Principal Forgiveness Clause Samples

Principal Forgiveness. Schedule B contains or will contain the provisions related to any principal forgiveness for which Loan and the Interim Loan qualifies (if any). Except as described in Schedule B, principal forgiveness will be applied to reduce or retire the Interim Loan Note upon completion of the Project. Notwithstanding anything herein to the contrary, Schedule B may be amended by the Trust from time to time upon notice to the Borrower (i) to reflect any change to the amount, if any, of principal forgiveness expected to be applied to the Loan or the Interim Loan, (ii) to comply with any additional conditions or restrictions applicable to the Trust and/or the Borrower resulting from the source(s) of funds used by the Trust to provide such principal forgiveness and (iii) to make such other changes as the Trust, in its sole reasonable discretion, deems advisable to permit the orderly administration of principal forgiveness.

Principal Forgiveness. At Loan Closing, the Authority shall forgive 100% of the principal amount of the Loan.

Principal Forgiveness. The amount of principal forgiveness shall be determined on each disbursement made to the Borrower pursuant to Section 4.1 hereof. The District will forgive the repayment of up to 64.9% of the amounts disbursed, not to exceed $3,000,000 in total, to the Borrower.

Principal Forgiveness. Certain loans may be awarded principal forgiveness if the project will return a non compliant public water supply system to compliance with MCL requirements. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. The principal forgiveness will be provided on the date of the final loan disbursement. KDHE reserves the right to increase the principal forgiveness as needed to meet requirements of Public Law 111-88. The principal forgiveness amount will be calculated at 30% of the final loan amount associated with the qualifying portion of project that returns the public water supply system to compliance with MCL requirements. The standard conditions applicable to the Loan are:

Principal Forgiveness. Certain loans may be awarded principal forgiveness if the project will return a non-compliant public water supply system to compliance with MCL requirements. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. The principal forgiveness will be provided on the date of the final loan disbursement. KDHE reserves the right to increase the principal forgiveness as needed to meet requirements of Public Law. The principal forgiveness amount will be calculated at 30% of the final loan amount associated with the qualifying portion of project that returns consolidates public water supply systems. Certain loans may be awarded principal forgiveness if the municipality is designated as a Disadvantaged Community by KDHE. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. Principal forgiveness in an amount equal to each approved disbursement request will applied to the loan 30 days after the disbursement is made. The municipality will be responsible for paying interest and service fee costs semiannually for any accrual that is calculated during this period.] The standard conditions applicable to the Loan are:

Principal Forgiveness. The Municipality is eligible to receive general Principal Forgiveness for this Project in an amount of up to 30% of the total eligible Project Costs, up to a cap of $2,100,000, as indicated on the State Fiscal Year 2024 CWFP Funding List. The CWFP awards $2,100,000 in general Principal Forgiveness for the Project through this FAA. The CWFP will process all disbursements at a rate of 30% Principal Forgiveness, up to the maximum of $2,100,000.

Principal Forgiveness. The Corporation and the proposed project qualifies for $500,000 in principal forgiveness and $3,055,000 in financing at zero percent interest as a small/rural entity.

Principal Forgiveness. The City of Two Rivers is eligible to receive up to $598,976 in general principal forgiveness funding through this project. All disbursements will be disbursed at a 30% principal forgiveness rate.

Principal Forgiveness. (a) With respect to requests for mortgage assistance received on any Potentially Eligible Loans on or after the date referred to in Subparagraph (c) below, no Approved Subservicer shall forgive principal on any first-lien Subserviced Loan in an amount that would yield a target loan to value ratio, after the forgiveness, that is less than 115% of value as evidenced by an independent BPO provided by a BPO Provider (provided that, Approved Subservicers shall be permitted to reduce principal below 115% of value if necessary to forgive a minimum $1,000 of principal). (b) JPMorgan agrees to comply with this provision for any loans in Settlement Trusts not transferred to an Approved Subservicer; provided that JPMorgan shall not be required to alter its valuation policies and procedures for any such loans. (c) The provisions in this Paragraph 8 shall take effect no later than ninety (90) days following the Agreement Date.