Common use of Loan withdrawal and payment Clause in Contracts

Loan withdrawal and payment. 2.1 The Borrower must meet the following prerequisites before loan withdrawal, otherwise the Lender has no obligation to make loans to the Borrower, unless the Lender agrees otherwise: (1) except credit loans, the Borrower has provided corresponding guarantee as requested by the Lender, which has been duly prepared and executed. Furthermore no adverse change to the guarantee that may impact the Lender has occurred. (2) Upon each withdrawal, the representations and warranties made by the Borrower remain true, accurate and complete; and there has not been any breach of this contract or other contracts, which the Borrower and the Lender have signed. (3) Evidence provided for the loan purposes is in line with the agreed loan purposes. 2.2 If the Borrower uses the loans for fixed asset investment, in addition to meet the prerequisites as described in Section 2.1, the Borrower must also meet the following prerequisites: (1) The project that uses the loans has been examined, approved or filed with the authorized governmental departments (if needed). (2) Capital and other matching funds required for the project have been contributed in terms of percentage and timing according to plan. (3) No cost overruns have occurred or the cost overruns have been resolved internally. (4) The project has been progressed according to plan, and actual project progress has matched the actual amount of investment to date. 2.3 The Borrower shall submit withdrawal notice to the Lender at least five banking days before withdrawal date. Once the withdrawal notice is submitted, without the written consent of the Lender, it shall not be revoked. 2.4 After the Borrower meets the prerequisites for withdrawal or the Lender consents to make loans beforehand, once the Lender transfers the loan funds to the Borrower’s designated account, the Lender is deemed to have made loans to the Borrower in accordance with the contract. 2.5 According to the relevant regulatory requirements and management requirements of the Lender, the Lender shall pay to the transaction counterparties based on the Borrower’s withdrawal request and payment authorization for any loans using the entrust payment method. To this end, the Borrower and the Lender shall enter into a separate entrust payment agreement as an annex to the contract, and the Borrower shall open or designate an account at the Lender’s branch to handle such entrust payments.

Loan withdrawal and payment. 2.1 5.7.1 Loan Withdrawal Application Debtor shall submit the withdrawal application seven (7) business-day in advance to Creditor with required borrowing note and other documents under this Agreement required by Creditor, and Debtor shall reserve a copy of the authorized signatures and seals with Creditor (See Appendix #1), which will be required to present at the time of the actual withdrawal transaction by Debtor’s staff. Creditor shall only compare the actual signatures and seals with the reserved copy of the true signatures and seals with Creditor by Xxxxxx, and upon the confirmation of such signatures and seals, Creditor shall release the loan to Debtor according to Xxxxxx’s loan withdrawal application. In the event Debtor changed its authorized true signatures and seals, Debtor shall inform Creditor with the new signatures and seals in writing at the time of such change. Debtor shall be solely responsible for any losses due to Xxxxxx’s failure to inform Creditor of the changed signatures and seals in a timely manner. If Debtor fails to reserve a copy of authorized true signatures and seals with Creditor, staff from Debtor shall use the official corporate seal at the time of withdrawal or submit an authorization power of attorney when using seals other than official corporate seals (i.e. special financial seal). The Borrower must meet withdrawal application of Debtor is irreversible. Upon Creditor’s approval of Xxxxxx’s withdrawal application, Debtor shall withdraw the following prerequisites before loans amount accordingly. Upon Creditor’s approval of Xxxxxx’s withdrawal application, Creditor shall release the applied loan withdrawal, otherwise amount to Debtor’s bank account under this Agreement or make the Lender has no obligation to make loans entrusted payment accordingly to the Borrowerdesigned party by Xxxxxx. 5.7.2 Loan Release Method There are two payments for loan release from Creditor to Debtor: direct payment and entrusted payment. In the event that the Debtor chooses the entrusted payment, unless Creditor shall review if the Lender agrees otherwise: (1) except credit loanspayment information submitted by Debtor accurate according to Xxxxxx’s submitted contracts and agreements, including the payables and amounts. Upon Creditor’s approval, the Borrower has provided corresponding guarantee as requested by the Lender, which has been duly prepared loan amount will paid from Xxxxxx’s bank account under this Agreement and executed. Furthermore no adverse change to the guarantee that may impact the Lender has occurred. (2) Upon each withdrawal, the representations and warranties made by the Borrower remain true, accurate and complete; and there has not been any breach of this contract or other contracts, which the Borrower and the Lender have signed. (3) Evidence provided for the loan purposes is in line with the agreed loan purposes. 2.2 If the Borrower uses the loans for fixed asset investment, in addition to meet the prerequisites as described in Section 2.1, the Borrower must also meet the following prerequisites: (1) The project that uses the loans has been examined, approved or filed with the authorized governmental departments (if needed). (2) Capital and other matching funds required for the project have been contributed in terms of percentage and timing designed party’s bank account according to planXxxxxx’s application. (3) No cost overruns have occurred or the cost overruns have been resolved internally. (4) The project has been progressed according to plan, and actual project progress has matched the actual amount of investment to date. 2.3 The Borrower shall submit withdrawal notice to the Lender at least five banking days before withdrawal date. Once the withdrawal notice is submitted, without the written consent of the Lender, it shall not be revoked. 2.4 After the Borrower meets the prerequisites for withdrawal or the Lender consents to make loans beforehand, once the Lender transfers the loan funds to the Borrower’s designated account, the Lender is deemed to have made loans to the Borrower in accordance with the contract. 2.5 According to the relevant regulatory requirements and management requirements of the Lender, the Lender shall pay to the transaction counterparties based on the Borrower’s withdrawal request and payment authorization for any loans using the entrust payment method. To this end, the Borrower and the Lender shall enter into a separate entrust payment agreement as an annex to the contract, and the Borrower shall open or designate an account at the Lender’s branch to handle such entrust payments.

