Forgiveness. The Borrower will not be responsible for any loan payment if Borrower provides to Lender, in its sole and absolute discretion, sufficient documentation that (i) the Borrower used all of the loan proceeds for forgivable purposes described below and (ii) employee and compensation levels are maintained. The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February 15, 2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15, 2020, over the eight-week period following the date of the loan. Not more than 25 percent of the loan forgiveness amount may be attributable to non-payroll costs. The following is an exhaustive list of forgivable purposes:
Forgiveness. NPCS: Courses in which a grade of D or F was earned may be repeated. All courses attempted will appear on the transcript but the higher grade will be used in the cumulative GPA calculation and there will be a notation that the course was repeated. NU: The NU Office of the Registrar calculates GPAs for all transfer students using the grade the issuing institution has included in its own GPA. With regard to withdrawals and incompletes, the transcript information provided by the reporting institution is honored.
Forgiveness. The Loan, and Borrower's obligation to repay all ----------- outstanding Principal and accrued interest thereunder, shall be forgiven and cancelled by Lender and the Note shall be cancelled on October 29, 2002 if Borrower is employed by Lender on October 29, 2002, or earlier upon the date of the termination of Borrower's employment with Lender prior to October 29, 2002 if such termination is by Lender without Cause (as defined below), by Borrower for Good Reason (as defined below) or by reason of Borrower's death or Disability (as defined below). In addition, if the Loan is forgiven pursuant to the preceding sentence and if Borrower is employed by Lender on October 29, 2002 and continues to be employed by Lender, on April 1, 2003, or such earlier date as Borrower shall be required to pay federal, state or local income taxes with respect to the forgiveness of the Loan, Lender shall pay Borrower an additional payment (the "Gross-Up Payment") in an amount required to fully reimburse Borrower with respect to all federal, state and local income taxes and employment taxes with respect to the forgiveness of the Loan and with respect to such taxes, such that upon receipt of the Gross-Up Payment Borrower shall have no remaining obligations with respect to such taxes. In addition, the Loan shall be forgiven by Lender on the date of a Change of Control (as defined below) of Lender if Borrower is employed by Lender on such date and Lender shall pay Borrower the Gross-Up Payment with respect to the forgiveness of the Loan on April 1, of the year following the year of the Change of Control, or such earlier date as Borrower shall be required to pay federal, state or local income taxes with respect to the forgiveness of the Loan.
Forgiveness. Any student who, upon the conclusion of the student's professional education, including, if applicable, internship, residency, fellowship, obligated public health service and obligated national service as defined in section 11802, subsection 7, elects to serve as a practitioner of osteopathic medicine in a designated, underserved area, as determined by the Commissioner of Health and Human Services and as defined in section 11802, subsection 6, in the State is forgiven 25% of the original outstanding indebtedness for each year of that practice.
Forgiveness. Any student who, upon the conclusion of the student's professional education, including, if applicable, internship, residency, fellowship, obligated public health service and obligated national service, elects to serve as a practitioner of allopathic medicine, dentistry, optometry or veterinary medicine in a designated, underserved area in the State is forgiven 25% of the original outstanding indebtedness for each year of that practice.
Forgiveness. The Scholarship Loan and any interest will be forgiven when the Recipient fulfills each of the following:
Forgiveness. The balance of the Principal Amount will be reduced by the amount that is equal to the original Principal Amount multiplied by two and a half per cent (2.5%) on each anniversary of First Occupancy, until fully forgiven, if the Proponent is in good standing under the terms of this Agreement. Once the Principal Amount has been fully forgiven, the City shall discharge the City Charge and this Agreement and the obligations of the Parties hereunder will terminate. [NOTE: this timing is based on a 40 year Affordability Period]
Forgiveness. Notwithstanding anything to the contrary set forth in this Loan Agreement or any other Loan Instrument, in the event that the Tranche A Loan (together with all accrued and unpaid interest thereon) is repaid in full prior to March 31, 2006, from sources other than a sale or issuance of equity, sales of assets or issuance of Indebtedness (except a Permitted Refinancing), then the outstanding principal balance of the Tranche B Loan, together with accrued and unpaid interest thereon, shall be forgiven, and the Tranche B Note then cancelled; provided, however, that in the event that any such repayment of or in respect of the Tranche A Loan shall be rescinded or otherwise must be restored or returned by Lenders upon the insolvency, bankruptcy, dissolution, liquidation or any other action of the Borrower or for any other reason, the Tranche B Loan and accrued interest thereon shall continue to be effective or automatically reinstated, as the case may be, all as though such payment in respect of the Tranche A Loan had not be made.
Forgiveness. As of the Forgiveness Date, the Lender will forgive the amount of the Loan which is not subject to repayment under this Article VI, if no Default exists, and no event, circumstance, act or omission which, with the giving of notice, the passage of time, or both, would constitute a Default. Determination of amounts to be forgiven shall be made after determining any amounts required to be repaid under this Article VI.
Forgiveness. The repayment of the Loan will be forgiven on [ , 20 ] and there shall be no obligation of the Developer to repay the Loan, the consideration for the Loan being the fulfillment of the Developer’s obligations under Section 5 of this Agreement and the resulting economic benefits to the City.
