Forgiveness of Principal Sample Clauses

Forgiveness of Principal. 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), Twenty Thousand and No/100 dollars ($20,000.00) of the principal indebtedness shall be forgiven (cancellation of indebtedness) each year hereafter for a period of thirteen (13) years and the original loan amount has been fully forgiven. It is mutually agreed by and between the parties hereto that nothing herein contained shall impair the security now held for the indebtedness, nor shall waive, annul, vary or effect and provision, condition, covenant or agreement contained in the Note and Deed of Trust except as herein modified or amended, nor effect or impair any rights, powers or remedies under the Notes and Deeds of Trust or either of them. This Agreement shall be binding upon the heirs, successors and assigns of the parties hereto. CITY OF DURHAM By Xxxxxx X. Xxxxxxxx, City Manager ATTEST: CITY OF DURHAM City Clerk XXXXXXXX XX-1 LIMITED PARTNERSHIP By Xxxxx X. Xxx, General Partner NORTH CAROLINA DURHAM COUNTY I, a Notary Public in and for the aforesaid County and State certify that personally appeared before me this day, and acknowledged that he or she is the City Clerk of the City of Durham, a municipal corporation, and that by authority duly given and as the act of the City, the foregoing Contract or Agreement was signed in its corporate name by its City Manager, sealed with its corporate seal, and attested by its said City Clerk or Deputy City Clerk. This the day of 2013. Notary Public My Commission Expires NORTH CAROLINADURHAM COUNTY I, a Notary Public in and for the aforesaid County and State, certify that personally appeared before me this day and stated that he is a General Partner of Xxxxxxxx XX-1 Limited Partnership, a North Carolina limited partnership, and that by authority duly given and as the act of the Limited Partnership, the foregoing contract or agreement with the City of Durham was signed in its name by him all of behalf of and as an act of the partnership. This the day of , 2013. Notary Public My Commission Expires This instrument has been pre-audited in the manner required by the Local Government Budget and Fiscal Control Act. _
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Forgiveness of Principal. Subject to the terms and conditions set forth in this Agreement, at Closing, Transferee agrees to forgive the Principal.
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Forgiveness of Principal. (a) In the event that the principal amount of the Loans are being repaid in full on a date prior to the Interest Commencement Date then in effect (other than after an Event of Default described in Section 8.01(n) involving the Issuer or Vencor has occurred), whether at the option of the Issuer, mandatorily or upon acceleration, a portion of such outstanding principal amount equal to the applicable Forgiveness Amount shall not be repaid in cash by the Issuer and instead, effective automatically with the repayment of the remaining portion of the outstanding principal amount of the Loans, such principal amount of the Loans shall be forgiven by the Lenders.
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Forgiveness of Principal. Neose will forgive repayment by Employee of Loan in four equal installments (each, a "Forgiveness Payment"), on each of May 27, 2004, May 27, 2005, May 27, 2006, and May 27, 2007 (each, a "Forgiveness Date"), if (i) Employee has completed the Program and received an MBA degree, and (ii) Employee is still employed by Neose on such Forgiveness Date. Notwithstanding the foregoing, if Employee's employment has been terminated by Neose for any reason other than "Cause" prior to May 27, 2007 (which date of termination is the "Termination Date"), Neose will forgive on such Termination Date the repayment of the outstanding balance of the Loan and all accrued interest thereon, which forgiveness will constitute a Forgiveness Payment for the purposes of Section 1.4. For purposes of this Agreement, "Cause" shall mean Employee's (i) engagement in dishonesty, willful misconduct or fraud in the performance of his duties to the Company; (ii) conviction of, or plea of guilty or nolo contendere to, any felony or of any lesser crime or offense involving moral turpitude; (iii) refusal to carry out the reasonable instructions of the Board; or (iv) willful violation of any statute, regulation or ordinance the compliance with which is necessary for the operation of the business of the Company.
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Forgiveness of Principal. 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), commencing in year 2013, Twenty Seven Thousand Twenty Nine and 17/100 dollars ($27,029.17) of the principal indebtedness shall be forgiven (cancellation of indebtedness) each year hereafter for a period of twelve (12) years. It is mutually agreed by and between the parties hereto that nothing herein contained shall impair the security now held for the indebtedness, nor shall waive, annul, vary or effect and provision, condition, covenant or agreement contained in the Note and Deed of Trust except as herein modified or amended, nor effect or impair any rights, powers or remedies under the Notes and Deeds of Trust or either of them. This Agreement shall be binding upon the heirs, successors and assigns of the parties hereto. CITY OF DURHAM By Xxxxxx X. Xxxxxxxx, City Manager ATTEST: CITY OF DURHAM City Clerk MANOR ASSOCIATES LIMITED PARTNERSHIP, a North Carolina limited partnership By (SEAL) Xxxxx X. Xxx, General Partner By (SEAL)
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Related to Forgiveness of Principal

