Conditions Precedent – Second Disbursement Clause Samples

Conditions Precedent – Second Disbursement. (i) That the Borrower has delivered, to the satisfaction of the Bank, an Authorized Expert Report, updated as of the date on which the Disbursement Notice of the corresponding Disbursement is sent. (ii) That, to the satisfaction of the Bank, the Borrower, in its capacity as lessor, has executed, and that said contracts are in force, one or more lease contracts by virtue of which (1) are leased, individually (in of single contract) or jointly, a total greater than 3,000 (three thousand)m2 and (2) the Borrower has the right to receive, in case it is a single contract, a minimum monthly rent of US$ 22,000.00 (Twenty-two thousand and 00/100 Dollars) and, in case it is more than one contract, monthly rents whose total value exceeds the sum previously mentioned. (iii) That the Disbursement Ratio calculated with respect to the calendar month prior to the date for the Second Disbursement is equal to or greater than 1.0x. (iv) That all and each one of the Conditions Precedent – First Disbursement remain in force, except for those that, by their nature, were to be complied with on a specific date or time. (v) That the Borrower has delivered to the Bank a Disbursement Notice subscribed by its general manager or authorized legal representative, the sending thereof by the Borrower and its acceptance by the Bank confirming compliance with the condition precedent referred to in the preceding numeral (iv). (vi) That five (5) Business Days have elapsed since the fulfillment of all the Conditions Precedent – Second Disbursement. In the event of failure to comply with any of the Conditions Precedent, the Bank, without any liability whatsoever, shall be entitled to suspend and/or deny the First Disbursement and/or the Second Disbursement, and the Borrower may not file any claim whatsoever against the Bank.