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EXHIBIT 10.6(b)
AGREEMENT TO FORGIVE INTEREST
THIS AGREEMENT TO FORGIVE INTEREST (the "Agreement") is made
and entered into as of the 14th day of December, 1994, by and between CRAGAR
INDUSTRIES, INC., a Delaware corporation (the "Corporation"), and
____________________ (the "holder").
RECITALS
A. On December 31, 1992, the Corporation executed that certain
Five-Year Fifteen (15) Percent Note Due in Five Installments on January 1 of
1994, 1995, 1996, 1997, and 1998 (the "Note") payable to the holder.
B. The Corporation and the holder executed that certain First
Note Amendment as of September 30, 1994.
C. In light of the Corporation's short-term liquidity
requirements, it is in the best interest of the Corporation and its shareholders
to discharge all interest accrued on and prior to December 31, 1994 on the Note.
D. The Corporation and the holder desire to provide for the
discharge of such interest in accordance with the terms and conditions set forth
in this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals set
forth above, the Corporation and the holder hereby agree as follows:
1. All interest accrued on the Note through December 31, 1994
is hereby waived, forgiven, discharged, and released and no payment of the
interest accrued on the Note through December 31, 1994 shall be due on January
1, 1995 or on any date thereafter.
2. The parties hereto shall execute all further instruments
and perform all acts which are or may become necessary to effectuate and carry
out the purposes of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement
effective as of the day and year first above written.
"HOLDER" CRAGAR INDUSTRIES, INC.
By:
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Its:
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