Forgiveness of Debt Sample Clauses
The Forgiveness of Debt clause outlines the conditions under which a lender or creditor agrees to release a borrower from the obligation to repay all or part of a debt. Typically, this clause specifies the circumstances that must be met for forgiveness to occur, such as timely payments, financial hardship, or completion of certain obligations. By formally documenting when and how debt may be forgiven, this clause provides clarity for both parties and helps prevent future disputes regarding outstanding financial obligations.
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Forgiveness of Debt. Voluntarily cancel or otherwise forgive or release any Debt owed to it by any Person, except for adequate consideration and except for settlement of lease obligations of tenants in the Borrower’s reasonable business judgment.
Forgiveness of Debt. The Company has not at any time benefited from a forgiveness of debt or entered into any transaction or arrangement (including conversion of debt into shares of its share capital) which could have resulted in the application of Section 80 and following of the ITA.
Forgiveness of Debt. Cancel or otherwise forgive or release any Debt owed to it by any Person if such cancellation, forgiveness or release of such Debt would cause the Borrower to fail to comply with the Financial Covenants or have Loans outstanding in excess of the Borrowing Base unless otherwise approved by the Agent.
Forgiveness of Debt. In consideration of, among other things, your agreement to the amendments set forth above with respect to the Retention Bonus and the Sale Bonus, as of the date of your termination of employment with the Company, its parents, subsidiaries and affiliates, without any further action on your part or on the part of the Company, the Company, as successor to the lending entity, shall automatically forgive the Loan Amount in full and all interest and other accrued amounts
Forgiveness of Debt. Corporation has not at any time benefited from a forgiveness of debt or entered into any transaction or arrangement (including conversion of debt into shares of their share capital) which could have resulted in the application of Section 80 and following of the ITA.
Forgiveness of Debt. If a Bankruptcy Event or a Capital Event occurs, then this Subordinated Note or successor Eligible Investments then held by the Company shall be canceled and the Bank's obligations thereunder (including, without limitation, its obligations to pay principal and interest, including any interest deferred in accordance with Section 3(b)) shall be forgiven.
Forgiveness of Debt. With respect to CRT, the Borrower and their Subsidiaries, voluntarily cancel or otherwise forgive or release any Debt owed to it by any Person, except for (a) adequate consideration, (b) settlement of lease obligations of tenants or other obligations or liabilities in the Borrower’s reasonable business judgment or (c) as otherwise would not reasonably be expected to have a Material Adverse Effect.
Forgiveness of Debt. 39 8.9 Affiliate Transactions..........................................39 8.10 Amendments; Terminations of Related Documents...................39 8.11 ERISA...........................................................39 8.12
Forgiveness of Debt. Cancel or otherwise forgive or release any Debt owed to it by any Person, except upon receipt of adequate consideration.
Forgiveness of Debt. None of the Company, the Class B Member or any Subsidiary 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.