Forgivable Loan. The Department agrees to award a Forgivable Loan in the amount of one hundred fifty thousand dollars ($150,000) to assist in the financing of the Project.
Forgivable Loan. The terms and conditions of the Employee’s forgivable loan, as outlined in the Employee’s employment letter dated November 21, 2001, shall remain in full force and effect throughout the Term. If the Employee were to remain employed throughout the Term, the remaining principal balance would be approximately $833.33.
Forgivable Loan. (a) The Employee hereby acknowledges the future receipt of *** (the "Loan") to be loaned to Employee by the Company, which will be distributed in the following manner: *** shall be paid to the attorneys for the Employee upon the Company's receipt of Employee's acknowledgement of the Company's offer of employment. Such funds shall be placed in an attorney trust account and not released until the Employee reports to work on the Commencement Date and executes this Agreement, as verified in writing by the Company. If the Employee does not report to work by the Commencement Date, such funds shall be returned to the Company. If and only if Employee reports to work by the Commencement Date and executes this Agreement, the Company shall wire directly to the Employee on the Commencement Date an ***, and the remaining *** no later than the one month anniversary of the Commencement Date. The Loan shall accrue interest at the annual rate of *** from the Commencement Date, up to and including the two year anniversary of the Commencement Date (the "Due Date"), and if payment of the CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH "***" Loan is accelerated during such period, the total amount due under the Loan shall be payable on a demand basis. The Loan shall be evidenced by a Promissory Note executed and delivered on or after the date hereof, the form of which is annexed hereto as Exhibit "A", and the terms of which incorporated herein by this reference. Employee agrees and acknowledges that the Company may take out life insurance and disability policies upon the Employee, with the Company as sole beneficiary, in the amount of the Loan and shall keep such policies in force until the Loan is repaid in full.
Forgivable Loan. Prior to every payment of tuition under this agreement, Employee shall execute a promissory note to CCBE, in form and substance satisfactory to CCBE.
Forgivable Loan. Forgivable Loan" means a loan for which repayment is eliminated in part or entirely if the Community and Business satisfy the terms of this Agreement, including the Job Attainment and Wage Obligations stated in Article VII.
Forgivable Loan. “Forgivable Loan” means an award made by the Department to the Business for which repayment is eliminated in part or entirely if the Business satisfies the terms of this Agreement.
Forgivable Loan. For and in consideration of the obligations of Developer as set forth herein, and as a necessary means of achieving the goals and objectives of the Urban Renewal Plan, the City agrees (subject to the conditions set forth in this Article and this Agreement) to make a Forgivable Loan to Developer in the amount of $973,000 (the “Forgivable Loan”). Subject to the Conditions Precedent set forth below, such loan shall be disbursed in seven (7) equal, annual installments of $139,000 (each installment being referred to herein as a “Disbursement”) with the first Disbursement occurring on November 1, 2022 and a Disbursement occurring each November 1 thereafter through November 1, 2028, unless this Agreement is terminated earlier pursuant to its terms.
Forgivable Loan. The Developer warrants and covenants that it shall have create six (6) new market rate residential units and not less than 700 sq ft of commercial space. The residential units shall be leased and occupied within sixty (60) days of Project Completion. For each residential unit created and occupied with a one year lease, the City will forgive Six Thousand Dollars ($6,000.00) per unit per annum towards Two Hundred Thousand Dollars ($200,000.00) of the City’s Loan. If a residential units is left vacant for more than three (3) months, the forgiveness will be prorated based upon the months occupied for that calendar year. For the tenant occupied commercial space, the City will forgive One Thousand Dollars ($1,000) annually for any professional office or service based tenant and up to Two Thousand Dollars ($2,000) annually for an experienced based commercial tenant. These tenants will coincide with those tenants as defined within this Agreement. If the residential units or commercial spaces are vacant more than 51% of the time over the five
Forgivable Loan. The City agrees to grant to the Borrower a forgivable loan in the amount of sixty thousand dollars ($60,000) which loan shall be fully forgivable by the City if the Borrower complies with the terms of the conditions in this agreement. The obligation to repay this loan will be reduced by 1/20 of the loan amount in each year of the term until forgiven or until the Borrower is required to repay the loan in accordance with the terms of this agreement.
Forgivable Loan. Within 60 days after the execution of this Agreement by Employer and Executive, the Employer shall make a non-recourse loan to Executive in the amount of $1,000,000, which shall bear interest at the applicable federal rate. The outstanding principal balance of such loan and all accrued interest shall be due and payable on the earliest of (i) January 17, 2007, (ii) the date on which the Executive's employment is terminated by the Employer for Cause, or (iii) the date on which the Executive's employment is terminated by the Executive without Good Reason. Such loan shall be secured by unrestricted shares of the Employer's common stock ("Common Stock") that are beneficially owned by the Executive on the date of the loan and that have a closing market value on such date of at least $1,000,000. The Executive shall receive all dividends paid with respect to such shares of Common Stock, and such shares shall be released from collateral and returned to the Executive at the time such loan is repaid from sources other than the collateral shares or forgiven pursuant to this Section 3(b) or Section 7(a)(i) or upon the Executive's death or disability.
