The Initial Loan Advance. Subject to the terms and conditions of this Agreement and the Escrow Agreement, on the Closing Date, each Lender will severally (and not jointly) make available to Borrower, in an amount not to exceed its respective Commitment, a Loan Advance of Five Hundred Thousand Dollars ($500,000) (as such amount may be increased pursuant to Section 2.6, the “Aggregate Commitment”) in the aggregate, of which (x) $500,000 will be deposited into an account of the Borrower in accordance with its written instructions (the “Initial Loan Advance”) and (y) the remaining balance of the Aggregate Commitment after deducting the Initial Loan Advance shall be deposited into the Escrow Account (the “Escrow Funds”).
