Common use of Repayment Incentive Clause in Contracts

Repayment Incentive. As provided for in the CEBA Program, if, on or before December 31, 2022, the Borrower repays at least seventy-five (75%) percent of the CEBA Loan Amount and has not committed an Event of Default, then the remaining twenty-five (25%) percent of the CEBA Loan Amount will be forgiven.

Repayment Incentive. As provided for in the CEBA Program, if, on or before December 31, 2022, the Borrower repays at least seventysixty-five six (7566%) percent of the CEBA Loan Amount and has not committed an Event of Default, then the remaining twenty-five thirty three (2533%) percent of the CEBA Loan Amount will be forgiven. In such circumstances, this thirty three (33%) percent (or less as the case may be) outstanding CEBA Loan Amount will be cancelled and the Borrower will not have to repay it.

Repayment Incentive. As provided for in the CEBA Program, if, on or before December 31, 2022, the Borrower repays at least seventy-five (75%) percent of the CEBA Loan Amount and has not committed an Event of Default, then the remaining twenty-five (25%) percent of the CEBA Loan Amount will be forgiven. In such circumstances, this twenty-five (25%) percent (or less as the case may be) outstanding CEBA Loan Amount will be cancelled and the Borrower will not have to repay it.