Drawdown Clause Samples

Drawdown. Subject to the terms and conditions of this Agreement, the Loan shall be advanced in full in one amount on the Drawdown Date following receipt by the Bank from the Borrower of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the proposed Drawdown Date. A Drawdown Notice shall be effective on actual receipt by the Bank and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Drawdown. (1) The Borrower shall make one-time drawdown or instalments drawdown in accordance with the schedules as agreed under this Contract, and submit the drawdown application to the Lender three (3) banking days prior to the each drawdown date as agreed in this Contract for the processing of draw procedure (refer to Appendix 1 for format ) (2) In the event that a change the drawdown date such as postponement is required by the Borrower, the Borrower shall obtain consent from the Lender three (3) banking days prior to the scheduled day, and shall pay the Lender loss of interest income as a result of such change (loss of interest income equals to interest the Lender should have earned from the loan deduct by the interest earned through savings over the same period). (3) In the event that the Borrow wishes to cancel all or part of the undrawn loan amount, the Borrower shall obtain the approval from the Lender by submitting an application to the Lender three (3) days prior to the scheduled drawdown day or expiry of the drawdown period. The Borrower confirms that in the event where all or part of the loan was not drawn down upon the expiry of the drawdown period, the Borrower shall pay an undertaking fees to the Lender (as detailed in Part I of this Contract). (4) In the event where the Borrower fails to lodge its application for the draw down or postponement of the drawdown upon the expiry of the scheduled drawdown date or drawdown period, the Lender may notify the Borrower to handle related procedure within three (3) banking days from the date of the expiry. Where the Borrower fails to complete either one of the applications, the Lender shall have the rights to cancel the undrawn loan amount. (5) Notwithstanding the terms and conditions as agreed elsewhere in this Contract, the Lender shall have the rights to refuse the Borrower’s drawdown application and cancel all or part of the loan agreed in this Contract, prior to any drawdown of the loan.

Drawdown. The Lender is only required to make the Loan and each Instalment available to the Borrower if all requirements of the Lender in relation to the Loan have been met, including:

Drawdown. 2.4.1 On the terms and subject to the conditions of this Agreement, each Advance shall be advanced to the Borrower on the relevant Drawdown Date following receipt by the Agent from the Borrower of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before each proposed Drawdown Date. 2.4.2 A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6, be irrevocable.

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made following receipt by the Bank from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the second Banking Day before the date, which shall be a Banking Day falling within the relevant Drawdown Period, on which such Advance is intended to be made. A Drawdown Notice shall be effective on actual receipt by the Bank and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Drawdown. (a) Each Advance shall be made on notice given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the proposed Drawdown Date by the Borrower to the Lender; provided, however, that such notice with respect to the Tranche A Advance shall be made within one day after the execution of the underwriting agreement for the IPO. Each such notice of drawdown (a “Notice of Drawdown”) shall be in writing, in substantially the form of Exhibit A hereto, specifying therein (i) the requested Drawdown Date, which shall be a Business Day during the Commitment Period, (ii) the relevant Tranche and the aggregate principal amount of the Advance thereof requested on such Drawdown Date, (iii) the duration of the initial Interest Period applicable to such Advance, and (iv) the recipients (including payment instructions) of the proceeds of such Advance. Upon fulfillment of the applicable conditions set forth in Article III, the Lender will make such funds available to, or for the account of, the Borrower according to the payment instructions set forth in the Notice of Drawdown. Each Advance shall be $5,000,000 ($1,000,000 in the case of Tranche B) or an integral multiple of $1,000,000 in excess thereof. Anything in this subsection (a) above to the contrary notwithstanding, there may not be outstanding more than ten (10) separate Advances at any time. (b) Each Notice of Drawdown shall be irrevocable and binding on the Borrower. The Borrower shall indemnify the Lender against any loss, cost or expense incurred by the Lender as a result of any failure to fulfill on or before the Drawdown Date specified in any Notice of Drawdown the applicable conditions set forth in Article III, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by the Lender to fund the Advance to be made by the Lender on such Drawdown Date when such Advance, as a result of such failure, is not made on such date.

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility; and 2.3.6 the Agent has been notified by the Commercial Loan Agent that all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 and Portion 2 shall not be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and Portion 2 shall not be capable of drawing until the Hermes Premium or the relevant part thereof has been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of Portion 2 drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of Portion 2 drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen million six hundred thousand Euro (€19,600,000).

Drawdown. 2.4.1 Subject to the terms and conditions of this Agreement, the Loan shall be made available to the Borrower following receipt by the Payment Agent from the Borrower of the Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period, on which the Borrower proposes the Loan is made available. 2.4.2 The Drawdown Notice shall be effective on actual receipt by the Payment Agent and, once given, shall, subject as provided in clause 3.6, be irrevocable.

Drawdown. 3.1 Amounts that have been drawn down (1) prior to execution of this Agreement, the Borrower has entered into a RMB Loan Agreement (No. 2009(1270)3) with China Construction Bank, Wanzhou Branch, pursuant to which a fixed asset loan of RMB400,000,000 was granted to the Borrower on January 21, 2009 for the purpose of construction of the Project. This shall be the first drawdown under this Agreement. (2) prior to execution of this Agreement, the Borrower has entered into a RMB Loan Agreement (No. 2009(1230)24) with China Construction Bank, Wanzhou Branch, pursuant to which a working capital loan of RMB100,000,000 was granted to the Borrower on July 7, 2009 for the purpose of construction of the Project. This shall be the second drawdown under this Agreement. 3.2 Unless otherwise agreed upon herein, except for the first and second drawdown, the Borrower may only withdraw the loan upon satisfaction of the following conditions. Each Lender shall specify a planned Drawdown Date in the Drawdown Notice with respect to each Loan Fund, and each Loan Fund in RMB shall be advanced to a RMB account held by the Agent Bank. (1) The Agent Bank receives a Drawdown Notice issued by the Borrower in respect of the Loan Fund concerned before11:00 am (Beijing time) of the seventh (7 th) Business Day ahead of the planned Drawdown Date, as well as the condition precedent documents specified under Annex 2; (2) The planned Drawdown Date under the Drawdown Notice is a Business Day within the Drawdown Period; (3) The Agent Bank confirms the Drawdown Notice according to Article 3.3 hereof. 3.3 The Agent Bank shall, within two (2) Business Days after receipt of a Drawdown Notice in respect of a Loan Fund, notify each Lender of the Loan Fund and their respective contribution in the form loan issuance notice of Annex 5, and shall provide the duplicate of the Drawdown Notice and the condition precedent documents specified in Annex 2. Each Lender shall examine all documents provided by the Agent Bank according Article 3.2 hereof; upon satisfaction of all other conditions under this Agreement, each Lender shall, within two (2) Business Days, serve confirmation letter on the Agent Bank in the form of Annex 9 for participation in granting the Loan Fund. 3.4 Upon the condition of the Agent Bank’s receipt of all Loan Funds from all Lenders, the Agent Bank shall confirm each Drawdown Notice on the Drawdown Date on behalf of each Lender. 3.5 The Drawdown Notice issued and delivered by the Borrower...