Forgiveness of Indebtedness Sample Clauses

Forgiveness of Indebtedness. The Lessee will not waive, or permit any sublessee or Manager which is an Affiliate to waive any debt or claim, except in the ordinary course of its business.
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Forgiveness of Indebtedness. 53 11.5.10 Value of Assets.........................................................53 11.5.11 Changes in Fiscal Year and Accounting Procedures........................53
Forgiveness of Indebtedness. The agreement must provide that 1/4 of the indebtedness is forgiven for each year in which the state contract student practices the student's profession within the State in primary care or other specialized areas as determined by the chief executive officer, with the advice of the Advisory Committee on Medical Education. For other state contract students returning to practice their profession in Maine, 1/4 of their indebtedness is forgiven for each of the first 2 years of practice. [PL 0000, x. 000, §00 (XXX); PL 1989, c. 698, §76 (AFF).]
Forgiveness of Indebtedness. Effective as of the termination of the Employment Agreement, the Company hereby forgives in its entirety and hereby releases all of its rights in respect of the indebtedness described on Annex II attached hereto including, without limitation all principal and interest that may be due and owing or that may become due and owing thereunder. An amount equal to $11,407,850 of the indebtedness forgiven hereunder shall be in consideration of the termination of the Employment Agreement as provided in Section 2. The remainder of the indebtedness forgiven hereunder shall be in consideration of the noncompetition agreement provided in Section 7. Notwithstanding the foregoing, any indebtedness owed to the Company or any of its Subsidiaries by Executive and which is not described on Annex II shall not be released pursuant to this Section 3 and shall remain in full force and effect notwithstanding the terms of any other agreement or arrangement between the Company or any of its Subsidiaries and Executive to the contrary. Except with respect to interest that may hereafter accrue on the indebtedness described on Annex II, from and after the date of this Agreement, if Executive should after the date of this Agreement borrow any additional funds from, or incur any additional indebtedness to, the Company or any of its Subsidiaries, then the cash payment to be paid to Executive pursuant to Section 1 shall be reduced on a dollar for dollar basis by the amount of such additional borrowing or indebtedness; PROVIDED that, in no event shall Executive incur such additional borrowing or indebtedness in excess of $1,000,000.
Forgiveness of Indebtedness. Effective as of the termination of the Employment Agreement, the Company hereby forgives in its entirety and hereby releases all of its rights in respect of the indebtedness described on Annex II attached hereto including, without limitation, all principal and interest that may be due and owing or that may become due and owing thereunder. Notwithstanding the foregoing, any indebtedness owed to the Company or any of its Subsidiaries by Executive and which is not described on Annex II shall not be released pursuant to this Section 3 and shall remain in full force and effect notwithstanding the terms of any other agreement or arrangement between the Company or any of its Subsidiaries and Executive to the contrary. Except with respect to interest that may hereafter accrue on the indebtedness described on Annex II, from and after the date of this Agreement, Executive shall not borrow any additional indebtedness from the Company or any of its Subsidiaries.
Forgiveness of Indebtedness. Lessee will not waive, or permit any Sublessee or Manager which is an Affiliate to waive any debt or claim, except in the ordinary course of its business.
Forgiveness of Indebtedness. Lessee will not waive, or permit any Sublessee or Manager which is an Affiliate to waive any debt or claim, except in the ordinary course of its business. 11.5.10
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Forgiveness of Indebtedness. The Company agrees to forgive the outstanding indebtedness of Executive to the Company in the principal amount of $185,862, together with interest accrued and accruing thereon (collectively, the "Aggregate Indebtedness"), subject to the following terms. On the first anniversary of the date hereof, 25% of the Aggregate Indebtedness then outstanding shall be forgiven; on the second anniversary of the date hereof, 33-1/3% of the Aggregate Indebtedness then outstanding shall be forgiven; on the third anniversary of the date hereof, 50% of the Aggregate Indebtedness then outstanding shall be forgiven; and any remaining Aggregate Indebtedness shall be forgiven on the fourth anniversary of the date hereof. In addition, the Company shall make certain payments on an After-Tax Basis to Executive on each of the first, second, third and fourth anniversary dates equal to Executive's actual federal, state and local tax liability resulting from the forgiveness of the Aggregate Indebtedness on any such date. Further, in the event that Executive's employment is terminated as a result of death, disability, or for any reason other than Executive's voluntary resignation or termination pursuant to Section 7(c), the amount of the Aggregate Indebtedness then outstanding shall be forgiven in full and the Company shall make additional payments on an After-Tax Basis to Executive equal to Executive's actual federal, state and local tax liability resulting from the forgiveness of the Aggregate Indebtedness. Further, if at any time during the term of employment there is a Change in Control, the amount of the Aggregate Indebtedness then outstanding shall be forgiven in full effective immediately upon the Change in Control and the Company shall immediately make additional payments on an After-Tax Basis to Executive equal to Executive's actual federal, state and local tax liability resulting from the forgiveness of the Aggregate Indebtedness. For purposes of this Section 3.2, After-Tax Basis shall mean with respect to any payment to be received or deemed to be received by Executive, the amount of such payment (the "Base Payment") supplemented by a further payment (the "Additional Payment") to Executive so that the sum of the Base Payment plus the Additional Payment shall, after deducting all taxes imposed on such Executive as a result of the receipt or accrual of the Base Payment Additional Payment, be equal to the Base Payment. If at any time during the term of employment, Executive vol...
Forgiveness of Indebtedness. The Borrower will not waive, or permit any Manager or Lessee which is an Affiliate to waive any debt or claim, except in the ordinary course of its business.
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.
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