Debt Forgiveness Clause Samples
A Debt Forgiveness clause outlines the conditions under which a lender agrees to cancel all or part of a borrower's outstanding debt. Typically, this clause specifies the circumstances that trigger forgiveness, such as timely payments over a set period, fulfillment of certain obligations, or occurrence of specific events like financial hardship. Its core practical function is to provide relief to the borrower by reducing or eliminating their repayment obligations, thereby addressing situations where full repayment may be impractical or impossible.
POPULAR SAMPLE Copied 94 times
Debt Forgiveness. Upon execution of this Agreement by Sterling, the monies owed to Sterling by Owner, pursuant to a series of loans, will be considered repaid in full, including all accrued interest charges. The parties agree that the principal amount of these loans is approximately Sixty-Five Thousand Five Hundred Dollars ($65,500.00). Owner shall provide Sterling copies of any and all data on the Property in its possession and shall prepare a basic geologic map and short report.
Debt Forgiveness. Immediately prior to the effectiveness of the Merger, Savia agrees to forgive $53,033,424.84 of the principal amount of the Bionova Note, which is all of the principal balance of the Bionova Note that will remain outstanding following the consummation of the Exchange, and all accrued and unpaid interest thereon.
Debt Forgiveness. Holder hereby forgives the Debt ($105,250 of principal and $4,742 of interest).
Debt Forgiveness. Upon the consummation of the Closing or termination of the Merger Agreement for any reason other than as set forth in Section 1(a)(ii) above, the principal hereof, and all interest accrued thereon, is deemed forgiven without any further act by the parties hereto; provided that in connection with Closing, Lender may elect not to forgive the outstanding principal amount and all interest accrued hereon and such principal amount shall continue to accrue interest in accordance with the terms hereof following the Closing and will be due and payable on demand by Lender at any time following Closing.
Debt Forgiveness. Lender hereby forgives the Debt in its entirety.
Debt Forgiveness. The Executive has borrowed One Million, Two Hundred Fifty-Five Thousand Dollars ($1,255,000) from the Corporation evidenced by two promissory notes, copies of which are attached hereto as Exhibits A and B. The Corporation shall forgive One Hundred Twenty-Five Thousand, Five Hundred Dollars ($125,500) of the principal amount, together with accrued interest, beginning January 1, 2000 and on each January 1 thereafter; so long as the Executive remains an employee of the Corporation. If the Executive ceases to be an employee of the Corporation for any of the reasons specified in Section 4.(a) or (b), or if the Executive is terminated by the Corporation other than a termination for cause as provided in Section 4; then the outstanding balance owed to the Corporation by the Executive and all accrued interest shall immediately be forgiven in full. If the Executive resigns, is terminated for cause or for breaching this Agreement, then the full amount outstanding and all accrued interest shall immediately become due and payable.
Debt Forgiveness. Least preferred solution as we are trying to recapture the principal balance. Must require Vantium’s approval. FC100 *** % *** % *** % *** % *** % *** % FC90 *** % *** % *** % *** % *** % *** % FC80 *** % *** % *** % *** % *** % *** % FC70 *** % *** % *** % *** % *** % *** % FC60 *** % *** % *** % *** % *** % *** % FC50 *** % *** % *** % *** % *** % *** % FC40 *** % *** % *** % *** % *** % *** % FC30 *** % *** % *** % *** % *** % *** % FC20 *** % *** % *** % *** % *** % *** % - Must be a non re-start state - Must obtain Investor’s approval - Foreclosure will be placed on temporary hold for loan review - Based on Total Amount Due (TAD) includes negative escrow and attorney’s fees and cost - Must be in modification bucket provided by investor AK Yes MT Yes AL Yes NC No AR Yes ND No AZ No NE No CA No NH Yes CO No NJ No CT No NM No DC Yes NV No DE No NY No FL No OH No GA Yes OK No HI Yes OR No IA No PA No ID No PR No IL No RI Yes IN No SC No KS No SD No KY No TN Yes LA No TX Yes MA No UT No MD Yes VA Yes ME No VT No MI Yes WA No MN Yes WI No MO Yes WV Yes MS Yes WY Yes Initial List: RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** and Higher: ***% RMV *** DOM: RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** and Higher: ***% RMV *** DOM: RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $1*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** and Higher: ***% RMV *** DOM: RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***: ***% RMV RMV: $*** - $***:***% RMV RMV: $*** and Higher: ***% RMV
Debt Forgiveness. The Western Union Parties shall forgive the First Data Net Intercompany Payable and the First Data Parties shall forgive the .
Debt Forgiveness. The commercial debt forgiveness rules contained in Division 245 of the ITAA 1997 (or its predecessor provisions in Schedule 2C of the ITAA 1936), the value shifting rules contained in Divisions 723, 725 and 727 of the ITAA 1997 and the limited recourse debt rules contained in Division 243 of the ITAA 1997 have not applied in relation to any transaction, act or omission of any of the Evolution Group occurring or arising on or before Completion.
Debt Forgiveness. So long as Executive remains employed by the Company, 20% of the original principal amount of Executive's current indebtedness to the Company of $35,000, plus all accrued but unpaid interest thereon will be forgiven by the Company as of April 1 of each year.