Fund payment. 7.1 The 1st instalment in the amount of 50% of the pledged funds will be paid after the Funding Contract has been concluded and the conditions and requirements agreed in Sec. 6 have been fulfilled. The second instalment in the amount of 30% is paid after approval of an interim report and an interim statement, in which 50% of the approved total costs must be proved, and after the conditions and requirements under Sec. 6 have been fulfilled. The final instalment in the amount of 20% of the total pledged funds will only be paid after all conditions and requirements (final accounting, final reports, etc.) have been fulfilled and after the FFG has verified and approved the where-used list.
Fund payment. Upon review and approval by the Lender, if the single payment amount is greater than RMB 10 million and the Lender is entrusted by the Lender, the Lender may directly transfer the corresponding amount to the Borrower’s designated account according to the payment entrustment letter submitted by the Borrower, and the Borrower shall submit relevant information to prove the purpose of the loan. If the Borrower adopts the method of entrusted payment by the Lender to entrust the Lender to transfer money to the outside world, the Borrower shall not transfer the payment money for other purposes and shall confirm in time whether the payee has actually received the corresponding amount, and the Borrower shall bear all the disputes and losses caused by the Borrower’s transfer of the payment money for other purposes, which makes the Lender unable to complete the entrusted payment, or the Borrower’s failure to confirm the receipt of the payment money by the payee in time. If the amount is lower than the above or the conditions for entrusted payment are not met, the Borrower will make the payment on his/her own initiative. If the cumulative amount of self-disbursement exceeds 10 million yuan on a single occasion or on a single day, and the destination of the borrowing is in line with the purposes listed in the original loan contract and the Application for Withdrawal, the self-disbursement from the beginning of the amount exceeding 10 million yuan has to be examined and approved by the Lender before the payment is processed; and if there is a serious discrepancy in the purpose of the borrowing and the Borrower is unable to explain the reasons for the change, the Lender will not process the payment.
Fund payment. If provided for by the terms of Securities of any series, the cash amount of any Mandatory Sinking Fund Payment may be subject to reduction as provided in Section 4.05.
Fund payment. The borrower shall forecast fund demands at the beginning of month and report the payment demands to the loaner’s handling bank branch in the form of telephone, fax or other forms. The borrower shall submit basis of payment advice note and fund payment to loaner’s handling bank branch on drafted payment date. The loaner will approve above documents according to internal management procedures and transact payment procedures on the day when receiving payment advice note for the payment requirements are with true payment basis and complete after approval. The loaner can momentarily pay or withhold to pay for the payment basis is not true, complete or fund appropriation and project accomplishment is not accordant. Fund payment basis borrower submitted shall include: project budgetary estimate approved by authorized departments, project preliminary design, project contract, investment project list, investment plan and other materials loaner required borrower to supply, etc.
Fund payment
