Disbursement Requirements. (1) Loan Portion A Upon compliance with the requirements set forth in Article 3, AKA will disburse Loan Portion A in one or more Advances within five (5) Banking Days but not earlier than at the disbursement dates stipulated in a completed and executed copy of a Drawdown Certificate after receipt of such Drawdown Certificate issued by the Exporter and confirmed by the Bank for deliveries evidenced in conformity with a Letter of Irrevocable Instructions for Disbursement of Payments (Lol) in form and substance as per Annex H hereto, if (a) the Advance drawn together with all other Advances then outstanding does not exceed the maximum amount of the Loan, and (b) each additional Advance drawn within a single calendar month amounts to at least US$ 300,000.00 (unless the amount of such Advance is equal to the Undrawn Balance or AKA agrees to a corresponding request of the Exporter and the Bank), and (c) AKA has received a statement of account issued by the Exporter’s bank certifying the receipt of the Borrower’s down payment (being equal to 15 % of the Total Contract Value) in full. (2) Loan Portion B AKA will disburse Loan Portion B in one or more Advances when the Hermes-Premia be come due either together with disbursements under Loan Portion A or after the first disbursement under Loan Portion A has been made. (3) If after lapse of the First Repayment Date an Undrawn Balance remains AKA may at any time refuse to make (further) Advances notwithstanding the receipt of a Drawdown Certificate. In case the loan is not fully disbursed by such date AKA may extend the disbursement period always provided that the approval of Hermes can be obtained and no Event of Default has been occurred.
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Disbursement Requirements. (1) Loan Portion A Upon compliance with the requirements set forth in Article 3, AKA will disburse Loan Portion A in one or more Advances within five (5) Banking Days but not earlier than at the disbursement dates stipulated in a completed and executed copy of a Drawdown Certificate after receipt of such Drawdown Certificate issued by the Exporter and confirmed by the Bank for deliveries evidenced in conformity with a Letter of Irrevocable Instructions for Disbursement of Payments (Lol) in form and substance as per Annex H hereto, if
(a) the Advance drawn together with all other Advances then outstanding does not exceed the maximum amount of the Loan, and
(b) each additional Advance drawn within a single calendar month amounts to at least US$ 300,000.00 (unless the amount of such Advance is equal to the Undrawn Balance or AKA agrees to a corresponding request of the Exporter and the Bank), and
(c) AKA has received a statement of account issued by the Exporter’s bank certifying the receipt of the Borrower’s cash down payment of USD 290,827.95 and a confirmation by the Exporter of having received trade-ins in a volume of at least USD 420,000.00 (being equal to 15 % of the Total Contract Value) in full.
(2) Loan Portion B AKA will disburse Loan Portion B in one or more Advances when the Hermes-Premia be come become due either together with disbursements under Loan Portion A or after the first disbursement under Loan Portion A has been made.
(3) If after lapse of the First Repayment Date an Undrawn Balance remains AKA may at any time refuse to make (further) Advances notwithstanding the receipt of a Drawdown Certificate. In case the loan is not fully disbursed by such date AKA may extend the disbursement period always provided that the approval of Hermes can be obtained and no Event of Default has been occurred.
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