the “forgivable Loan” will be 100% taxable as it will then be deemed income by the IRD. It won’t matter if you were a long track cadet and used the entire loan for your training. It will be deemed income and taxed at the highest rate.
Without wanting to go against the flavour of your post, I'm not sure you can make that statement.
If the 'loan' is indeed a loan, one which CX can claim repayment for (not necessarily cash), to the tune of being able to 'bond' you, then it will not be deemed as taxable income.
It isn't income, and it isn't a gift. There are conditions of repayment, therefore it is a loan. At least, that is, if they can use it as a conduit for bonding.