Loan Forbearance definition

Loan Forbearance. MCNCE members are eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. During a period of forbearance, MCNCE members do not have to make payments on qualified loans, although interest continues to accrue. MCNCE members must request forbearance from their loan holder through their My AmeriCorps online account. Members must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies Membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for forbearance. If the MCNCE member obtains loan forbearance at the beginning of their term of service, they must submit an Interest Accrual Form to their loan holder up to 30 days before their term of service ends. This is done through the My AmeriCorps online account. The loan holder will complete the applicable portion of the form, compute the total accrued interest, and send into the Trust for payment. The Trust will only pay interest if the Member successfully completes their term of service and receives an education award. This amount is in addition to the education award and is taxable.
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Loan Forbearance. MTCC member are eligible to have the repayment of certain qualified student loans deferred while they serve in AmeriCorps. The postponement, called forbearance, is not automatic. During a period of forbearance, MTCC members do not have to make payments on qualified loans, although interest continues to accrue. MTCC members must request forbearance from their loan holder through their My AmeriCorps online account. Members must register for their online account at the beginning of their term of service. The National Service Trust does not grant forbearance; the loan holders do. The Trust merely verifies Membership in AmeriCorps and forwards the documents to the loan holder. Student loans that are in default may not be eligible for forbearance. If the MTCC member obtains loan forbearance at the beginning of their term of service, they must submit an Interest Accrual Form to their loan holder up to 30 days before their term of service ends. This is done through the My AmeriCorps online account. The loan holder will complete the applicable portion of the form, compute the total accrued interest, and send in to the Trust for payment. The Trust will only pay interest if the Member successfully completes their term of service and receives an education award. This amount is in addition to the education award and is taxable.
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Examples of Loan Forbearance in a sentence

  • It is the Member’s responsibility to submit a Loan Forbearance request once enrolled through the MyAmeriCorps website in order to qualify for these benefits.

  • An amendment to the Term Loan Forbearance Agreement shall be effective and on terms acceptable to the Lender Parties.

  • Receipt by Administrative Agent of evidence reasonably satisfactory to Administrative Agent that the Term Loan Forbearance Agreement Amendment has been entered into by all requisite parties thereto.

  • The Agent and the Lenders executing this Agreement (constituting the Required Lenders) agree that, solely during the Forbearance Period, the financial statements required to be delivered pursuant to Section 9.01(c) of the Credit Agreement shall consist of the unaudited consolidated statements of income of the Borrowers and their Subsidiaries, which such financial statements shall be delivered in the manner and timeframe required under the Term Loan Forbearance Agreement.

  • At the Closing the Seller Parties shall cause CLP Lending I, LLC to assign the Mountain High Loan (and all related loan documents) to the Ski Purchaser or its designee, including without limitation, that certain Loan Agreement and Guaranty dated June 12, 2015, the Guaranty dated June 12, 2015, the Loan Forbearance Agreement dated April 6, 2016, the First Amendment to Loan Forbearance Agreement dated June 23, 2016, and the Second Amendment to Loan Forbearance Agreement dated August 15, 2016.

  • This First Amendment of Mezzanine B Loan Forbearance Agreement (this “Amendment”) is made effective as of January 7, 2021 (the “Effective Date”), by and among HIT PORTFOLIO I MEZZ B, LLC (“Borrower”), and HIT PORTFOLIO I TRS MEZZ B, LLC and HIT 2PK TRS MEZZ B, LLC (collectively, “Leasehold Pledgor”) and HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P. and HOSPITALITY INVESTORS TRUST, INC.

  • None of the Obligors nor any of their respective Subsidiaries shall enter into, or otherwise consent to or permit to exist, any further amendment, restatement, supplement, waiver or other modification to the Term Loan Agreement or any other Term Loan Document (including, without limitation, the Term Loan Forbearance Agreement Amendment) without the prior written consent of the Agent, which the Agent may grant, decline or withhold in its sole discretion.

  • The effectiveness of the forbearance made pursuant to this Agreement shall be subject to the receipt by Agent of an original (or electronic copy) of (a) this Agreement, duly authorized, executed and delivered by Borrower and (b) Amendment No. 1 to Term Loan Forbearance Agreement, in form and substance satisfactory to Agent, duly authorized, executed and delivered by Borrower.

  • None of the Obligors nor any of their respective Subsidiaries shall enter into, or otherwise consent to or permit to exist, any further amendment, restatement, supplement, waiver or other modification to the Term Loan Agreement or any other Term Loan Document (including, without limitation, the Term Loan Forbearance Agreement) without the prior written consent of the Agent, which the Agent may grant, decline or withhold in its sole discretion.

  • Lenders and the Agent hereby consents to the entry by the Obligors into that certain Forbearance Agreement and Amendment, dated May 18, 2018, among the Term Loan Agent, each Term Loan Lender, and the Obligors, in the form attached hereto as Exhibit A (the “Term Loan Forbearance Agreement”).

Related to Loan Forbearance

  • Forbearance Agreement means the forbearance agreement entered into by Granite Co. prior to the implementation of the 2011 Arrangement.

  • Forbearance As defined in Section 3.07(a).

  • Term Loan Agreement has the meaning set forth in the recitals to this Agreement.

  • Revolving Loan Agreement means that certain Revolving Credit and Security Credit Agreement dated as of the Closing Date by and among Revolving Loan Agent, the Revolving Loan Lenders and the Loan Parties, as amended, restated or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement.

  • Senior Loan Agreement means that certain Term Loan Agreement, dated as of November 19, 2020, by and among Borrower, the subsidiary guarantors from time to time party thereto, and the Senior Creditors, as amended, restated, supplemented or otherwise modified from time to time.