Common use of Conditions to Loan Disbursements Clause in Contracts

Conditions to Loan Disbursements. Lender's obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This Loan Agreement, the Promissory Note, the Security Documents, and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this Loan Agreement which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected and will have a priority acceptable to Lender. c. All other conditions precedent provided in or contemplated by this Loan Agreement, the Security Documents, or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceeds, the following shall be true and correct: (1) all representations and warranties made by Borrowers in this Loan Agreement are true and correct as of the date of such disbursement; and (2) no Event of Default has occurred under the Loan Agreement and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default under this Loan Agreement. All conditions precedent set forth in this Loan Agreement, the Security Documents, or in any other document relating to the Loan are for the sole benefit of Lender and may be waived unilaterally by Lender.

Conditions to Loan Disbursements. Lender's ’s obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This All of the Loan Agreement, the Promissory Note, the Security Documents, Documents and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this the Loan Agreement Documents which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected perfected, and will Lender shall have a first priority acceptable to Lendersecurity interest on all assets of Borrower. Without limiting the foregoing, the UCC financing statement securing the ComVest Loan shall be released. c. All other conditions precedent provided in or contemplated by this the Loan Agreement, the Security Documents, Documents or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceedsLoan, the following shall be true and correct: : (1i) all representations and warranties made by Borrowers Borrower in this the Loan Agreement Documents are true and correct in all material respects as of the date of such disbursement; and (2ii) no Event of Default has occurred under the Loan Agreement and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default under this Loan AgreementDefault. All conditions precedent set forth in this Loan Agreement, the Security Documents, or in Agreement and any other document relating to of the Loan Documents are for the sole benefit of Lender and may be waived unilaterally by Lender.

Conditions to Loan Disbursements. Lender's ’s obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This All of the Loan Agreement, the Promissory Note, the Security Documents, Documents and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this the Loan Agreement Documents which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected and will have a priority acceptable to Lender. c. All other conditions precedent provided in or contemplated by this the Loan Agreement, the Security Documents, Documents or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceedsLoan, the following shall be true and correct: : (1i) all representations and warranties made by Borrowers Borrower in this the Loan Agreement Documents are true and correct as of the date of such disbursement; and (2ii) no Event of Default has occurred under the Loan Agreement and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default Default. e. All conditions precedent to advances under this Loan Agreementthe Financing Agreement have been fully satisfied in Lender’s sole discretion. All conditions precedent set forth in this Loan Agreement, the and Security Documents, or in Agreement and any other document relating to of the Loan Documents are for the sole benefit of Lender and may be waived unilaterally by Lender.

Conditions to Loan Disbursements. Lender's ’s obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This All of the Loan Agreement, the Promissory Note, the Security Documents, Documents and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this the Loan Agreement Documents which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected perfected, and will Lender shall have a first priority acceptable to Lendersecurity interest on all assets of Borrower except as set forth in Section 3.1 Collateral hereto. c. All other conditions precedent provided in or contemplated by this the Loan Agreement, the Security Documents, Documents or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceedsLoan, the following shall be true and correct: : (1i) all representations and warranties made by Borrowers Borrower and Guarantor in this the Loan Agreement Documents are true and correct in all material respects as of the date of such disbursement; and (2ii) no Event of Default has occurred under the Loan Agreement which has not been waived or timely cured, and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default under this Loan AgreementDefault. All conditions precedent set forth in this Loan Agreement, the Security Documents, or in Agreement and any other document relating to of the Loan Documents are for the sole benefit of Lender and may be waived unilaterally by Lender.

Conditions to Loan Disbursements. Lender's obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This All of the Loan Agreement, the Promissory Note, the Security Documents, Documents and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this the Loan Agreement Documents which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected and will have a priority acceptable to Lender. c. All other conditions precedent provided in or contemplated by this the Loan Agreement, the Security Documents, Documents or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceedsLoan, the following shall be true and correct: : (1i) all representations and warranties made by Borrowers Borrower in this the Loan Agreement Documents are true and correct in all material respects as of the date of such disbursement; and (2ii) no Event of Default has occurred under the Loan Agreement and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default under this Loan Agreement. All conditions precedent set forth in this Loan AgreementDefault. e. For each requested disbursement, the Security Documents, or in any other document relating Lender has received such reports and information concerning outstanding Eligible Accounts and/or Eligible Inventory and payments as requested by Lender pursuant to the Loan are for the sole benefit of Lender and may be waived unilaterally by Lender.Section 2.5

Conditions to Loan Disbursements. 4.1 Conditions to Loan Disbursements -------------------------------- Lender's obligation to disburse any of the Loan proceeds is expressly subject to, and shall not arise until all of the conditions set forth below have been satisfied. All of the documents referred to below must be in a form and substance acceptable to Lender. a. This All of the Loan Agreement, the Promissory Note, the Security Documents, Documents and all other documents contemplated by this Loan Agreement to be delivered to Lender prior to funding have been fully executed and delivered to Lender. b. All of the documents contemplated by this the Loan Agreement Documents which require filing or recording have been properly filed and recorded so that all of the liens and security interests granted to Lender in connection with the Loan will be properly created and perfected and will have a priority acceptable to Lender. c. All other conditions precedent provided in or contemplated by this the Loan Agreement, the Security Documents, Documents or any other agreement or document have been performed. d. As of the date of disbursement of all or any portion of the Loan proceedsLoan, the following shall be true and correct: : (1i) all representations and warranties made by Borrowers Borrower in this the Loan Agreement Documents are true and correct as of the date of such disbursement; and (2ii) no Event of Default has occurred under the Loan Agreement and no conditions exist and no event has occurred, which, with the passage of time or the giving of notice, or both, would constitute an Event of Default under this Default. e. Borrower has submitted to Lender a business plan for Borrower's business operations and facilities in form and substance acceptable to Lender. f. If Loan Agreementis funded by the USDA Rural Development loan program, Lender has received the irrevocable commitment of the USDA for purchase of the Loan and the Loan Documents and all conditions precedent of USDA have been fulfilled. All conditions precedent set forth in this Loan Agreement, the Security Documents, or in Agreement and any other document relating to of the Loan Documents are for the sole benefit of Lender and may be waived unilaterally by Lender.