Common use of Prior Equipment Advances Clause in Contracts

Prior Equipment Advances. Borrower hereby acknowledges that, as part of the Prior Loan Agreement, Bank made advances (each, a “Prior Equipment Advance” and collectively, the “Prior Equipment Advances”) available to Borrower in an aggregate original principal amount of Two Million Dollars ($2,000,000) a portion of which remains outstanding as of the Effective Date (the “Prior Equipment Loan”). Bank and Borrower hereby agree that there is no further availability under the Prior Equipment Loan. The Obligations owing with respect to the Prior Equipment Loan have not been extinguished or discharged hereby and the execution of this Agreement is not intended to and shall not cause or result in a novation with respect to the Prior Equipment Loan. The aggregate outstanding principal amount of the Prior Equipment Loan as of November 30, 2011 is One Million Six Hundred Ninety Thousand Four Hundred Ninety-Four Dollars and Fifty-Four Cents ($1,690,494.54).

Prior Equipment Advances. Borrower hereby acknowledges that, as part of the Prior Loan Agreement, Bank made advances (each, a “Prior Equipment Advance” and collectively, the “Prior Equipment Advances”) available to Borrower in an aggregate original principal amount of Two Million Dollars ($2,000,000) a portion of which remains outstanding as of the Effective Date (the “Prior Equipment Loan”). Bank and Borrower hereby agree that there is no further availability under the Prior Equipment Loan. The Obligations owing with respect to the Prior Equipment Loan have not been extinguished or discharged hereby and the execution of this Agreement is not intended to and shall not cause or result in a novation with respect to the Prior Equipment Loan. The aggregate outstanding principal amount of the Prior Equipment Loan as of November 30May 4, 2011 2015 is One Million Six Seventy-Five Thousand Three Hundred Ninety Thousand Four Hundred Ninety-Sixty Four Dollars and Fifty-Four Six Cents ($1,690,494.5475,364.56), which Obligations shall be subject to and governed by the terms of this Agreement.