Loan withdrawal and payment. 2.1 The Borrower must meet the following prerequisites before loan withdrawal, otherwise the Lender has no obligation to make loans to the Borrower, unless the Lender agrees otherwise: (1) except credit loans, the Borrower has provided corresponding guarantee as requested by the Lender, which has been duly prepared and executed. Furthermore no adverse change to the guarantee that may impact the Lender has occurred. (2) Upon each withdrawal, the representations and warranties made by the Borrower remain true, accurate and complete; and there There has not been any breach of this contract or other contracts, which the Borrower and the Lender have signed. (3) Evidence provided for the loan purposes is in line with the agreed loan purposes. 2.2 If the Borrower uses the loans for fixed asset investment, in addition to meet the prerequisites as described in Section 2.1, the Borrower must also meet the following prerequisites: (1) The project that uses the loans has been examined, approved or filed with the authorized governmental departments (if needed). (2) Capital and other matching funds required for the project have been contributed in terms of percentage and timing according to plan. (3) No cost overruns have occurred or the cost overruns have been resolved internally. (4) Any other info requested by the Lender. 2.2 The project has been progressed according written documents submitted by the Borrower to planthe Lender shall be original; if original can’t be provided, and actual project progress has matched with the actual amount consent of investment to datethe Lender the Borrower can provide true copies with the official stamp of the Borrower. 2.3 The Borrower shall submit withdrawal notice to the Lender at least five banking days before withdrawal date. Once the withdrawal notice is submitted, without the written consent of the Lender, it shall not be revoked. 2.4 After the Borrower meets the prerequisites for withdrawal or the Lender consents to make loans beforehand, once the Lender transfers the loan funds to the Borrower’s designated account, the Lender is deemed to have made loans to the Borrower in accordance with the contract. 2.5 According to the relevant regulatory requirements and management requirements of the Lender, the Lender shall pay to the transaction counterparties based on the Borrower’s withdrawal request and payment authorization for any loans using the entrust payment method, for any loans exceeding certain amount or in compliance with other conditions. To this end, the Borrower and the Lender shall enter into a separate entrust payment agreement as an annex to the contract, and the Borrower shall open or designate an account at the Lender’s branch to handle such entrust payments.