MIF Loan/Funds. The Lender agrees on the terms and subject to the conditions hereinafter set forth, to make a loan to the Borrower in an aggregate principal amount not to exceed $450,000 for purchase of machinery and equipment. The obligation of the Borrower to repay the Loan shall be evidenced by the Promissory Note. The Borrower’s obligations under this Loan Agreement are expressly contingent on the Lender’s receipt of the MIF Grant from the State in an amount adequate to make the Loan.
