Common use of Debt Cancellation Clause in Contracts

Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business.

Appears in 5 contracts

Samples: Loan Agreement (Chesapeake Lodging Trust), Loan Agreement (Chesapeake Lodging Trust), Loan Agreement (Chesapeake Lodging Trust)

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Debt Cancellation. Neither No Borrower nor shall, or shall permit Operating Lessee shall to, cancel or otherwise forgive or release any material claim or Debt debt (other than the termination of Leases in accordance herewith) owed to it such Borrower or Operating Lessee by any Person, except for adequate consideration or and in the ordinary course of its business.

Appears in 4 contracts

Samples: Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc)

Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than the surrender or termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee by any Person, except for adequate consideration or and in the ordinary course of its Borrower’s or Operating Lessee’s business.

Appears in 3 contracts

Samples: Loan Agreement (Hospitality Investors Trust, Inc.), Loan Agreement (Hospitality Investors Trust, Inc.), Loan Agreement (Hospitality Investors Trust, Inc.)

Debt Cancellation. Neither Borrower Borrowers nor Operating Lessee Lessees shall cancel or otherwise forgive or release any material claim or Debt debt (other than the termination of Leases in accordance herewith) owed to it such Borrower or such Operating Lessee by any Person, except for adequate consideration or and in the ordinary course of its such Borrower’s or such Operating Lessee’s business.

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital Hospitality Trust, Inc.)

Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee by any Person, except for adequate consideration or in the ordinary course of its Borrower’s and Operating Lessee’s business.

Appears in 1 contract

Samples: Loan Agreement (Chesapeake Lodging Trust)

Debt Cancellation. Neither Borrower Obligor nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business.

Appears in 1 contract

Samples: Loan Agreement (Pebblebrook Hotel Trust)

Debt Cancellation. Neither No Individual Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee by any Person, except for adequate consideration or and in the ordinary course of its Borrower’s or Operating Lessee’s business.

Appears in 1 contract

Samples: Loan Agreement (New York REIT, Inc.)

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Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee by any Person, except for adequate consideration or and in the ordinary course of its Borrower’s or Operating Lessee’s business, as applicable.

Appears in 1 contract

Samples: Loan Agreement (Hersha Hospitality Trust)

Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than the termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee by any Person, except for adequate consideration or in the ordinary course of its Borrower’s or Operating Lessee’s business.

Appears in 1 contract

Samples: Loan Agreement (Ashford Hospitality Prime, Inc.)

Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt debt (other than termination of Leases in accordance herewith) owed to it Borrower or Operating Lessee, as applicable, by any Person, except for adequate consideration or and in the ordinary course of its Borrower’s or Operating Lessee’s business.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Supertel Hospitality Inc)

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