FORGIVABLE LOAN REPAYMENT Sample Clauses

FORGIVABLE LOAN REPAYMENT. The Department will, in its sole discretion, determine if the Business has satisfied the terms of this Agreement by the Project Completion Date and has operated in a manner consistent with the Application/Business Plan including expectations in section 1.6 of this Agreement. If the Department determines that the Business has satisfied said terms and has been consistent in its operation according to the Application/ Business Plan, then repayment of the Forgivable Loan shall be permanently waived. Should the Department determine that the Business has not satisfied the terms of this Agreement, or has operated in a manner substantially inconsistent with the Application/Business Plan under which the terms of the award was made, the Business may be required to repay all or part of the Forgivable Loan funds. This repayment would be a loan repayable over a five year period at 8.5% interest.
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FORGIVABLE LOAN REPAYMENT. Grantee shall pay to the STDC an amount equal to the deficiency in reaching the FTE Target employment pursuant to the calculations in Section 5. Said payment shall be made to the STDC within thirty (30) days of receiving an invoice for the deficiency amount.
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Related to FORGIVABLE LOAN REPAYMENT

  • Loan Repayment Upon the terms and conditions of this Agreement, the Issuer agrees to make the Loan to the Company. The proceeds of the Loan shall be deposited with the Trustee pursuant to Section 3.3 hereof. In consideration of and in repayment of the Loan, the Company shall make, as Loan Payments, to the Trustee for the account of the Issuer, payments which correspond, as to time, and are equal in amount as of the Loan Payment Date, to the corresponding Bond Service Charges payable on the Bonds. All Loan Payments received by the Trustee shall be held and disbursed in accordance with the provisions of the Indenture and this Agreement for application to the payment of Bond Service Charges. The Company shall be entitled to a credit against the Loan Payments required to be made on any Loan Payment Date to the extent that the balance of the Bond Fund is then in excess of amounts required (a) for the payment of Bonds theretofore matured or theretofore called for redemption, or to be called for redemption pursuant to Section 6.1 hereof (b) for the payment of interest for which checks or drafts have been drawn and mailed by the Trustee or Paying Agent, and (c) to be deposited in the Bond Fund by the Indenture for use other than for the payment of Bond Service Charges due on that Loan Payment Date. Except for such interest of the Company as may hereafter arise pursuant to Section 8.2 hereof or Sections 5.06 or 5.07 of the Indenture, the Company and the Issuer each acknowledge that neither the Company, the State nor the Issuer has any interest in the Bond Fund or the Bond Purchase Fund, and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders.

  • Loan Payments (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

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