Common use of Loan Forgiveness Clause in Contracts

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. 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 30March 31, 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 as provided in Section 8(c) of the Payee without CauseEmployment Agreement.

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 30March 31, 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 her 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 as provided in Section 8(c) of the Payee without CauseEmployment Agreement.