ARTICLE VII
The proceeds of the Loan shall be deposited with the issuing Bank, to be nominated and guaranteed by the Contractors, to the credit of a Canton Chungking Railway Account on such terms as may be mutually arranged in the Detailed Agreement referred to in Article 17.
When the work of construction is ready to begin a sum equal to the estimated expenditure in China for six months shall be transferred to a Bank in China to be mutually agreed upon and there placed to the credit of a Canton Chungking Railway Account to be operated upon by the Corporation under certificates signed by the Chief Accountant and the Chief Engineer. This amount of estimated expenditure for six months shall be maintained by subsequent monthly transfers so that, as far as possible, there shall always be six months estimated expenditure in China on deposit in a Bank in China to be mutually agreed upon.