Forgiveness of Interest Sample Clauses
The Forgiveness of Interest clause provides that any interest accrued on a debt or obligation may be waived or cancelled under certain conditions. Typically, this clause applies when a borrower meets specific requirements, such as timely repayment of principal or compliance with other terms of the agreement. Its core practical function is to incentivize prompt or full payment and to offer relief to the debtor, thereby reducing the financial burden and encouraging cooperation between parties.
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Forgiveness of Interest. Provided that:
(a) an Event of Default has not occurred and is not continuing;
(b) the Borrower achieves the Cumulative Job Target at the Project Facility by the end of the Cumulative Job Target Period; and
(c) upon receipt, by the Lender, of a document executed by the Borrower, entitled, “Request for Forgiveness—Interest Incentive”, in the form of Schedule “G”, attached hereto, within thirty (30) days following the last day of the Incentive Period, any Interest due and payable upon the Loan with respect to the Incentive Period only shall be completely forgiven by the Lender. Interest due and payable upon the Loan during the Post-Incentive Period shall not be forgiven under any circumstances whatsoever.
Forgiveness of Interest. 1The Subscriber hereby irrevocably declares that, effective on Closing and delivery of the Shares pursuant to this Agreement, the Interest, in its entirety, will be forever forgiven and any agreements, promissory notes or other documents representing the Interest, if any will be terminated or cancelled, as applicable.
Forgiveness of Interest. By executing this Agreement Holder hereby agrees to forgive $488,054, representing the Balance Interest and all accrued and unpaid interest due to him pursuant to the Note and represents that receipt of the Settlement Shares, as defined below, shall evidence full satisfaction of payment due to him thereunder.
Forgiveness of Interest. On the first anniversary of the Note, the Company will forgive that portion of the interest accruing under the Note that has become due and payable on such date, provided that your employment with the Company shall not have been terminated on or prior to such date. 5.
Forgiveness of Interest. Holder hereby forgives and fully discharges the Forgiven Interest. Except as expressly provided herein, this Waiver does not constitute forgiveness or a discharge by Holder of any other Obligations (as defined in the Note).
Forgiveness of Interest. So long as no uncured Event of Default has occurred under any of the City’s Loan Documents (a defined term in the Loan Agreement), Three Thousand Nine Hundred Eighty Seven and No/100 dollars ($3,987.00) of the accrued unpaid interest shall be forgiven (cancellation of indebtedness) each year hereafter for a period of thirteen
Forgiveness of Interest. Immediately upon the occurrence of the Closing, the Lenders and PepsiCo agree to forgive any and all accrued and unpaid interest with respect to the Existing Facilities and the Migrating Debt.
Forgiveness of Interest. Subject to the Partnership's execution of the DDLA, the County agrees to forgive to CHDC, all interest on the Predevelopment Loan accrued as of the date of the transfer of the Housing Property to the Partnership.
Forgiveness of Interest. In connection with the Exchange of the Note Balance, and upon the Effective Time, the Holders agree to forgive, and jointly and severally waive their rights to collect, any and all accrued and unpaid interest then outstanding on the Notes.
Forgiveness of Interest. On each Interest Payment Date, the Company will forgive payment of the interest payable by Employee under Section 1.2, which forgiveness shall constitute a Forgiveness Payment for purposes of Section 1.4.