Common use of Replacement Loans Clause in Contracts

Replacement Loans. In consideration of the principal amount of $250,000 to be loaned June 30, 2004 by Modlin as a Secured Party to GDC reflected by a note of $250,000, GDC ▇▇▇▇▇ants and agrees such funds shall be used to pay and replace Indebtedness of a like amount owed to the Lenders under the Senior Loan Agreement on July 1, 2004 and shall be Replacement Debt as defined in the Subordinated Security Agreement dated September 15, 2003 between the Debtors and HSBC Bank USA as Trustee and as provided in the Indenture dated September 15, 2003 between General DataComm Industries, Inc. and HSBC Bank USA.

Replacement Loans. In consideration of the aggregate principal amount of $250,000 to be loaned June 30, 2004 this date by Modlin as a the Secured Party to GDC reflected by a note two separate notes of $250,000125,000 each, GDC ▇▇▇▇▇ants covenants and agrees such funds shall be used to pay and replace Indebtedness of a like amount owed to the Lenders under the Senior Loan Agreement on July 1, 2004 this date and shall be Replacement Debt as defined in the Subordinated Security Agreement dated September 15, 2003 between the Debtors and HSBC Bank USA as Trustee and as provided in the Indenture dated September 15, 2003 between General DataComm Industries, Inc. and HSBC Bank USA.

Replacement Loans. In consideration of the aggregate principal amount of $250,000 to be loaned June 30April 1, 2004 by Modlin as a the Secured Party to GDC reflected by a note two separate notes of $250,000125,000 each, GDC ▇▇▇▇▇ants covenants and agrees such funds shall be used to pay and replace Indebtedness of a like amount owed to the Lenders under the Senior Loan Agreement on July 1, 2004 such date and shall be Replacement Debt as defined in the Subordinated Security Agreement dated September 15, 2003 between the Debtors and HSBC Bank USA as Trustee and as provided in the Indenture dated September 15, 2003 between General DataComm Industries, Inc. and HSBC Bank USA.