Loan Forgiveness Sample Clauses

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. 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. 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. 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 Loan Advance shall be eligible for forgiveness annually after the completion of the renovation. The dollar amount of eligible forgiveness shall be calculated by multiplying (i) the number of Required Jobs that were cumulatively created during the first year following the renovation and which same Jobs remain at the Facility on the one year anniversary date, by (ii) $5,333.33, up to, but not exceeding, $16,000.00 per year for up to five years. Notwithstanding the provisions hereof and the obligations contained in the Note executed incident hereto, provided ▇▇▇▇▇▇▇▇ has not defaulted under Section 6 during the Term of this Performance Agreement and is not in default on the Loan Maturity Date, all advances not otherwise forgiven as eligible forgiveness of the Loan Maturity Date pursuant to the foregoing sentence shall be due and payable on the Loan Maturity Date.

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. Regular shift cancellations taken without pay will not negatively impact an employee’s eligibility for benefits under the Loan Forgiveness Program.

Loan Forgiveness. If, but only if, Mr. Sowar does not exercise his right of revocation under paragraph ▇▇(▇), ▇▇low, 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 att▇▇▇▇▇ ▇▇ Exhibit B, and shall mark the note "cancelled" and return it to Mr. Sowar. Sowar understa▇▇▇ and agrees that the forgiveness of this ▇▇▇▇ ▇▇▇at▇▇ ▇ 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.

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.