Common use of Repayment of Forgivable Loan - Failure to Meet Job Obligations Clause in Contracts

Repayment of Forgivable Loan - Failure to Meet Job Obligations. If the Business has fulfilled 50% or more of its Job Obligations, a pro rata percentage will be forgiven for each new FTE job created/retained at the time the repayment amount is calculated (e.g. at the Project Completion Date or the date an Event of Default occurred) Any balance (shortfall) will be amortized over a two (2) year period (beginning at the at the time the repayment amount is calculated (e.g. at the Project Completion Date or the date an Event of Default occurred) at six (6%) percent interest per annum with equal monthly payments, and, interest will be charged at six (6%) percent per annum from the date of the first VAAPFAP disbursement on the shortfall amount with that amount accrued as of the Project Completion Date being due and payable immediately.