Common use of First Drawdown Clause in Contracts

First Drawdown. The Lender agrees to wire the first tranche of the Loan in the amount notified by the Borrower in writing, which will not be less than US$10,000,000 (the “First Tranche”) into a custody account managed by the Custodian pursuant to the Custodian Agreement (the “Custody Account”), on the First Drawdown Date upon the satisfaction or waiver by the Lender of the conditions as set forth in Section 3.1.