Forgiveness of Loan. Company shall continue to forgive the original $500,000 interest-free loan due January 31, 1999, in $100,000 increments, at the end of each fiscal year; provided, however, that Executive must continue to be employed by Company for any portion of the loan to be forgiven, and provided further that Executive must repay any outstanding balance if he terminates employment.
Forgiveness of Loan. SafeScience hereby agrees to forgive the outstanding principal balance and interest due thereon of the Company's promissory note to SafeScience dated May 14, 1999.
Forgiveness of Loan. The loan amounts owed by Company to Seller will be forgiven and the note related thereto will be released.
Forgiveness of Loan. On each of August 17, 2001, 2002, 2003 and ------------------- 2004, unless the unpaid principal amount and interest due under this Loan has become due and payable under Section 2.1 on or before such date, Lender shall forgive $375,000 of the principal amount of this Loan and all unpaid interest accrued thereon as of such date.
Forgiveness of Loan. (a) Subject to paragraph (b) of this Section and to Section 7 hereof, so long as Employee is employed by the Company one-third of the outstanding principal amount of the Loan shall be forgiven by the Company on each anniversary date of the Remaining Tax Loan, or, if the Remaining Tax Loan is not made, the date of the Withholding Tax Loan.
Forgiveness of Loan. Allin will release Xxxxxxx of his ------------------- obligations to repay the principal and accrued interest on that certain loan in the principal amount of $130,000 made by Allin to Xxxxxxx as of March 20, 1997.
Forgiveness of Loan. As of the Separation Date, DAOU releases Grandia from his obligation under Section 3.5 of the Employment Agreement to repay principal and accrued interest on the loan of Two Hundred Thousand Dollar ($200,000.00) described in that Section 3.5.
Forgiveness of Loan. Commencing on March l5, 1997 and on the anniversary thereof for the following two years, the Company shall forgive $66,666.67 of the $200,000 loan owed by the Executive to the Company; provided that if the Executive's employment is terminated for any reason except by the Company for Cause, the entire amount of the $200,000 loan shall be forgiven upon such termination.
Forgiveness of Loan. Company shall also cause G.R. Herberger's, Inc. to xxxxxxx xxxx xxxee years the $102,500 loan previously made to Executive. The forgiveness of such loan shall become effective over the stated three years in all instances (including Executive's death, disability, demotion or reassignment at lower level within Company, or termination of employment), except that the Company may cease the continued forgiveness of any balance owed on the loan if Executive is terminated for "cause" in accordance with clause (1) or (ii) in Section 6(a).
Forgiveness of Loan. If and only if Borrower:
