INITIAL BRIDGE LOAN Sample Clauses
INITIAL BRIDGE LOAN. Immediately after the execution of this Agreement, the Buyer shall make a loan of $10,000,000 in cash (the "INITIAL BRIDGE LOAN") to the Company. The Initial Bridge Loan (and any Second Bridge Loan, each as defined below) shall be represented by a Non-Negotiable Subordinated Convertible Promissory Note in the form of EXHIBIT 5.1 hereto (the "BRIDGE NOTE"). In accordance with the terms of the Bridge Note, the Company shall, until such time as the Bridge Note may mature or be converted into shares of Company Common Stock, in accordance with the terms thereof, use the proceeds of the Initial Bridge Loan only for the purposes set forth on SCHEDULE 5.1 hereto, which SCHEDULE 5.1 contains the Company's cost projections through March 31, 2001 (the "PERMITTED USES"). The Bridge Note shall mature or convert into shares of Company Common Stock in accordance with the terms thereof.
INITIAL BRIDGE LOAN. Borrower shall issue and sell to Lender on the Initial Closing Date (as defined below), and Lender shall purchase for face value on the Initial Closing Date (the “Initial Closing”) a senior secured promissory note containing the terms and conditions set forth herein and in the form of note attached hereto as Exhibit 1.1(a), payable to the order of Lender in the principal amount of Ten Million Dollars ($10,000,000) (the “Initial Bridge Note”), subject to the satisfaction of the conditions to closing set forth in Section 2.1 of this Agreement. The date on which the Initial Closing shall take place is referred to herein as the “Initial Closing Date.”