Common use of Debt Cancellation Clause in Contracts

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower by any Person, except for adequate consideration or in the ordinary course of such Borrower’s and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.

Appears in 13 contracts

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

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Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s its business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.except for termination of a Sublease as permitted by Section 8.8;

Appears in 13 contracts

Samples: Loan and Security Agreement (Bloomin' Brands, Inc.), Mezzanine Loan and Security Agreement (Toys R Us Inc), Loan and Security Agreement (Toys R Us Inc)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.its business;

Appears in 13 contracts

Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc), Mezzanine Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Mezzanine Loan and Security Agreement (Strategic Hotels & Resorts, Inc)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it, directly or indirectly, by any Person, except for adequate consideration or in the ordinary course of such Borrower’s its business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.except for termination of a Sublease as permitted by Section 8.8 of the Loan Agreement (Mortgage);

Appears in 7 contracts

Samples: Mezzanine Loan and Security Agreement (Station Casinos Inc), Mezzanine Loan and Security Agreement (Station Casinos Inc), Mezzanine Loan and Security Agreement (Station Casinos Inc)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the any Borrower by any Person, except for adequate consideration or in the ordinary course of such Borrower’s and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonableBorrowers’ business.

Appears in 5 contracts

Samples: Loan Agreement (Plymouth Industrial REIT Inc.), Loan Agreement (GTJ REIT, Inc.), Loan Agreement (GTJ REIT, Inc.)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s its business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.except for termination of a Lease as permitted by Section 8.7;

Appears in 4 contracts

Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Loan and Security Agreement (BlueLinx Holdings Inc.)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower by any Person, except for adequate consideration or in the ordinary course of such Borrower’s 's and Operating Lessee’s 's business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.

Appears in 3 contracts

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

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt material Indebtedness owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s and Operating Lessee’s business or otherwise if such cancellationits business, release or forgiveness is prudent and commercially reasonable.other than termination of any Leases to the extent permitted under Section 7.1.19;

Appears in 2 contracts

Samples: Mezzanine Loan and Security Agreement (NRI Real Token Inc.), Loan and Security Agreement (NRI Real Token Inc.)

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Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s its business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.except for termination of a Sublease as permitted by Section 8.8 of the Mortgage Loan Agreement;

Appears in 2 contracts

Samples: Mezzanine Loan and Security Agreement (Bloomin' Brands, Inc.), Mezzanine Loan and Security Agreement (Bloomin' Brands, Inc.)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course Ordinary Course of such Borrower’s Business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.except for termination of a Lease as permitted by Section 8.7;

Appears in 1 contract

Samples: Loan and Security Agreement (Morgans Hotel Group Co.)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course Ordinary Course of such Borrower’s Business and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonableexcept for termination of a Lease as permitted by Section 8.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc)

Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower it by any Person, except for adequate consideration or in the ordinary course of such Borrower’s its business and Operating Lessee’s business except for termination, modification or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable.enforcement of a Lease as permitted by Section 8.8;

Appears in 1 contract

Samples: Loan and Security Agreement (Digital Realty Trust, Inc.)

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