Disbursements and Payments of the Loan Clause Samples

Disbursements and Payments of the Loan. Article 6 After this Contract becomes effective, Party A may draw down the loan under this Contract by sending an application for drawdown to Party B for approval. For each drawdown, Party A shall submit the application to Party B at least three business days in advance. If the application is approved, Party B will disburse the loan to the dedicated loan account of Party A, and interest on the loan shall accrue from the drawdown date. Article 7 The obligation of the Party B to make the disbursement under the loan shall be subject to the satisfaction by the Party A of all of the following conditions precedent. However, disbursement made Party B before Party A has satisfied all of the following conditions shall not be considered a negligence of the Party B in its performance of this Contract: 7.1 Party A has furnished all documents required by Party B, including but not limited to: 7.1.1 Party A’s business license, organizational code certificate and tax registration certificate which have been verified as conforming in the annual inspection by the authorities, Party A’s current Articles of Association, the identity document of Party A’s legal representative and its photocopy; 7.1.2 A list of Party A’s directors and senior managers with relations to the matters under this Contract and their respective signature specimen; 7.1.3 The resolution of the Board of Directors and/or the resolution of the General Shareholders’ Meeting relating to the loan under this Contract or authorizing related personnel to execute this Contract and associated documents; 7.1.4 A drawdown application signed by Party A; 7.1.5 Documentary proof of the progress of the initial work for the project, including but not limited to project progress timetables and descriptions; 7.1.6 Documentary proof showing that the matching project capital for the loan under this Contract is in place; 7.1.7 Contracts on the purchase of fixed assets for the project (or on construction). 7.2 Party A has obtained all administrative permissions, approvals and registrations and completed all statutory formalities required for the loan under this Contract in accordance with applicable laws, statutes and regulations. 7.3 The progress of project construction is adequate to meet the requirements of the fund use plan. By the first drawdown, project capital of the same percentage as the loan under this Contract shall have been in place in full amount, and shall be used in collaboration with the proceeds of the loan u...