Loan Forgiveness. [So long as I am not in default, the outstanding principal balance of this Note will be reduced each [month] [year] on the anniversary date of this Note by an amount equal to [insert percentage] of the original Principal amount.] [If I am not in default, the outstanding principal balance of this Note will be forgiven on the Maturity Date.]
Loan Forgiveness. Fifty percent of the principal on the Note shall be forgiven if the Employee is employed by the Company on the due date of the Note. Up to the remaining fifty percent may be forgiven at the discretion of the Board. To the extent the principal on the note is forgiven Employee shall receive a tax gross up bonus.
Loan Forgiveness. As long as the Borrower is still employed with ---------------- the Lender, and not in breach of the terms of this Agreement or the Note, the principal of the Note will be forgiven as follows:
(a) the lesser of (i) one-third of the original principal amount of the Note and (ii) the remaining unpaid principal amount of the Note will be forgiven at the third anniversary of the date of the Note if the Borrower has been continuously employed by the Lender during the period beginning on the date of the Note and ending on the third anniversary thereof; provided, however, that this Section 5(a) shall not apply if, as of such third anniversary date, any Event of Default described in Section 7(c) of the Note has occurred;
(b) the lesser of (i) one-third of the original principal amount of the Note and (ii) the remaining unpaid principal amount of the Note will be forgiven at the fourth anniversary of the date of the Note if the Borrower has been continuously employed by the Lender during the period beginning on the date of the Note and ending on the fourth anniversary thereof; provided, however, that this Section 5(b) shall not apply if, as of such fourth anniversary date, any Event of Default described in Section 7(c) of the Note has occurred; and
(c) the remaining principal amount of the Note will be forgiven at the fifth anniversary of the date of the Note if the Borrower has been continuously employed by the Lender during the period beginning on the date of the Note and ending on the fifth anniversary thereof; provided, however, that this Section 5(c) shall not apply if, as of such fifth anniversary date, any Event of Default described in Section 7(c) of the Note has occurred.
Loan Forgiveness. In the event that Employee's employment is ---------------- terminated with Cause, the terms of the Share Purchase Plan shall determine Employee's rights and responsibilities with respect to Employee's Share Purchase Loan(s).
Loan Forgiveness. Notwithstanding any other provision of this Note the principal balance and accrued but unpaid interest on this Note shall be subject to forgiveness as follows: as long as Maker continues in employment with the Payee, the principal balance and accrued but unpaid interest on this Note shall be forgiven proportionate to the percentage of Term of the Agreement that has been completed (as measured on a daily basis). Provided the Maker remains employed continuously by the Payee until June 30, 2005, the entire principal amount and accrued interest shall be forgiven on such date. In addition, the entire outstanding principal balance and all accrued but unpaid interest on this Note shall be forgiven upon termination of Maker's employment with the Payee before the end of the term of the Note: (y) by reason of his death or disability (as provided in Section 7(a) or Section 7(b) of the Employment Agreement) or (z) termination of Maker's employment by the Payee without Cause.
Loan Forgiveness. The Company shall not forgive any loans to any of its employees, officers or directors or any employees, officers or directors of any of its Subsidiaries, or to any of its Affiliates (other than Affiliates that are Subsidiaries).
Loan Forgiveness. Upon the Date of Termination, so long as the Executive is not in default thereunder, the then outstanding balance under the Company's loan to the Executive evidenced by the Secured Promissory Note dated March 12, 1998 shall be forgiven.
Loan Forgiveness. (a) Forgiveness of the Loan Balance shall be governed by Article VII, Section I of the Loan Administration Policy, including the reinstatement of the obligation to repay the Loan Balance in the event that the Loan Recipient obtains revenues arising in whole or in part from the CIRM-Funded Project, provided that forgiveness shall be available during the Project Period only if Loan Recipient abandons the CIRM-Funded Project for failure to meet, or the occurrence of, one or more No Go Milestones and CIRM is not entitled to accelerate the Loan pursuant to sections 4.9 (i) – (iii) above. After expiration of the Project Period, Loan Recipient shall have the right to abandon the Business for whatever reason it deems appropriate and in that event, the Loan Balance shall be forgiven pursuant to Article VII, Section I of the Loan Administration Policy.
(b) The Loan, even if it has been forgiven, will automatically be reinstated in the event that Loan Recipient subsequently obtains Net Commercial Revenue arising in whole or in part from the CIRM-Funded Project. If the Loan Recipient’s obligation to repay has been forgiven pursuant to Section 4.10(a) but further activity results in a repayment obligation under this Section 4.10(b), the Loan Recipient must promptly notify CIRM. In such event, Loan Recipient’s repayment obligations hereunder will automatically be reinstated, except as otherwise agreed by Loan Recipient and the Intellectual Property and Industry Subcommittee. In no event will the interest rate be higher than the per annum rate equal to LIBOR for a one-year deposit in U.S. dollars, as published by the Wall Street Journal (or if the Wall Street Journal is not available, a comparable source) on the date of reinstatement plus 2%. The Loan Balance owed shall be reduced by any amount previously repaid to CIRM prior to forgiveness. Upon reinstatement of the Loan, the Loan Recipient shall be eligible for subsequent forgiveness and reinstatement in accordance with the terms hereof.
Loan Forgiveness. As of the date hereof, Towers is indebted to ARK in the amount of $67,778.13, with respect to interest bearing loans made to him in connection with the receipt of stock options and with respect to certain other executive loans (together the “Loans”), and upon the execution of this Agreement the Loans shall be and are forgiven.
Loan Forgiveness. If, but only if, Mr. Sowar does not exercise his right of revocation under paragraph 00(x), xxlow, as of the Effective Date, the Company shall forgive all outstanding principal and interest payable to it by Mr. Sowar under that certain promissory note, a copy of which is attxxxxx xx Exhibit B, and shall mark the note "cancelled" and return it to Mr. Sowar. Sowar understaxxx and agrees that the forgiveness of this xxxx xxxatxx x tax withholding obligation on the part of PlanetCAD, and authorizes PlanetCAD to withhold taxes relating to such forgiveness from the payment payable to him under paragraph 4 of this Agreement.
