Common use of Plan Loans Clause in Contracts

Plan Loans. If Executive has any Plan Loans outstanding to the Company immediately prior to the Termination Date, the Company shall discharge and cancel the amount of principal and interest due with respect to such Plan Loans which exceeds the Fair Market Value of Company Shares securing the Plan Loans on the Termination Date, such discharge to be effective upon Executive's payment of the Plan Loans in full (less the amount discharged) within ninety (90) days following the Termination Date. Executive shall have the option of repaying all amounts due with respect to the Plan Loans by the transfer of the Company Shares securing the Plan Loans, or by the payment, in cash, of the amounts due with respect to the Plan Loans. Except as otherwise set forth herein, Executive shall remain subject to all terms and conditions set forth in the Loan Agreements and Promissory Notes until the Plan Loans are paid in full.