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. _
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.
Forgiveness of Principal. Subject to the terms and conditions set forth in this Agreement, at Closing, Transferee agrees to forgive the Principal.
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.
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)
