Examples of Income threshold in a sentence
We will call any period when you are entitled to Low Income Forbearance a “Verified Income Forbearance Period”; any calendar year during which your Income was Verified to be less than that year’s Income Threshold a “Verified Low Income Year”; and a Verified Low Income Year during which you are entitled to Debt Forgiveness in accordance with § 23 Verified Forgiveness Year.
However, if we are unable to determine that your Income for an examined period is below the Income Threshold, or we determine that your Income for the examined period of time was above the Income Threshold, then you will have a “Failed Income Exam”.
You may qualify for Low Income Forbearance in a month when your Income for that month is less than or equal to that year’s Income Threshold divided by twelve (12).
During any Verified Forgiveness Year, you agree to notify us promptly when your Income meets or exceeds the Income Threshold.
If we determine later that your Income during a Verified Forgiveness Year actually met or exceeded the Income Threshold in contravention of statements you made to us, then you will have a “Failed Income Forgiveness.” Upon a Failed Income Forgiveness, you will be in breach of this Agreement, and you will not be entitled to Low Income Debt Forgiveness and will immediately owe any ‘forgiven’ payments for the year of the Failed Income Forbearance.