Application for Forgiveness Sample Clauses
Application for Forgiveness. Prior to the date of this Agreement (a) Seller applied for forgiveness of the PPP Loan from the SBA, and (b) Lender submitted such application to the SBA for final determination as to loan forgiveness. Seller hereby agrees to use commercially reasonable efforts to promptly, but in no event later than five (5) business days, submit any and all additional or supplemental applications, revisions to the original application or additional documentation required by Lender or SBA to forgive the PPP Loan. In the event Seller fails to timely comply with requirements set forth above and fails to correct such failure within ten (10) days of notice of such failure from Lender, Escrow Agent shall immediately pay the PPP Loan in full and Seller hereby authorizes and directs Escrow Agent to remit such payoff funds without further action or authorization from Seller.
Application for Forgiveness. 7.1 The Candidate may apply to the Society to have all or part of the Principal Amount and any accrued interest owing to the Society by the Candidate under this Agreement forgiven on compassionate grounds. The Society may, in its absolute discretion, forgive payment of all or part of the monies owing to it by the Candidate.
7.2 An application for forgiveness described in section 7.1 shall be made to the Committee in such form as required by the Committee at any time after the Maturity Date.
7.3 Despite section 6.2 above, where the Candidate has submitted an application for forgiveness to the Committee within sixty (60) days of the Maturity Date, the Society will take no action to recover the monies owing to it until the Committee has rendered its decision on the Candidate’s application.
7.4 For certainty, an application for forgiveness by the Candidate does not suspend the Candidate’s repayment obligations under section 3.0 of this Agreement, interest continues to accrue on the Principal Amount in accordance with section 4.0, and any partial payments becoming due under a payment arrangement entered into with the Society by the Candidate must be paid during the period between the submission of the application to the Committee by the Candidate and the rendering of a decision on the application by the Committee.
7.5 In the event that the Committee decides to forgive part of the Principal Amount owing by the Candidate to the Society, part of the accrued interest on the Principal Amount, or part of the Principal Amount and part of the accrued interest, as the case may be, the Candidate’s repayment obligations under section 3.0 above continue for the outstanding balance of the Repayable Allowance not forgiven by the Society.
Application for Forgiveness. Despite anything in this Agreement, the Candidate may apply to the Society to have payment of all or part of the amount owing forgiven on compassionate grounds such as medical disability or financial hardship, and the Society may, in its absolute discretion, forgive payment of all or part of the amount owing. The Candidate may make such an application to the Society at any time after the Society demands payment of the Principal Amount and all interest owing under this Agreement or at any time after payment of the Principal Amount and all interest owing under this Agreement becomes due under this Agreement.