Common use of Prior Note Clause in Contracts

Prior Note. The Borrower acknowledges and agrees that this Note amends, modifies, continues, and restates a prior note dated May 30, 2008, in the original principal amount of Six Million Five Hundred Thousand and no/100 ($6,500,000.00), given by the Borrower and Superior Modular Products Incorporated in favor of Valley Bank, a Virginia banking corporation, its affiliates and their successors and assigns, as the same may have been amended or modified from time to time (the “Prior Note”), and further, that: (a) the obligations of the Borrower as evidenced by the Prior Note shall continue in full force and effect, as amended, modified, continued, and restated by this Note, all of such obligations being hereby ratified and confirmed by the Borrower; (b) any and all liens, pledges, assignments and security interests securing the Borrower’s obligations under the Prior Note shall continue in full force and effect, are hereby ratified and confirmed by the Borrower, and are hereby acknowledged by the Borrower to secure, among other things, all of the Borrower’s obligations to the Lender under this Note, with the same priority, operation and effect as that relating to the obligations under the Prior Note; and (c) nothing herein contained shall be construed to extinguish, release, or discharge, or constitute, create, or effect a novation of, or an agreement to extinguish, the obligations of the Borrower with respect to the indebtedness originally described in the Prior Note or any of the liens, pledges, assignments and security interests securing such obligations. Bank of North Carolina is the successor by merger to Valley Bank and is the holder of the Prior Note. Subsequent to the execution of the Prior Note, Superior Modular Products Incorporated was merged into the Borrower with the Borrower being the surviving entity.

Prior Note. The Borrower acknowledges and agrees that this Note amends, modifies, continues, and restates a prior note dated May 30, 2008, in the original principal amount of Six Two Million Five Two Hundred Forty Thousand and no/100 ($6,500,000.002,240,000.00), given by the Borrower and Superior Modular Products Incorporated in favor of Valley Bank, a Virginia banking corporation, its affiliates and their successors and assigns, as the same may have been amended or modified from time to time (the “Prior Note”), and further, that: (a) the obligations of the Borrower as evidenced by the Prior Note shall continue in full force and effect, as amended, modified, continued, and restated by this Note, all of such obligations being hereby ratified and confirmed by the Borrower; (b) any and all liens, pledges, assignments and security interests securing the Borrower’s obligations under the Prior Note shall continue in full force and effect, are hereby ratified and confirmed by the Borrower, and are hereby acknowledged by the Borrower to secure, among other things, all of the Borrower’s obligations to the Lender under this Note, with the same priority, operation and effect as that relating to the obligations under the Prior Note; and (c) nothing herein contained shall be construed to extinguish, release, or discharge, or constitute, create, or effect a novation of, or an agreement to extinguish, the obligations of the Borrower with respect to the indebtedness originally described in the Prior Note or any of the liens, pledges, assignments and security interests securing such obligations. Bank of North Carolina is the successor by merger to Valley Bank and is the holder of the Prior Note. Subsequent to the execution of the Prior Note, Superior Modular Products Incorporated was merged into the Borrower with the Borrower being the surviving entity.

Prior Note. The Borrower acknowledges This Note is issued, not as a refinancing or refunding of or payment toward, but as a continuation of, the Obligations of Borrowers to Lender pursuant to that certain Fifth Amended and agrees that this Restated Revolving Credit Promissory Note amendsdated as of December 31, modifies, continues, and restates a prior note dated May 30, 2008, 2009 in the original principal amount of Six Million Five Hundred Thousand $20,000,000 (as amended, and no/100 ($6,500,000.00)together with all prior amendments thereto or restatements thereof, given by the Borrower and Superior Modular Products Incorporated in favor of Valley Bank, a Virginia banking corporation, its affiliates and their successors and assigns, as the same may have been amended or modified from time to time (the “Prior Note”), together with any and further, that: (a) all additional Revolving Loans incurred under this Note; provided that the obligations unpaid principal balance of the Borrower as evidenced by such Indebtedness under the Prior Note shall continue in full force Note, together with any and effect, as amended, modified, continued, and restated by all such additional Revolving Loans incurred under this Note, all shall not exceed the maximum principal amount of such obligations being hereby ratified this Note (the “Principal Amount Cap”). Accordingly, this Note shall not be construed as a novation or extinguishment of the Obligations arising under the Prior Note, and confirmed by its issuance shall not affect the Borrower; (b) priority of any and all liens, pledges, assignments and security interests securing Lien granted in connection with the Borrower’s obligations Prior Note. Interest accrued under the Prior Note shall continue in full force prior to the date of this Note remains accrued and effect, are hereby ratified unpaid under this Note and confirmed by the Borrower, and are hereby acknowledged by the Borrower to secure, among other things, all does not constitute any part of the Borrower’s obligations to principal amount of the Lender Indebtedness evidenced hereby. The entire unpaid principal balance created or existing under, pursuant to, as a result of, or arising out of, the Prior Note shall, together with any and all additional Revolving Loans incurred under this Note, with the same priority, operation and effect as that relating continue in existence under this Note up to the obligations Principal Amount Cap, which Obligations Borrowers acknowledge, affirm, and confirm to Lender. The Indebtedness evidenced by this Note will continue to be secured by all of the collateral and other security granted to Lender under the Prior Note; Note and (c) nothing herein contained shall be construed to extinguish, release, or discharge, or constitute, create, or effect a novation of, or an agreement to extinguish, the obligations of the Borrower with respect to the indebtedness originally described in the Prior Note or any of the liens, pledges, assignments and security interests securing such obligations. Bank of North Carolina is the successor by merger to Valley Bank and is the holder of the Prior Note. Subsequent to the execution of the Prior Note, Superior Modular Products Incorporated was merged into the Borrower with the Borrower being the surviving entityother Loan Documents.