Common use of Further Conditions Precedent to Disbursement Clause in Contracts

Further Conditions Precedent to Disbursement. The obligation of the Lender to disburse the Loan Proceeds shall also be subject to the following conditions precedent: (a) The Loan which is being made to the Borrower shall be consistent with the provisions of MIF. (b) No Event of Default hereunder or event which would constitute such an Event of Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing.

Further Conditions Precedent to Disbursement. The obligation of the Lender to disburse the Loan Proceeds shall also be subject to the following conditions precedent: (a) The Loan which is being made to the Borrower shall be consistent with the provisions of MIFthe MIF Program. (b) No Event of Default (as defined in Article 5) hereunder or event which would constitute such an Event of Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing.