Common use of Conditions for the disbursement Clause in Contracts

Conditions for the disbursement. a. The obligation of the Lender to make disbursement of the Loan (or any part thereof) shall be subject to fulfillment of the following conditions: i. No Event of Default shall have occurred and / or subsisting. ii. Payment of the processing fees and all charges, costs, etc., incurred by the Lender, its agents, employees and / or its affiliates, prior to the disbursement of the Loan. iii. No extra-ordinary or any other circumstances shall have occurred, which may, in the sole opinion of the Lender, make it improbable for the Borrower/s to fulfill their obligations under this Agreement and / or the other Transaction Documents. iv. The Borrower/s shall have furnished, to the complete satisfaction of the Lender, all Consents, approvals and permissions of any Person, authority or otherwise, that are required to be obtained, under applicable Laws or any agreement or instrument binding upon them or any of them or any of their assets, for availing of the Loan in such form and manner as may be satisfactory to the Lender. Provided however, the Lender may, in its sole discretion, waive any one or more of the above conditions and make disbursement of the Loan. Provided further, any such waiver shall not be deemed as a waiver of any other condition or clause. a. The Lender reserves the right to recall the amount of the Loan in full or in part, or ask for any necessary information and documents, or can stipulate any additional terms and conditions during the term of the Loan, on the happening of any Event of Default, or any such event, pursuant to which it is necessary to do so, in the interest of the Lender or the Borrower/s, as the case may be and the decision of the Lender in this regard, shall be final and binding on the Borrower/s.