Forgivable Loans definition

Forgivable Loans means any (i) loans given to employees (that are not officers and directors) or consultants of the Company or to any Parent Entity of the Company that are made in the ordinary course of business and (ii) loans given in connection with hiring and expansion activities of the Company or a Restricted Subsidiary in the ordinary course of business.
View Source
Forgivable Loans. So long as no uncured Events of Default have occurred under any of the Loan Documents securing these Notes, the aggregate loan principal amount of up to Two Hundred Fifty Thousand and no/100 Dollars ($250,000) for a minimum of eight (8) acquisitions, shall be forgiven in the amount borrowed for each individual property at the time that each property is sold to a qualified low-moderate income buyer.
View Source

Examples of Forgivable Loans in a sentence

  • Eligible Projects will receive City Fee Waivers, SAWS Impact Fee Waivers, Real Property Tax Reimbursement Grants, Inner City Incentive Fund Loans, and Mixed Use Development Forgivable Loans based on the terms outlined in the CCHIP.

  • The purpose of the appropriation in 9 Section 2 is to provide $2,000,000 in funding to the Downtown 10 Development Fund – Forgivable Loans account to provide a $2,000,000 11 forgivable loan to the Developer in accordance with the Redevelopment 12 Agreement.

  • Make or assume any Forgivable Loan, or permit any Subsidiary so to do, if immediately before or after giving effect thereto, the aggregate principal amount of Forgivable Loans of the Borrower and the Subsidiaries on a Consolidated basis shall exceed $45,000,000 (excluding Forgivable Loans acquired pursuant to an Acquisition permitted pursuant to Section 7.4).