MIF Loan/Grant Clause Samples
The MIF Loan/Grant clause defines the terms and conditions under which funds are provided as either a loan or a grant by the Multilateral Investment Fund (MIF). It specifies the criteria for disbursement, repayment obligations if applicable, and the purposes for which the funds may be used, such as supporting development projects or technical assistance. By clearly distinguishing between loans, which require repayment, and grants, which do not, this clause ensures transparency in funding arrangements and helps both parties understand their financial responsibilities and expectations.
MIF Loan/Grant. The MIF Grant will be used by the Lender to make a loan to the Borrower of not more than $400,000.00 for the purchase of equipment, automation tooling, molds, manufacturing cells and fixtures. The Borrower’s obligations under this Agreement are expressly contingent on the Lender’s receipt of funds from the State in an amount adequate to make the Loan.
MIF Loan/Grant. The MIF Grant will be used by the City to make a loan to the Borrower of not more than $250,000 for the purchase of machinery, equipment, and tenant improvements. The City’s obligations under this Agreement are expressly contingent on the City’s receipt of funds from the Grantor Agency in an amount adequate to make the Loan.