Common use of Forgiveness of Indebtedness Clause in Contracts

Forgiveness of Indebtedness. Provided that throughout the Forbearance Period Debtor satisfies all of the Conditions of Forbearance set forth above, then PMC (for itself and any other entity deemed to be a lessor under the Lease, including Picker) shall forgive remaining outstanding balance of the Indebtedness and Costs, if any, and shall release Debtor from all further obligations and liabilities under the Lease and Guaranty. If, however, there shall ever occur a Termination Event, PMC shall be under no obligation to forgive or discharge any portion of the then outstanding Indebtedness or related Costs.