Forgiveness of Promissory Note Sample Clauses

Forgiveness of Promissory Note. Effective as of the Effective Date, the entire unpaid balance (including principal and interest) under that certain ReachLocal, Inc. Promissory Note, dated August 7, 2007 (the “Promissory Note”), in the principal amount of $227,190 is forgiven. In addition, the Company shall pay you $ 142,267.69 (the “Special Payment”) in order to help mitigate your income tax liability related to the forgiveness of the Promissory Note pursuant to this Section 6, including tax liabilities related to the Special Payment. The Special Payment shall be paid to you within thirty (30) days following the Effective Date.
Sample 1
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Forgiveness of Promissory Note. The Shareholder Representative, on behalf of himself and each of the Shareholders, hereby forgives, cancels and forever discharges all amounts owed by Purchaser under the Promissory Note. Contemporaneous with the execution hereof, the Shareholder Representative shall deliver to Purchaser the original Promissory Note, which the Shareholder Representative shall have marked and acknowledged as “paid in full.”
Sample 1
Forgiveness of Promissory Note. Payees agree to forgive any and all amounts due by Maker under such Promissory Note (non-interest baring note) under the original Agreement as amended on December 6. 2001, which current balance is $1,301,000.
Sample 1
Forgiveness of Promissory Note. In further consideration for the release of claims set forth below and other obligations under this Agreement, the Company shall forgive the aggregate amount of $739,213.00 on the Note, which represents the principal amount of $649,970.00 (after reduction of the Note following the share repurchased described in subsection (ii) above) plus the accrued interest of $89,243.00 on the entire original principal amount of the Note. In accordance with applicable tax law, the aggregate forgiven amount shall be reported as taxable income to Xx. Xxxxx on his Form W-2 for 2001. The Company agrees that it shall provide a one-time tax gross-up payment to Xx. Xxxxx equal to the amount of income tax payable by Xx. Xxxxx with respect to the amount of interest forgiven on the Note, with the documentation for the income tax liability on such interest to be provided to the Company by Xx. Xxxxx prior to any such payment. Xx. Xxxxx acknowledges and agrees that he shall remain liable for the income tax payable with respect to the amount of forgiven principal on the Note.
Sample 1
Forgiveness of Promissory Note. The entire remaining principal balance and interest owed to DSI by Borthwick in the amount of $74,247.68 relative to that certain promissory note dated January 17, 1995 by Borthwick, maker, and DSI, payee is hereby forgiven. 4.
Sample 1
Forgiveness of Promissory Note. The Company shall forgive all obligations owed by Xxxxxxx Xxxxx Class I Holdings, LLC (the “Investor”) to the Company under that certain Promissory Note, dated as of August 14, 2018, made by the Investor for the benefit of the Company, including the obligation to pay to the Company the unpaid principal balance and all interest accrued thereunder.
Sample 1

Related to Forgiveness of Promissory Note

  • Promissory Note The Promissory Note is enclosed. The Chief Financial Officer is required to sign it and return it to the OPWC Loan Officer, Xxxxx XxXxxx. It is preferable that you scan and email it to her at Xxxxx.XxXxxx@xxx.xxxxx.xx.xx but may also mail it to the address on our letterhead. Only use one method.

  • Promissory Notes Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its permitted registered assigns).

  • Other Indebtedness and Agreements (a) Permit (i) any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement pursuant to which any Material Indebtedness of the Borrower or any of the Subsidiaries is outstanding if the effect of such waiver, supplement, modification, amendment, termination or release would materially increase the obligations of the obligor or confer additional material rights on the holder of such Indebtedness in a manner adverse to the Borrower, any of the Subsidiaries or the Lender or (ii) any waiver, supplement, modification or amendment of its certificate of incorporation, bylaws, operating, management or partnership agreement or other organizational documents, to the extent any such waiver, supplement, modification or amendment would be adverse to the Lender in any material respect.

