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. If and only if Borrower:
Forgiveness of Loan. In connection with a special relocation program provided by AGCO, Richxxx xxxrowed $500,000 (the "Employee Loan") from AGCO, and the Employee Loan remains unpaid and outstanding as of the date hereof. The Employee Loan is evidenced by a Promissory Note in the principal amount of $500,000, dated November 22, 1996 (the "Note"). Notwithstanding anything else contained in the Note to the contrary, the indebtedness evidenced by the Employee Loan shall be, as of the Effective Date, forgiven and canceled.
Forgiveness of Loan. Provided no default under this Agreement or the Note has occurred and is continuing, principal and accrued interest on the Loan will be forgiven on November 4, 2002 if (a) the Loan has not become due and payable pursuant to Section 6 above, and (b) Employee has remained in continuous employment with the Company since the commencement of employment with the Company. In the event Employee's employment is terminated by the Company without Cause, then the Company will forgive the Loan on Employee's termination date.
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. (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. On or prior to Closing, the Company shall have forgiven the loan from the Company to the Seller in the amount of $412,000.
