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. [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. 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. 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. 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. 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. 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. The entire principal of the loan will be forgiven upon the occurrence of any of the following:
Loan Forgiveness. The Company has loaned Employee one million dollars ($1,000,000). This note bears interest and is due in full on October 11, 2005 (or earlier in certain events.) The Company will forgive 25% of the principle, or two hundred fifty thousand dollars ($250,000), and the interest accrued with respect to such 25%, for any year, commencing with the year ending June, 2002, in which the earnings per share of the Company equal or exceed targets set by the Compensation Committee of the Board of Directors. In the event that the Company's earnings per share are under or over such earnings per share target, then the Company will consider forgiving less or more, respectively, of the 25% amount, provided that the Company is only obligated to forgive 25%, and then only in the event the earnings per share target is met. Employee will be responsible for paying all personal income tax due on account of any such forgiveness.
Loan Forgiveness a. One-third (1/3) of the original principal amount of the Loan and all interest then accrued on the Loan shall be forgiven and cancelled, automatically and without action on the part of the Company or its Board of Directors, on each of April 3, 2001, April 3, 2002 and April 3, 2003, provided that Executive remains employed by the Company through that date.
