Common use of Issuance of New Note Clause in Contracts

Issuance of New Note. As additional consideration for the cancellation of the Original Notes, the Company hereby agrees to issue to Holder a new 10% Senior Secured Promissory Note Due March 31, 2015, substantially in the form attached hereto as Exhibit A (the “New Note”), in a principal amount of Seventy Thousand Dollars ($70,000). In connection therewith, Holder hereby agrees to enter into an Intercreditor Agreement, substantially in the form attached hereto as Exhibit B (the “Intercreditor Agreement”). The indebtedness represented by the New Note and the payment of the principle and interest on the New Note shall conform with the terms of the September Debentures (as such term is defined in the New Note), as amended, held by Setal 7, LLC with regards to term, the payment of interest and priority. The Company shall execute and deliver the New Note on the Effective Date. The indebtedness represented by the New Note shall be considered an “Obligation” of the Company under the Security Agreement and Holder shall be entitled to all rights and remedies provide by the Security Agreement.

Issuance of New Note. As additional consideration for the cancellation of the Original NotesNote, the Company hereby agrees to issue to Holder a new 10% Senior Secured Promissory Note Due March 31, 2015, substantially in the form attached hereto as Exhibit A (the “New Note”), in a principal amount of Seventy Fifty-Six Thousand Two Hundred Fifty Dollars ($70,00056,250). In connection therewith, Holder hereby agrees to enter into an Intercreditor Agreement, substantially in the form attached hereto as Exhibit B (the “Intercreditor Agreement”). The indebtedness represented by the New Note and the payment of the principle and interest on the New Note shall conform with the terms of the September Debentures (as such term is defined in the New Note), as amended, held by Setal 7, LLC with regards to term, the payment of interest and priority. The Company shall execute and deliver the New Note on the Effective Date. The indebtedness represented by the New Note shall be considered an “Obligation” of the Company under the Security Agreement and Holder shall be entitled to all rights and remedies provide by the Security Agreement.

Issuance of New Note. As additional consideration for the cancellation of the Original NotesNote, the Company hereby agrees to issue to Holder a new 10% Senior Secured Promissory Note Due March 31, 2015, substantially in the form attached hereto as Exhibit A (the “New Note”), in a principal amount of Seventy Fifty Thousand Dollars ($70,00050,000). In connection therewith, the Holder hereby agrees to enter into an Intercreditor Agreement, substantially in the form attached hereto as Exhibit B (the “Intercreditor Agreement”). The indebtedness represented by the New Note and the payment of the principle and interest on the New Note shall conform with the terms of the September Debentures (as such term is defined in the New Note), as amended, held by Setal 7, LLC with regards to term, the payment of interest and priority. The Company shall execute and deliver the such New Note on within five (5) days of the Effective Date. The indebtedness represented by the New Note shall be considered an “Obligation” of the Company under the Security Agreement and the Holder shall be entitled to all rights and remedies provide by the Security Agreement.

Issuance of New Note. As additional consideration for the cancellation of the Original Notes, the Company hereby agrees to issue to Holder a new 10% Senior Secured Promissory Note Due March 31, 2015, substantially in the form attached hereto as Exhibit A (the “New Note”), in a principal amount of Seventy Forty-Four Thousand Two Hundred Eighty-Five Dollars and Fifty Cents ($70,00044,285.50). In connection therewith, the Holder hereby agrees to enter into an Intercreditor Agreement, substantially in the form attached hereto as Exhibit B (the “Intercreditor Agreement”). The indebtedness represented by the New Note and the payment of the principle principal and interest on the New Note shall conform with the terms of the September Debentures (as such term is defined in the New Note), as amended, held by Setal 7, LLC with regards to term, the payment of interest and priority. The Company shall execute and deliver the such New Note on within five (5) days of the Effective Date. The indebtedness represented by the New Note shall be considered an “Obligation” of the Company under the Security Agreement and the Holder shall be entitled to all rights and remedies provide by the Security Agreement.

Issuance of New Note. As additional consideration for the cancellation of the Original NotesNote, the Company hereby agrees to issue to Holder a new 10% Senior Secured Promissory Note Due March 31, 2015, substantially in the form attached hereto as Exhibit A (the “New Note”), in a principal amount of Seventy One Hundred Eighteen Thousand Seven Hundred Fifty Dollars ($70,000118,750). In connection therewith, the Holder hereby agrees to enter into an Intercreditor Agreement, substantially in the form attached hereto as Exhibit B (the “Intercreditor Agreement”). The indebtedness represented by the New Note and the payment of the principle and interest on the New Note shall conform with the terms of the September Debentures (as such term is defined in the New Note), as amended, held by Setal 7, LLC with regards to term, the payment of interest and priority. The Company shall execute and deliver the such New Note on within five (5) days of the Effective Date. The indebtedness represented by the New Note shall be considered an “Obligation” of the Company under the Security Agreement and the Holder shall be entitled to all rights and remedies provide by the Security Agreement.