First Existing Advances Clause Samples

First Existing Advances. The parties acknowledge and agree that a total of $100,000 was advanced by way of loan by the Lender to the Borrower ($50,000 on October 8, 2013 (the “First Initial Advance Date”) and $50,000 on November 6, 2013) which was evidenced by unsecured promissory notes bearing issue dates of October 8, 2013 and November 6, 2013 in the principal amount of $50,000 each (the “First Existing Notes”), that the First Existing Notes shall be deemed to be replaced and superseded by this Agreement and the First Existing Notes and the loan advances evidenced thereby shall form part of the Loan as if they were originally made pursuant to this Agreement on their respective advance dates.