  • Payments of Principal If an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date for an Early Amortization Period, and if the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20 - from the Series 20 - Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of [the][each Class of] Class A Notes, [pro rata based on the principal amount of each Class of Class A Notes,] until the Note Balance of [the][each Class of] Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes, until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes, until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes, until the Note Balance of the Class D Notes is reduced to zero.

  • Repayment of Principal Except as otherwise provided herein, the Company will repay the outstanding principal amount of this Note within fourteen (14) Business Days of the Offering Funding Date (the “Maturity Date”). This Note does not bear interest. At the option of the Lender, funds available for repayment of the loan may be held in a Company account, interest free, after the Maturity Date. Such funds shall not be used or otherwise pledged until such time as the Company and Lender have entered into another note.

  • LOANS AND PAYMENTS OF PRINCIPAL Amount Type Amount of of of Principal Maturity Notation Date Loan Loan Repaid Date Made By ----- ------- ------ ----------- ---------- ---------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- EXHIBIT B - Money Market Quote Request Form of Money Market Quote Request [Date] To: Morxxx Xxaranty Trust Company of New York, as Administrative Agent (the "Agent") From: Nortel Networks Inc. Re: Five Year Credit Agreement (as amended from time to time, the "Credit Agreement") dated as of April 12, 2000 among Nortel Networks Inc., Nortel Networks Corporation, the Banks and Co-Syndication Agents parties thereto and the Agent We hereby give notice pursuant to Section 2.03 of the Credit Agreement that we request Money Market Quotes for the following proposed Money Market Borrowing(s): Date of Borrowing: ------------------ Principal Amount(1) Interest Period (2) ------------------- ------------------- $ Such Money Market Quotes should offer a Money Market [Margin] [Absolute Rate]. [The applicable base rate is the London Interbank Offered Rate.] Terms used herein have the meanings assigned to them in the Credit Agreement. NORTEL NETWORKS INC. By ------------------------ Name: Title: -------- (1) Amount must be $25,000,000 or a larger multiple of $5,000,000.

  • Payment of Principal Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved.

  • Distributions of Principal On each Payment Date, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class:

  • Default in Payment of Principal of Loans and Reimbursement Obligations The Borrower shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise).

  • Payment of Principal, Premium and Interest The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

  • Payments of Principal and Interest Prepayments Fees Section 3.01 Repayment of Loans 35 Section 3.02 Interest 35 Section 3.03 Alternate Rate of Interest 36 Section 3.04 Prepayments 37 Section 3.05 Fees 38 ARTICLE IV PAYMENTS; PRO RATA TREATMENT; SHARING OF SET-OFFS

  • Benefits – Prepayment or Repayment of Premiums During Unpaid Portion of Leave 11.4.1 Teachers may prepay or repay benefit premiums payable during the duration of parental leave.

  • Payments of Principal and Interest (a) Payments on Notes issued as Book-Entry Notes will be made by or on behalf of the Indenture Trustee to the Clearing Agency or its nominee. Any installment of interest or principal payable on any Definitive Notes that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Record Date for such Payment Date by either (i) check mailed to such Person's address as it appears in the Note Register on such Record Date, or (ii) by wire transfer of immediately available funds to the account of a Noteholder, if such Noteholder (A) is the registered holder of Definitive Notes having an initial principal amount of at least $1,000,000 and (B) has provided the Indenture Trustee with wiring instructions in writing by five Business Days prior to the related Record Date or has provided the Indenture Trustee with such instructions for any previous Payment Date, except for the final installment of principal payable with respect to such Note (or the Redemption Price for any Note called for redemption, if such redemption will result in payment of the then entire unpaid principal amount of such Note), which shall be payable as provided in subsection (b) below of this Section 2.08. A fee may be charged by the Indenture Trustee to a Noteholder of Definitive Notes for any payment made by wire transfer. Any installment of interest or principal not punctually paid or duly provided for shall be payable as soon as funds are available to the Indenture Trustee for payment thereof, or if Section 5.07 applies, pursuant to Section 5.07.

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