Common use of Drawing conditions Clause in Contracts

Drawing conditions. Unless Party B gives up fully or partially, Party B is only obliged to loan when the following conditions are met constantly: (1) Party A has completed the approval, registration, payment, insurance and other legal procedures in relation to the Contract; (2) If the Contract has guarantee, the guarantee which meets the requirements of Party B has taken effect and will be continuously effective; (3) Party A has opened drawing and repayment accounts in accordance with requirements of Party B; (4) Any default or situation stipulated in the Contract which may endanger the security of Party B’s obligatory rights doesn’t happen to Party A; (5) Laws and regulations, rules or authorized departments don’t prohibit nor limit the loan lent by Party B under the Contract; (6) The Borrower has submitted the resolution and certificate of authorization that the board of directors or other authorized departments agree to sign and fulfill to the Lender; (7) The declaration and promise of the Borrower are continuously effective; (8) Other drawing conditions stipulated by law and agreed by both parties: __________________________________________________________________________________________________________________________________

Drawing conditions. Unless Party B gives up fully or partially, Party B is only obliged to loan when the following conditions are met constantly: (1) Party A has completed the approval, registration, payment, insurance and other legal procedures in relation to the ContractAgreement; (2) If the Contract Agreement has guarantee, the guarantee which meets the requirements of Party B has taken effect and will be continuously effective; (3) Party A has opened drawing and repayment accounts in accordance with requirements of Party B; (4) Any default or situation stipulated in the Contract Agreement which may endanger the security of Party B’s obligatory rights doesn’t happen to Party A; (5) Laws and regulations, rules or authorized departments don’t prohibit nor limit the loan lent by Party B under the ContractAgreement; (6) The Borrower has submitted the resolution and certificate of authorization that the board of directors or other authorized departments agree to sign and fulfill to the Lender; (7) The declaration and promise of the Borrower are continuously effective; (8) Other drawing conditions stipulated by law and agreed by both parties: __________________________________________________________________________________________________________________________________: