Drawdown Schedule and Method Sample Clauses

Drawdown Schedule and Method. (1) Based on the funding needs, the Borrower shall drawdown the Entrusted Debt Investment amount in one single instalment. (2) Upon the verification and confirmation by the Trustee that the Borrower has satisfied the preconditions to the drawdown, the Trustee shall deposit the Entrusted Debt Investment amount into the following bank account of the Borrower: Beneficiary name: China Glorious City (Hengyang) Co., Ltd. Bank name: Bank of China Zhoukou Branch Account number: [Not disclosed in this translation] (3) Once the Entrusted Debt Investment amount under this Agreement has been transferred into the Borrower’s bank account, it is deemed that the Trustee has completed the granting of the amount and the Borrower has drawn down the amount. (4) In case where the Borrower fails to draw down the Entrusted Debt Investment amount due to its own reason, the Trustee has the right to deny the investment or agree to continue with the investment at the instruction of the Principal. Regardless whether the Trust decided to deny or to continue with the investment, the Borrower shall pay to the Trustee a fee equal to 0.5% of the unutilized amount as penalty and the Trustee shall transfer such fee to the bank account designated by the Principal. The amount that has already drawn down shall continue to fulfill under the terms of this Agreement.