Common use of The Initial Loan Clause in Contracts

The Initial Loan. (a) On the Closing Date, and upon the terms and subject to the conditions set forth herein and in the other Transaction Documents to be executed and delivered by the parties hereto and thereto, the Lender hereby agrees to make the Initial Loan and the Company hereby agrees to issue to the Lender the Initial Note in the original principal amount of Nine Million Two Hundred and Ninety-Five Thousand Dollars ($9,295,000 and the Lender agrees to accept from the Company the Initial Note.