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.] [OR] [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:
Loan Forgiveness. In the event that Employee's employment is ---------------- terminated due to Disability, 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) So long as the Executive shall remain employed by the Company, the loan previously extended by the Company to the Executive in the amount of $281,250 for the purchase of 125,000 shares of Common Stock of the Company (pursuant to the promissory note and pledge agreement, each dated May 10, 1995) (the "Loan")) shall be forgiven as follows: so long as the Executive remains actively employed through to and including December 31, 1998 and has not otherwise been terminated for cause, one half of the then outstanding balance of principal and interest shall be forgiven; so long as the Executive remains actively employed through to and including December 31, 1999 and has not otherwise been terminated for cause, the remaining outstanding balance of principal and interest shall be forgiven; provided that if the Company terminates the employment of the Executive without cause, or the Executive terminates his employment for good reason, all principal and interest outstanding as of the date of such termination shall be forgiven.
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.
