Loan Forgiveness definition

Loan Forgiveness means any reduction of the principal amount of the Loans or other action or arrangement that, in the good faith determination of Buyer, could reasonably be expected to result in violation of the prohibition on loan forgiveness set forth in Section 4003(d)(3) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as it may be amended from time to time, it being agreed and understood that Buyer may conclusively rely on legal counsel (including internal counsel) selected or accepted in good faith by Xxxxx in making any such determination; provided, that the addition of higher priority “priming” liens in a proceeding under any Debtor Relief Law, reductions in interest, including any PIK Interest, and extensions of amortization schedules and maturity dates shall not be deemed to be “Loan Forgiveness” hereunder.
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Loan Forgiveness means the partial or complete cancellation of a Math & Science Teacher Loan, as described elsewhere in these rules.
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Loan Forgiveness means the cancellation and forgiveness under
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Examples of Loan Forgiveness in a sentence

  • Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Calculation Form 3508EZPayroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:a.

  • If the Borrower does not satisfy these requirements and is potentially subject to reductions in its Requested Loan Forgiveness Amount, the Borrower must follow SBA Form 3508 and its instructions to calculate its Requested Loan Forgiveness Amount.

  • Borrower Responsibilities: The Borrower must comply with all requirements in the Paycheck Protection Program Rules (Sections 7(a)(36), 7(a)(37), and 7A of the Small Business Act, the PPP interim final rules, and SBA guidance issued through the date of this application), and must attest to its compliance on the Loan Forgiveness Application.

  • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.c. Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee group health, life, disability, vision or dental insurance and retirement plans that the Borrower included in the Requested Loan Forgiveness Amount.

  • Instructions for PPP Loan Forgiveness Calculation Form 3508EZ Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent).

  • This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form.

  • FTE and Salary/Wage Reductions: Borrowers that received a PPP loan of more than $50,000 and Borrowers of $50,000 or less that together with their affiliates received First Draw PPP Loans totaling $2 million or more or Second Draw PPP Loans totaling $2 million or more must adjust their “Requested Loan Forgiveness Amount” due to statutory requirements concerning reductions in either full-time equivalent employees or employee salary and wages.

  • Other significant categories of expenses are Loan Forgiveness and Administrative Costs from Fees.

  • Owner shall employ Independent Testing Firm to observe and test all work performed by the Roofing Contractor affecting structural components per the 2015 I.B.C. All required Reports will be submitted by the Independent Testing Firm paid for by the owner and reports to the Architect/Engineer in duplicate indicating observations and results of tests and indicating compliance or non-compliance with Contract Documents.

  • Otherwise, the FTE Reduction Safe Harbor does not apply and the Borrower must complete line 13 of PPP Schedule A by dividing line 12 by line 11 of that schedule.Documents that Each Borrower Must Submit with its PPP Loan Forgiveness Application PPP Loan Forgiveness Calculation Form PPP Schedule APayroll: Documentation verifying the eligible cash compensation and non-cash benefit payments from the Covered Period or the Alternative Payroll Covered Period consisting of each of the following:a.


