Common use of Initial Tranche Clause in Contracts

Initial Tranche. On the basis of, and subject to, the conditions to the Initial Closing stated in Section ‎9.1 below and the representations and covenants made by the Borrower herein, the Lead Lender agrees to make a loan in the total amount of the Initial Tranche to the Borrower, at the Initial Closing, and the Borrower undertakes to receive from the Lead Lender the Initial Tranche, at the Initial Closing.