Prior Notes. Xxxxxxxx acknowledges and agrees that this Note, together with the other Notes, re-evidences existing indebtedness of certain Borrowers to Agent and this Note, together with the other Notes, is given in substitution of, and not as payment for, all prior notes evidencing such indebtedness and shall not be deemed a novation thereof.
Prior Notes. Borrower acknowledges and agrees that this Note, ----------- together with Revolving and Term Facility Note B, re-evidences the indebtedness previously evidenced by the Line Note, the Term Note, the New Term Note and the Nobel Note and is given in substitution of, and not as payment for, the Line Note, the Term Note and the New Term Note and shall not be deemed a novation thereof.
Prior Notes. The Borrower agrees and acknowledges that the indebtedness of the Borrower evidenced by the Original Shaar Note and the Milford Note (together, the "Prior Notes") remains outstanding as of the date hereof, and this Convertible Secured Note: (a) is exchanged for and re-evidences the indebtedness evidenced by the Prior Notes; (b) is given in substitution for, and not in payment of the Prior Notes; and (c) is not intended to discharge or constitute a novation of the Prior Notes. [Signature Page Follows]
Prior Notes. Upon satisfaction of the Conditions of Effectiveness ----------- set forth in Section 3 hereof, the following Notes shall be marked "RENEWED AND REPLACED" by the Lenders and delivered to the Borrower:
(a) Revolving Credit Note dated December 1, 1997, executed by the Borrower and payable to the order of NationsBank of Texas, N.A. in the original principal amount of $11,666,666.66;
Prior Notes. Holder consents to all amendments and modifications made to the Original Note issued in connection with the LOC. In addition, Hxxxxx agrees that this Note amends, restates and supersedes in its entirety the Original Note; and that upon issuance of this Note, the Original Note shall thereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by this Note. -Credit Facility-
Prior Notes. Lender has acquired, by assignment, those certain promissory notes previously issued by SFNL to third parties, copies of which are attached hereto as Exhibit C (the “Previous Notes”). The parties acknowledge and agree that the loans evidenced by the Previous Notes shall be deemed to be Loans under this Agreement and the Previous Notes shall be deemed Notes under this Agreement.
Prior Notes. The Prior Notes are hereby extinguished and replace by Term Note I, term Note II and the Revolving Note and Term Note I, Term Note II and the Revolving Note constitute the only indebtedness currently owed to Lender.
Prior Notes. The parties hereby acknowledge and agree that upon delivery of the Term Note A to Lender, the 2010 Term Note A shall automatically be cancelled without any additional action required by any party hereto. The parties hereby acknowledge and agree that upon delivery of the Revolving Note, the 2010 Revolving Loan shall automatically be cancelled without any additional action required by any party hereto.
Prior Notes. Concurrently with the execution of this Mortgage, Mortgagor, and other co-borrowers are executing and delivering, in exchange for the Prior Notes, a Consolidated, Amended and Restated Promissory Note of even date herewith (the “Note”), in favor of Mortgagee in the principal sum of $4,639,600. Such exchange of the Prior Notes shall not be deemed, under any circumstances, an extinguishment or cancellation of the indebtedness evidenced by the Prior Notes or the creation or substitution of new indebtedness, it being agreed that such Note shall merely be evidence of the indebtedness theretofore evidenced by the Prior Notes. All debts evidenced by the Prior Notes are combined and consolidated by the Note to constitute one joint indebtedness in the principal sum of $4,639,600 together with interest thereon. The manner and time for payment and the other terms and provisions of the Prior Notes are modified, amended, restated and supplanted in their entirety by the Note. Notwithstanding the fact that the maximum principal sum of the Note is $4,639,600, the maximum principal indebtedness secured by this Mortgage shall be limited as set forth in Section 10.4 hereof.
Prior Notes. The Company shall not redeem those certain Secured Convertible Promissory Notes issued to the Purchasers on or about January 25, 2006 pursuant to Section 2.3 thereof other than pro rata with the other holders of the Company’s Secured Convertible Promissory Notes issued or about January 25, 2006.