More Definitions of Loan Forgiveness

Loan Forgiveness has the meaning set forth in Section 7.3(e).
Sample 1
Loan Forgiveness. HB has the following loans outstanding to N2P and Adir: (1) a loan from N2P with an initial principal amount of $1,447,260, (2) a loan from N2P with an initial principal amount of $2 million, (3) a loan from Adir with an initial principal amount of $163,975 and (4) miscellaneous loans and advances in the aggregate amount of $750,000. In addition, N2P has guaranteed the repayment of $5 million borrowed by HB from Safra Bank. N2P shall repay such $5 million Safra loan on behalf of HB, (the repaid Safra loan and HB's guarantee thereof, together with the other loans set forth in the preceding sentence, and all accrued interest on such loans, the "Debt"). Upon the completion of the first 3 months of the consulting period described in paragraph 2 hereof, N2P and Adir will forgive and waive $2 million worth of the Debt. Upon the completion of 15 months of the consulting period described in paragraph 2 hereof, N2P and Adir will forgive and waive any of the remaining Debt. Such Debt forgiveness and waiver shall be accelerated upon change in control of N2P (as defined in N2P's 1999 Stock Option and Incentive Plan) occurring after the date of this Separation Agreement.
Sample 1
Loan Forgiveness. IS has the following loans outstanding to N2P: (a) a loan from N2P with an initial principal amount of $298,438 (the "IPO Loan"), and (b) a $1.2 million line of credit from N2P with respect to which IS borrowed the entire amount (the "N2P Line of Credit") (the loans set forth above, and all accrued interest on such loans, the "Debt"). The Debt will be forgiven ratably in four equal installments upon the completion of each the first four years of the consulting period described in paragraph 2 hereof. Such Debt forgiveness and waiver shall be accelerated upon change in control of N2P (as defined in N2P's 1999 Stock Option and Incentive Plan) occurring after the date of this Separation Agreement.
Sample 1
Loan Forgiveness means any reduction of the principal amount of the Loans or other action or arrangement that, in the good faith determination of Buyer, could reasonably be expected to result in violation of the prohibition on loan forgiveness set forth in Section 4003(d)(3) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as it may be amended from time to time, it being agreed and understood that Buyer may conclusively rely on legal counsel (including internal counsel) selected or accepted in good faith by Buyer in making any such determination; provided, that the addition of higher priority “priming” liens in a proceeding under any Debtor Relief Law, reductions in interest, including any PIK Interest, and extensions of amortization schedules and maturity dates shall not be deemed to be “Loan Forgiveness” hereunder.
Sample 1
Loan Forgiveness. Borrower may apply to Lender for forgiveness of the amount due on this Loan in an amount equal to the sum of the following costs incurred by Borrower during the 8-week period beginning on the date of first disbursement of this Loan:
Sample 1

Related to Loan Forgiveness

  • Loan Modification Agreement means a Loan Modification Agreement, in form reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Accepting Lenders, effecting one or more Permitted Amendments and such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.24.

  • Loan repayment means the cancellation and repayment of loans

  • Loan Modification Offer has the meaning specified in Section 2.24(a).

  • Loan Facility means the Revolving Loan Facility, the Transaction Specific Loan Facility or the Transaction Specific Revolving Loan Facility established by Lender in favor of Borrower under the Loan Documents.

  • Loan Exposure means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Loans at such time.

  • Term Loan Exposure means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Term Loans of such Lender; provided, at any time prior to the making of the Term Loans, the Term Loan Exposure of any Lender shall be equal to such Lender’s Term Loan Commitment.

  • Loan Repayments means the sum of (i) Trust Bond Loan Repayments, (ii) the Administrative Fee and (iii) any late charges incurred under the provisions of a Loan Agreement.

  • Investment Strategy Modification means with respect to an Investment Strategy, the Portfolio Administrator makes operational adjustments to the Investment Strategy to ensure that, so far as possible, the basic principles and economic effect of the Investment Strategy are maintained or any material modification to the Investment Strategy or its implementation by the Portfolio Administrator.

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Term Loan as defined in Section 2.1.

  • Refinancing Term Loan Commitments shall have the meaning provided in Section 2.14(h).

  • Refinancing Loan shall have the meaning provided in Section 2.14(h)(i).

  • Delayed Draw Term Loan has the meaning specified in Section 2.01(b).

  • Term Loan Facilities means the Term Loan A Facility and the Term Loan B Facility.

  • Intercompany Advance Agreement The Intercompany Advance Agreement, dated as September 11, 2009, between Ally Bank and Ally Auto, as amended, supplemented or modified from time to time.

  • Term Loan Facility means the Term Loan Commitments and the provisions herein related to the Term Loans.

  • Delayed Draw Term Loan Commitment means the Lender’s obligation to make the Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(a), as such amount may be adjusted from time to time in accordance with this Agreement.

  • Revolving Loan Exposure means, with respect to any Revolving Lender, as of any date of determination (a) prior to the termination of the Revolver Commitments, the amount of such Lender’s Revolver Commitment, and (b) after the termination of the Revolver Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender.

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

  • Tranche B Term Loan Exposure means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Tranche B Term Loans of such Lender.

  • Refinancing Loans means any Refinancing Term Loans or Refinancing Revolving Loans.

  • Bridge Loan Any loan or other obligation that (x) is incurred in connection with a merger, acquisition, consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other provision whereby (automatically or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Loan).

  • Existing Loan means the loan identified on Exhibit H.

  • Repayment Agreement means an agreement

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Material Credit Facility means, as to the Company and its Subsidiaries,