Debt Commitment Letters shall have the meaning set forth in Section 5.7(a). Balloon Indebtedness means Long-Term Indebtedness, 25% or more of the original principal amount of which becomes due (either by maturity or mandatory redemption) during any consecutive twelve-month period, if such principa...
000 in student debt forgiven, telling them they received a green light — at least from the Biden administration. The letters don't inform the borrowers how much of their loans had been erased, however.
In the event that at any time any Borrowing Base Deficiency shall exist, promptly (but in no event later than 5 Business Days), the Borrower shall either prepay (x) the Loans (and, to the extent necessary, provide cover for Letters of Credit as contemplated by Section 2.04(k)) so ...
The messages were part of updates the Department of Education issued in November toinform 16 million debt relief applicantsthat they had been approved to have up to $20,000 forgiven. But an additional 9 million people received emails saying they had received loan forgiveness when they had not b...