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.
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. 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 1989, c. 698, §17 (AMD); PL 1989, c. 698, §76 (AFF).]
Forgiveness of Indebtedness. 46 11.4.7 Value of Assets.......................................................................46 11.4.8 Changes in Fiscal Year and Accounting Procedures......................................46
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. 6.1 In accordance with the terms of the Employment Agreement, so long as the Borrower remains employed by the Company under the Employment Agreement, $250,000 of the principal amount of the original Loan shall be forgiven on the day following the last day of each of the said eight fiscal quarters hereafter, being October 1, 1999, January 1, 2000, April 1, 2000, July 1, 2000, October 1, 2000, January 1, 2001, April 1, 2001 and July 1, 2001. Furthermore, the annual interest payable by the Borrower in accordance with Article 3 hereof shall be forgiven at the end of each annual period hereafter when due should the Borrower remain employed by the Company at such time. The forgiveness of any Indebtedness shall constitute a benefit of employment to the Borrower and shall be subject to deductions required by law, which deductions may be set-off against other amounts owed to the Borrower by the Company.
6.2 Should the employment of the Borrower be terminated by the Company without cause prior to the Indebtedness being forgiven or repaid under the terms of this Agreement, the Indebtedness shall become immediately due and payable to the Company by the Borrower. However, in accordance with Section 5.2 hereof, the Borrower shall have ten (10) Business Days to repay all or any portion of the Indebtedness, to be paid by certified check, bank draft or wire transfer. If, at the end of ten (10) Business Days following termination of the Borrower's employment, any Indebtedness remains outstanding, the Borrower shall be deemed to have defaulted on such Indebtedness and the Company shall be entitled to seize the Security, being the Common Stock still held in escrow in accordance with the Escrow Agreement, from the Trustee and cancel such Common Stock. The parties hereto agree that value per share of any Common Stock seized and cancelled by the Company in accordance with this Section 6.2 shall be the Market Price originally paid by the Borrower for such Common Stock, regardless of the then current market price of the Company's common stock on the date of the Borrower's termination of employment or the date the Company realizes on the Security. The Indebtedness shall be reduced by the value of the Common Stock seized and cancelled, as valued in accordance with the above, and any accrued and unpaid interest shall be waived by the Company in these circumstances.
6.3 Should the Borrower voluntarily terminate his employment with the Company or be terminated by the Company with just ...
Forgiveness of Indebtedness. In the event of (a) the sale of all or substantially all of the assets of the Company to another person or entity, (b) a merger, acquisition or other transaction in which the Company is the surviving corporation that results in any person or entity (other than persons or entities who are holders of five percent (5%) more of the stock of the Company at the time the transaction is approved by the shareholders of the company and other than any Affiliate of the Company (as defined below)) acquiring beneficial ownership of fifty-one percent (51%) or more of the combined voting power of all classes of stock of the Company, excluding any change in voting control arising as a result of the conversion of the Class B common stock, par value $.01 per share, of the Company to Class A common stock, par value $.01 per share, of the Company or any distribution by RF Investors, L.L.C. to any of its direct or indirect owners or their respective Affiliates or (c) a merger, consolidation or reorganization of the Company with one or more other persons or entities where the Company is not the surviving entity and such transaction results in a change of beneficial ownership of the combined voting power of all classes of stock of the Company as described in the preceding clause (b), then all amounts outstanding under this Agreement and the Note shall be forgiven to the extent that the forgiveness of such amounts does not (together with all other items of compensation considered in the applicable tax calculation) result in an excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (i.e., a "golden parachute" excise tax). For purposes of the foregoing, the term "
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.
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.
