Common use of Permitted Payment by Recourse Note Clause in Contracts

Permitted Payment by Recourse Note. In addition, if this paragraph ---------------------------------- is initialed below by the person signing this Agreement on behalf of the Company, the exercise price may be paid by payment in cash or by check payable to the order of the Company of the par value of the shares being purchased plus delivery of the Employee's [three]-year personal full recourse promissory note for the balance of the exercise price, with such note bearing interest payable not less than annually at the applicable Federal rate, as defined in Section 1274(d) of the Code. __________ (initials)