  • Promise to Pay; Promissory Notes (a) Borrowers agree to pay the Lender Group Expenses on the earlier of (i) the first day of the month following the date on which the applicable Lender Group Expenses were first incurred, or (ii) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan Account pursuant to the provisions of Section 2.6(d) shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (ii)). Borrowers promise to pay all of the Obligations (including principal, interest, premiums, if any, fees, costs, and expenses (including Lender Group Expenses)) in full on the Maturity Date or, if earlier, on the date on which the Obligations (other than the Bank Product Obligations) become due and payable pursuant to the terms of this Agreement. Borrowers agree that their obligations contained in the first sentence of this Section 2.5(a) shall survive payment or satisfaction in full of all other Obligations.

  • Prepayments of Other Indebtedness Modifications of Organizational Documents and Other Documents, etc. 90 SECTION 6.12 Limitation on Certain Restrictions on Subsidiaries 90 SECTION 6.13 [Reserved.] 91 SECTION 6.14 [Reserved.] 91 SECTION 6.15 Business 91 SECTION 6.16 Limitation on Accounting Changes 91 SECTION 6.17 Fiscal Year 91 SECTION 6.18 No Further Negative Pledge 91 SECTION 6.19 Anti-Terrorism Law; Anti-Money Laundering 92 SECTION 6.20 Embargoed Person 92 ARTICLE VII GUARANTEE SECTION 7.01 The Guarantee 93 SECTION 7.02 Obligations Unconditional 93 SECTION 7.03 Reinstatement 94 SECTION 7.04 Subrogation; Subordination 94 SECTION 7.05 Remedies 94 SECTION 7.06 Instrument for the Payment of Money 95 SECTION 7.07 Continuing Guarantee 95 SECTION 7.08 General Limitation on Guarantee Obligations 95 SECTION 7.09 Release of Guarantors 95 SECTION 7.10 Right of Contribution 95 ARTICLE VIII EVENTS OF DEFAULT SECTION 8.01 Events of Default 96 SECTION 8.02 Rescission 98 SECTION 8.03 Application of Proceeds 98 ARTICLE IX THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT SECTION 9.01 Appointment and Authority 99 SECTION 9.02 Rights as a Lender 99 SECTION 9.03 Exculpatory Provisions 99 SECTION 9.04 Reliance by Agent 100 SECTION 9.05 Delegation of Duties 101

  • Loan Agreements Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian nor any securities intermediary shall be under any duty or obligation in connection with the acquisition by the Borrower, or the grant by the Borrower to the Collateral Agent, of any Loan Asset in the nature of a loan or a participation in a loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower under the related Loan Agreements, or otherwise to examine the Loan Agreements, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any necessary consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan Asset granted to the Collateral Agent hereunder as custodial agent for the Collateral Agent in accordance with the terms of this Agreement.

  • Prepayment of Other Indebtedness, Etc (a) Amend or modify any of the terms of any Indebtedness of any Loan Party or any Subsidiary (other than Indebtedness arising under the Loan Documents) if such amendment or modification would add or change any terms in a manner adverse to any Loan Party or any Subsidiary, or shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto.

  • Prepayment of Debt Make any prepayment (whether optional or mandatory), repurchase, redemption, defeasance or any other payment in respect of any Subordinated Debt.

  • Other Defaults Under Loan Documents Any Loan Party shall default in the performance of or compliance with any term contained in this Agreement or any of the other Loan Documents, other than any such term referred to in any other subsection of this Section 8, and such default shall not have been remedied or waived within 30 days after the earlier of (i) an Officer of Company or such Loan Party becoming aware of such default or (ii) receipt by Company and such Loan Party of notice from Administrative Agent or any Lender of such default; or

  • Certain Indebtedness There is no Indebtedness of Borrower owing to any employee, officer, stockholder or director of the board of Borrower other than accrued salaries, commissions and the like and any Indebtedness subordinated to the Obligations pursuant hereto.

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