Common use of First Advance Clause in Contracts

First Advance. Upon signing this Agreement, Lender agrees to make a first Advance to Borrower in the amount of One Million and No/100 Dollars ($1,000,000), to be used for general corporate business purposes (the “First Advance”). The First Advance shall bear interest from the date advanced until the date of repayment at a simple interest rate equal to 2.58% per annum. The parties hereby agree and acknowledge that the interest rate of the First Advance set forth herein is consistent with prevailing fair market rates for similar loans. Accrued interest on the First Advance shall be due and payable at maturity. Lender’s calculations of accrued interest on the First Advance shall be binding and conclusive in the absence of manifest error.

First Advance. Upon signing this Agreement, Lender agrees to make a first Advance to Borrower in the amount of One Million and No/100 Dollars ($1,000,0001,000,000.00), to be used for general corporate business purposes (the “First Advance”). The First Advance shall bear interest from the date advanced until the date of repayment at a simple an interest rate equal to 2.583.04% per annumannum and shall compound annually. The parties hereby agree and acknowledge that the interest rate of the First Advance set forth herein is consistent with prevailing fair market rates for similar loans. Accrued interest on the First Advance shall be due and payable at maturity. Lender’s calculations of accrued interest on the First Advance shall be binding and conclusive in the absence of manifest error.