Common use of Forgiveness of Interest Clause in Contracts

Forgiveness of Interest. Provided that: (a) an Event of Default has not occurred and is not continuing; (b) the Borrower achieves the Cumulative Job Target at the Project Facility by the end of the Cumulative Job Target Period; and (c) upon receipt, by the Lender, of a document executed by the Borrower, entitled, “Request for Forgiveness—Interest Incentive”, in the form of Schedule “G”, attached hereto, within thirty (30) days following the last day of the Incentive Period, any Interest due and payable upon the Loan with respect to the Incentive Period only shall be completely forgiven by the Lender. Interest due and payable upon the Loan during the Post-Incentive Period shall not be forgiven under any circumstances whatsoever.

Forgiveness of Interest. Provided that: (a) an Event of Default has not occurred and is not continuing; (b) the Borrower achieves the Cumulative Job Target at the Project Facility by the end of the Cumulative Job Target Period; and (c) upon receipt, by the Lender, of a document executed by the Borrower, entitled, “Request for Forgiveness—Interest Incentive”, in the form of Schedule “G”, attached hereto, within thirty (30) days following the last day of the Incentive Period, any Interest due and payable upon the Loan with respect to during the Incentive Period only shall be completely forgiven by the Lender. Interest due and payable upon the Loan during the Post-Incentive Period shall not be forgiven under any circumstances whatsoever.