Prior Loans Clause Samples

Prior Loans. Plan hereby forgives the outstanding principal balance on the loans made pursuant to the Facility Financing Agreement.

Prior Loans. Any loan made by Bank to Borrower prior to the date of this Agreement and other obligations outstanding from Borrower to Bank are subject to the terms and conditions of this Agreement and the interest rate, payments of principal and interest and other the terms contained in any note evidencing the prior loan remain in full force and effect, and Borrower agrees to continue to make payments in accordance with the terms of any such prior note.

Prior Loans. Certain of the Lenders made the Existing Loans to the Borrower pursuant to Section 2.1(a) of the Existing Credit Agreement. As of the Restatement Effective Date, the aggregate unpaid principal amount of such loans is $[48,414,549.40], which amount shall (i) be deemed outstanding as Term Loans made under this Agreement and (ii) be allocated among the Lenders with a Term Loan Commitment based upon each such Lender's Pro Rata Share of such Existing Loans.

Prior Loans. The Company issued to the Noteholder or Affiliates of the Noteholder certain Senior Secured Promissory Notes dated December 28, 1995 and certain Promissory Notes dated April 1, 1998, as amended, in the aggregate principal amount of $16,800,000, and, in connection therewith, granted certain other rights to the Noteholder to acquire shares of the Company's Capital Stock (such Notes and rights collectively referred to herein as the "Existing Securities"). The Noteholder or its Affiliates have agreed to contribute the Existing Securities and pay additional consideration as set forth in the Securities Purchase Agreement to purchase $3,841,463 these Guaranteed Senior Secured Primary Promissory Notes (the "Guaranteed Senior Secured Primary Notes") on the terms and conditions set forth herein.

Prior Loans. (a) The parties acknowledge that, on November 26, 1997, EXTECH loaned to DCAP Three Hundred Twenty-Five Thousand Dollars ($325,000) (the "$325,000 Loan"). The $325,000 Loan is evidenced by a promissory note in such principal amount (the "$325,000 Note"). The parties acknowledge further that, on EXTECH CORPORATION ▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇ One Hundred Fourteen Thousand Dollars ($114,000) (the "$114,000 Loan"). The $114,000 Loan is evidenced by a promissory note in such principal amount (the "$114,000 Note"). The repayment of all amounts due under the $325,000 Note and $114,000 Note is secured by the pledge by the Shareholders of the Shares pursuant to the terms of the Initial Pledge Agreement. (b) The parties agree that the $325,000 Note is amended to provide that (i) the principal amount thereof shall be payable on September 30, 1998, subject to acceleration as set forth therein (except that the payment default occurring prior to the date hereof is hereby waived by EXTECH), (ii) the reference in the $325,000 Note to that certain letter of intent of even date therewith by and among DCAP, Lang, Weinzimer and EXTECH (the "Letter of ▇▇▇▇▇▇") shall hereafter refer instead to this Agreement and (iii) the payment of amounts due thereunder shall be subject to no defense, counter-claim or right of offset or setoff (it being understood that, in all other respects, the $325,000 Note shall continue in full force and effect in accordance with its terms). The parties agree further that the $114,000 Note is amended to provided that the reference therein to the Letter of Intent shall hereafter refer instead to this Agreement (it being understood that, in all other respects, the $114,000 Note shall continue in full force and effect in accordance with its terms). (c) The parties agree further that the Initial Pledge Agreement is hereby amended to provide that all references therein to "Pledged Shares" as being security for the performance by DCAP of all of its obligations under the Notes (as defined therein, which shall be deemed to include the $325,000 Note, the $114,000 Note and the $311,000 Note) shall be deemed to include (i) all proceeds thereof (as such term is defined in Section 9-306 of the Code (as defined therein)), including, without limitation, all dividends or other income from the Pledged Shares, collections thereon and distributions with respect thereto, whether arising before or after the date hereof and (ii) all shares, s...

Prior Loans. Borrower and Lender hereby acknowledge and agree that Borrower has outstanding loans from Lender that are interest free and payable on demand to Lender in the aggregate amount of $415,316.02 (the “Prior Loans”). Effective on the Effective Date, the Prior Loans shall constitute Loans hereunder and shall be payable, and accrue interest, in accordance with the terms of this Agreement. Accordingly, the outstanding principal amount of the Line of Credit Facility on the Effective Date is $415,316.02.

Prior Loans. Borrower acknowledges and agrees that an Event of Default under this Note shall be an Event of Default under all prior loans owed by Borrower to Lender, including, without limitation, the Borrower is in default under that certain $200,000 Line of Credit Promissory Note dated February 1, 2011, the $1,750,000 Promissory Note dated February 1, 2011, and the Business Credit Card Agreement dated July 6, 2010 (“Prior Loans”). A default under the Prior Loans shall be an Event of Default hereunder. Borrower’s Initials: Lender’s Initials:

Prior Loans. The Prior Loans are represented by a number of demand promissory notes. The Lender hereby agrees that it will not make a demand on the Prior Loans prior April 15, 2000.

Prior Loans. All loans made and outstanding under the Prior Agreement as of the Closing Date (the “Prior Loans”) will constitute Loans outstanding hereunder, will reduce the unused Commitment hereunder pro tanto, and from and after the Closing Date will be evidenced by this Agreement.