Common use of Note Forgiveness Clause in Contracts

Note Forgiveness. In the event Employee exercises his option to receive severance compensation under subparagraph 12.(a) hereof, Employer shall, in addition to, and not in lieu of, the payment of such severance compensation, forgive the balance due, if any, relative to Employee's debt obligation to Employer represented by the promissory note of Employee dated January 17, 1995 in the original principal amount of $99,530.34.

Note Forgiveness. In the event Employee exercises his option to receive severance compensation under subparagraph 12.(a) hereof, Employer shall, in addition to, and not in lieu of, the payment of such severance compensation, forgive the balance due, if any, relative to Employee's debt obligation to Employer represented by the promissory note of Employee dated January 17, 1995 in the original principal amount of $99,530.3484,436.11.