Forgiveness of Loan. Company shall continue to forgive the original $500,000 interest-free loan due January 31, 1999, in $100,000 increments, at the end of each fiscal year; provided, however, that Executive must continue to be employed by Company for any portion of the loan to be forgiven, and provided further that Executive must repay any outstanding balance if he terminates employment.
Forgiveness of Loan. SafeScience hereby agrees to forgive the outstanding principal balance and interest due thereon of the Company's promissory note to SafeScience dated May 14, 1999.
Forgiveness of Loan. The loan amounts owed by Company to Seller will be forgiven and the note related thereto will be released.
Forgiveness of Loan. On each of August 17, 2001, 2002, 2003 and ------------------- 2004, unless the unpaid principal amount and interest due under this Loan has become due and payable under Section 2.1 on or before such date, Lender shall forgive $375,000 of the principal amount of this Loan and all unpaid interest accrued thereon as of such date.
Forgiveness of Loan. The Company and the Executive acknowledge that the Executive is indebted to the Company in the principal and interest amount of $472,976, as evidenced by the Note attached hereto as Exhibit A. As further consideration for this Agreement, the Company agrees to forgive this loan in sixty (60) monthly installments of $7,882.93, provided that Executive remains employed with the Company. Should the Company terminate Executive's employment hereunder other than for cause, or should Executive resign for any reason following a change in control, the Company will forgive any outstanding portion of the loan in twenty-four (24)
Forgiveness of Loan. Subject to the limitations in connection with the termination of Campxxxx'x xxxloyment with the Company set forth in Section 6 below, Campxxxx' xxligation to repay the Loan will be forgiven in four increments as of January 1, 2002, January 1, 2003, January 1, 2004, and January 1, 2005 (each a "FORGIVENESS DATE"). The amount of the Loan to be forgiven on each Forgiveness Date (each a "FORGIVENESS INCREMENT") will be the sum of (i) $250,000 (representing one-fourth of the Base Component); plus (ii) if the Brokerage Component has then become available, the amount of the Brokerage Component divided by the total number of remaining Forgiveness Dates (including the then-current Forgiveness Date); plus (iii) any interest accrued on the amounts listed in items (i) and (ii). On any Forgiveness Date, the Company shall forgive the portions of the Loan outstanding for the longest period of time first. If the Forgiveness Increment (less the interest component thereof) on any Forgiveness Date exceeds the aggregate of all Draws not yet repaid or forgiven immediately before forgiveness on that Forgiveness Date, then the next Draw or Draws up to an aggregate amount of such excess will be forgiven immediately upon draw.
Forgiveness of Loan. (a) Subject to paragraph (b) of this Section and to Section 7 hereof, so long as Employee is employed by the Company one-third of the outstanding principal amount of the Loan shall be forgiven by the Company on each anniversary date of the Remaining Tax Loan, or, if the Remaining Tax Loan is not made, the date of the Withholding Tax Loan.
Forgiveness of Loan. On or prior to Closing, the Company shall have forgiven the loan from the Company to the Seller in the amount of $412,000.
Forgiveness of Loan. Provided that no default under this Agreement, the Note, or the Loan Pledge Agreement has occurred and is continuing, principal and accrued interest on the Loan will be forgiven equally over the 48-month period beginning on August 1, 1997, if the Loan has not become due and payable pursuant to subsection 6(a) or 6(b) above. If Employee's employment is terminated by the Company without cause, or is terminated due to Employee's death, then the Company will forgive all remaining principal and accrued interest.
Forgiveness of Loan. Provided that no default under this Agreement or the Note has occurred and is continuing, principal (but not the accrued interest) on the Loan will be forgiven at a rate of: (a) thirty percent (30%) of the original principal amount of the Loan on May 1, 2003; (b) thirty five percent (35%) of the original principal amount of the Loan on May 1, 2004; and (c) thirty five percent (35%) of the original principal amount of the Loan on May 1, 2005; if (i) the Loan has not become due and payable pursuant to Section 5(c) above and (ii) Consultant has provided continuous consulting services to the Company since the date first above written through the date of such forgiveness.
