Common use of Loan Forgiveness Clause in Contracts

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.