It looks like .while !(eax || edx) && ecx is icorect encoding because ml.exe creates the wrong code as well
Here is what ml.exe does:
?_004: jmp ?_006 ; 0040101F _ EB, 01
?_005: nop ; 00401021 _ 90
?_006: or eax, eax ; 00401022 _ 0B. C0
jnz ?_007 ; 00401024 _ 75, 08
or edx, edx ; 00401026 _ 0B. D2
jnz ?_007 ; 00401028 _ 75, 04
or ecx, ecx ; 0040102A _ 0B. C9
jnz ?_005 ; 0040102C _ 75, F3
?_007:
It should be .while (!eax || !edx) && ecx
This produces a proper code:
?_007: jmp ?_009 ; 0040102E _ EB, 01
?_008: nop ; 00401030 _ 90
?_009: or eax, eax ; 00401031 _ 0B. C0
jz ?_010 ; 00401033 _ 74, 04
or edx, edx ; 00401035 _ 0B. D2
jnz ?_011 ; 00401037 _ 75, 04
?_010: or ecx, ecx ; 00401039 _ 0B. C9
jnz ?_008 ; 0040103B _ 75, F3
?_011: or eax, eax ; 0040103D _ 0B. C0
If you check code few posts above you'll see that hjwasm produces the same output