Conditional Partial Debt Forgiveness Sample Clauses

Conditional Partial Debt Forgiveness. Provided that, at the time of full payoff of the Loan, whether the same occurs at the original Maturity Date, as a result of early payment after the original Maturity Date, or following extension of the same pursuant to the provisions of paragraph 3, above, Borrower has fully complied with the payment terms of the Note and no Event of Default has occurred with respect to any other (including non-monetary) terms and conditions contained in the Note or the other Loan Documents, Lender will forgive payment of a portion of the principal balance of the loan equal to two percent (2%) of the original principal amount of the Note. Without limiting the foregoing, Borrower and Lender agree that such debt forgiveness shall not be applicable in the event of a full payment of the Loan prior to the original Maturity Date, notwithstanding satisfaction of the other conditions set forth herein.