Forgiveness of Indebtedness. Effective as of the termination of the Employment Agreement, the Company hereby forgives in its entirety and hereby releases all of its rights in respect of the indebtedness described on Annex II attached hereto including, without limitation, all principal and interest that may be due and owing or that may become due and owing thereunder. Notwithstanding the foregoing, any indebtedness owed to the Company or any of its Subsidiaries by Executive and which is not described on Annex II shall not be released pursuant to this Section 3 and shall remain in full force and effect notwithstanding the terms of any other agreement or arrangement between the Company or any of its Subsidiaries and Executive to the contrary. Except with respect to interest that may hereafter accrue on the indebtedness described on Annex II, from and after the date of this Agreement, Executive shall not borrow any additional indebtedness from the Company or any of its Subsidiaries.
Appears in 6 contracts
Samples: Termination and Release Agreement (Nortek Inc), Agreement and Plan of Merger (Ply Gem Industries Inc), Agreement and Plan of Merger (Atrium Corp)
