Forgivable Loan Sample Clauses
A Forgivable Loan clause establishes the terms under which a loan provided to a borrower may be partially or fully forgiven, meaning the borrower is not required to repay some or all of the loan amount if certain conditions are met. Typically, these conditions might include the borrower remaining employed with a company for a specified period, achieving certain performance targets, or fulfilling other contractual obligations. This clause is commonly used in employment agreements or incentive programs to attract and retain talent, as it provides a financial benefit that is contingent on continued service or performance, thereby aligning the interests of both parties and reducing the risk of early departure.
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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. The Department agrees to award a Forgivable Loan in the amount of $100,000 (One hundred thousand and no/100 dollars) to assist in the financing of the Project.
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.
(b) The Loan will be forgiven as follows:
i. In the event the Employee is employed as of the first anniversary of the Commencement Date (the "First Anniversary"), the Company will forgive *** of the Loan and the accrued interest on the forgiven debt. Once forgiven, the Company cannot seek repayment of the forgiven debt that is the subject of this paragraph.
Forgivable Loan. Provided Employee is an employee in good standing on and after April 1, 2001, the Company shall advance Employee the sum of $120,000, such sum to be in the form of a forgivable loan for a term of five (5) years in substantially the form of the Promissory Note attached hereto as Exhibit A.
Forgivable Loan. The Department agrees to make a Forgivable Loan to the Community on behalf of the Business in the amount of $250,000. Interest begins accruing at the date of disbursement of funds.
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.
a. Under the terms of the promissory note, Employee shall agree to repay CCBE for the tuition payments made for the benefit of the Employee to Western Kentucky University.
b. The repayment of term of the loan shall begin upon the first to occur of the following: (a) six months following the Employee’s graduation with a master’s degree in education from Western Kentucky University; (b) six months following the Employee no longer being a student in good standing at Western Kentucky University; (c) six months following Employee’s failure to comply with the any term of this agreement; or (d) 90 months following the execution of this agreement.
c. The principal amount of the loan (sum of all tuition payments made under this agreement) shall accrue interest at a rate equal to eight percent (8%) per annum from the date of each advance of principal.
d. The loan shall be amortized and repaid in monthly payments over the course of a 10-year repayment period from the beginning of the repayment terms hereunder.
Forgivable Loan. To assist Executive's relocation to the Massachusetts area, the Company shall make a loan to Executive in the amount of $500,000, to be used for Executive's purchase of a principal residence, such loan to be forgiven or repaid in accordance with the terms of a Promissory Note between Executive and the Company dated within next 60 days.
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. “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. 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.