Loan and Note. The Lender shall advance to the Company the aggregate amount of Six Million Dollars ($6,000,000). The Company acknowledges receipt of $3,000,000 from Pappajohn on or about December 22, 2011. Advances shall be made by Lender on the date hereof as follows: ▇▇▇▇▇▇ - $500,000; NNJCA - $1,500,000 and Pappajohn - $1,000,000. The Company previously issued a Promissory Note to Pappajohn to evidence his $3 million advance. Upon execution of this Agreement and funding of each new loan, the Company shall execute and deliver to each Lender a Promissory Note in substantially the form of Exhibit A attached hereto (collectively the notes evidencing the $6 million obligation are referred to as the “Note”), dated the date of the advance, to evidence the terms and conditions of the Company’s repayment of, and other obligations with respect to, the credit advanced by Lender (the “Loan”) to the Company hereunder and thereunder. No amount of principal advanced pursuant to the Loan shall be eligible, upon its repayment, for the making of any further advances hereunder.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement (Cancer Genetics, Inc)