Distribution Conditions. The creditor has the right to withhold any distribution to the debtor if any of the following condition is not met by the debtor: 1. A formal written request for distribution and proofs of its usages should be submitted three days prior to any distribution. 2. This contract and its appendixes are in effect. 3. The guarantees specified in Term IX of this contract are met. 4. The debtor has opened the bank account for loan distribution and payment of loan principal, interest, and fee as required by the creditor. 5. The debtor has submitted the following documents to the creditor: a. A formal written authorization from the debtor's Board of Directors to sign and execute this contract b. A list of individuals who are authorized to sign this contract and its related documents and a list of their signatures c. A formal proof of the collected funds and budgets for the projects funded by this loan d. All approved documents for the projects' planning, land usage, and construction plans. e. Official permits for the projects 6. No violation as defined in Term XII of this contract occurs. 7. The debtor has complied with all related laws and regulations; and all other distribution requirements set by the creditor and the debtor have been met.
Appears in 2 contracts
Sources: Loan Agreement (Central American Equities Inc), Loan Agreement (Central American Equities Inc)