Common use of Principal Forgiveness Clause in Contracts

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 Municipality is eligible to receive general Principal Forgiveness for this Project in an amount of up to 3050% 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 3050% Principal ForgivenessForgiveness ($2,100,000 total Principal Forgiveness/$4,269,225 total FAA amount), up to the maximum of $2,100,000.