the satisfaction of the Bank;
(2) not later than 12.00 noon three (3) Business Days prior to the proposed date of drawdown the Bank shall have received from the Company a duly completed Drawdown Notice requesting for an Advance;
(3) the Drawdown Notice has been received by the Bank from the Company prior to the expiry of the Availability Period;
(4) the Advance requested for shall be for a sum not less than United States Dollars Five hundred thousand (USD500,000/-) and in multiples of United States Dollars One hundred thousand (USD100,000/-);
(5) the amount to be advanced is stated in the Drawdown Notice and supported with the relevant certified invoices;
(6) all representations and warranties in Section
3.01 would be correct in all respects if repeated on the proposed drawdown date by reference to the circumstances then prevailing;
(7) no Event of Default has occurred and is continuing on or before the proposed drawdown date or in the reasonable opinion of the Bank will occur as a result of making the Advance;
(8) no extraordinary circumstances or change of law or other governmental action has occurred which in the reasonable opinion of the Bank make it improbable that the Company will be able to observe and perform its covenants and obligations hereunder; then, subject to the provisions of this Agreement, the Bank will make the requested Advance to the Company.
