Common use of Forgiveness of Indebtedness Clause in Contracts

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. An amount equal to $11,407,850 of the indebtedness forgiven hereunder shall be in consideration of the termination of the Employment Agreement as provided in Section 2. The remainder of the indebtedness forgiven hereunder shall be in consideration of the noncompetition agreement provided in Section 7. 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, if Executive should after the date of this Agreement borrow any additional funds from, or incur any additional indebtedness to, the Company or any of its Subsidiaries, then the cash payment to be paid to Executive pursuant to Section 1 shall be reduced on a dollar for dollar basis by the amount of such additional borrowing or indebtedness; PROVIDED that, in no event shall Executive incur such additional borrowing or indebtedness in excess of $1,000,000.

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. An amount equal to $11,407,850 of the indebtedness forgiven hereunder shall be in consideration of the termination of the Employment Agreement as provided in Section 2. The remainder of the indebtedness forgiven hereunder shall be in consideration of the noncompetition agreement provided in Section 7. 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, if Executive should after the date of this Agreement borrow any additional funds from, or incur any additional indebtedness to, the Company or any of its Subsidiaries, then the cash payment to be paid to Executive pursuant to Section 1 shall be reduced on a dollar for dollar basis by the amount of such additional borrowing or indebtedness; PROVIDED provided that, in no event shall Executive incur such additional borrowing or indebtedness in excess of $1,000,000.