Common use of Note Forgiveness Clause in Contracts

Note Forgiveness. Immediately prior to the Effective Time, the principal and interest shall be forgiven on the note dated April 10, 2006 from Employee to Company and the note shall be treated as paid in full. 6. A new Section 14 is added, effective as of the Effective Time: 2009:

Appears in 1 contract

Sources: Merger Agreement (Prospect Acquisition Corp)

Note Forgiveness. Immediately prior to the Effective Time, the principal and interest shall be forgiven on the note dated April 10, 2006 from Employee to Company and the note shall be treated as paid in full. 6. A new Section 14 is added, effective as of the Effective Time: ___ 2009:

Appears in 1 contract

Sources: Employment Agreement (Prospect Acquisition Corp)