Debt Cancellation Clause Samples
A Debt Cancellation clause provides for the formal forgiveness or elimination of a debt owed by one party to another. In practice, this clause specifies the conditions under which the debt is considered fully satisfied and no longer enforceable, such as upon completion of certain obligations, payment of a reduced amount, or occurrence of specific events. Its core function is to clearly define when and how a debt is discharged, thereby preventing future disputes and providing certainty to both parties regarding their financial obligations.
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Debt Cancellation. 46 4.2.6 Affiliate Transactions....................................... 46 4.2.7 Zoning....................................................... 47 4.2.8 Assets....................................................... 47 4.2.9 Debt......................................................... 47 4.2.10 No Joint Assessment.......................................... 47 4.2.11 Principal Place of Business; Name............................ 47 4.2.12 ERISA........................................................ 47 4.2.13 Easements.................................................... 48 4.2.14 Maintenance and Use of Property.............................. 48 V.
Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.
Debt Cancellation. Borrower shall not, and shall not permit Mortgage Borrower, Senior Mezzanine Borrower or Operating Company to, cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Mortgage Borrower, Borrower or Senior Mezzanine Borrower by any Person, except for adequate consideration and in the ordinary course of Mortgage Borrower’s, Borrower’s or Senior Mezzanine Borrower’s business. In addition, Borrower shall not permit or cause itself, Senior Mezzanine Borrower, or Mortgage Borrower to cancel or otherwise forgive or release any material claim or debt (other than termination of Leases in accordance herewith) owed to Senior Mezzanine Borrower, Borrower or Mortgage Borrower by any Person, except for adequate consideration and in the ordinary course of Mortgage Borrower’s, Borrower’s or Senior Mezzanine Borrower’s business.
Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any material claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. In addition, Borrower shall not permit or cause Mortgage Borrower to cancel or otherwise forgive or release any material claim or debt (other than termination of Leases in accordance with the Mortgage Loan Agreement) owed to Mortgage Borrower by any Person, except for adequate consideration and in the ordinary course of Mortgage Borrower’s business.
Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business and except for termination of a Lease as permitted by Section 8.8;
Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower's business.
Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business.
Debt Cancellation. Borrower shall not and shall cause each Borrower TRS not to cancel or otherwise forgive or release any material claim or debt (other than termination of Leases in accordance herewith) owed to such Loan Party by any Person, except for adequate consideration and in the ordinary course of such Loan Party’s business.
Debt Cancellation. 75 7.6 Assets...........................................................75 7.7 Transfers........................................................75 7.8 Debt.............................................................78 7.9
Debt Cancellation. ▇▇▇▇▇▇▇▇▇▇ hereby agrees to cancel the remaining principal balance owed on the Note in the amount of Eighty-Three Thousand Four Hundred Eighty-Three and Seventy-Five One Hundredths ($83,483.75) Dollars immediately following receipt of the principal and interest payment due on November 1, 2023.