Forgivable Loan. The Department agrees to award a Forgivable Loan in the amount of one hundred fifty thousand dollars ($150,000) to assist in the financing of the Project.
Forgivable Loan. The terms and conditions of the Employee’s forgivable loan, as outlined in the Employee’s employment letter dated November 21, 2001, shall remain in full force and effect throughout the Term. If the Employee were to remain employed throughout the Term, the remaining principal balance would be approximately $833.33.
Forgivable Loan. (a) The Employee hereby acknowledges the future receipt of *** (the "Loan") to be loaned to Employee by the Company, which will be distributed in the following manner: *** shall be paid to the attorneys for the Employee upon the Company's receipt of Employee's acknowledgement of the Company's offer of employment. Such funds shall be placed in an attorney trust account and not released until the Employee reports to work on the Commencement Date and executes this Agreement, as verified in writing by the Company. If the Employee does not report to work by the Commencement Date, such funds shall be returned to the Company. If and only if Employee reports to work by the Commencement Date and executes this Agreement, the Company shall wire directly to the Employee on the Commencement Date an ***, and the remaining *** no later than the one month anniversary of the Commencement Date. The Loan shall accrue interest at the annual rate of *** from the Commencement Date, up to and including the two year anniversary of the Commencement Date (the "Due Date"), and if payment of the CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH "***" Loan is accelerated during such period, the total amount due under the Loan shall be payable on a demand basis. The Loan shall be evidenced by a Promissory Note executed and delivered on or after the date hereof, the form of which is annexed hereto as Exhibit "A", and the terms of which incorporated herein by this reference. Employee agrees and acknowledges that the Company may take out life insurance and disability policies upon the Employee, with the Company as sole beneficiary, in the amount of the Loan and shall keep such policies in force until the Loan is repaid in full.