Paycheck Protection Program Loan. For use when there is a Paycheck Protection Program Loan:
Paycheck Protection Program Loan. On the First Closing Date, the Company will prepay in full the unsecured loan incurred by the Company from Silicon Valley Bank under 15 U.S.C. 636(a)(36) (as added to the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business) by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act, and applicable rules, regulations and official guidance, as modified, amended and/or restated from time to time). The Representatives, on behalf of the several Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one or more of the foregoing covenants or extend the time for their performance.
Paycheck Protection Program Loan. The Company was eligible for a loan under the Paycheck Protection Program promulgated pursuant to Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “PPP Loan”) at the time of the application for, acceptance of, and use of the proceeds of such PPP Loan, and at all relevant times has been and remains in compliance in all material respects with the terms and conditions of the PPP Loan and all laws applicable thereto. Any certifications, representations or information supplied by the Company in connection with the PPP Loan were and remain true, complete and correct in all material respects.
Paycheck Protection Program Loan. Certain information has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed.
Paycheck Protection Program Loan. The Company has properly and validly obtained and has complied with all applicable laws with respect to its Paycheck Protection Program Loan (the “PPP Loan”), and properly utilized (and documented the utilization of) the proceeds from the PPP Loan in accordance with all applicable laws. Seller shall, at Seller’s expense and with the reasonable assistance of Company, either: (i) secure forgiveness of the PPP Loan, or (ii) repay the outstanding balance on the PPP Loan.
Paycheck Protection Program Loan. Hello Bar LLC (“Hello Bar”), whose sale from Lender to Borrower was contingent upon the execution of this Note, received a Paycheck Protection Program loan in the amount of Ninety Two Thousand One Hundred and Eleven and 00/100 Dollars ($92,111.00) (the “PPP Loan”). Lender, in accordance with that certain Membership Interest Purchase Agreement dated December 29, 2020 by and between Borrower and Lender, shall either: (i) secure forgiveness of the PPP Loan, or (ii) repay the outstanding balance on the PPP Loan. In the event and upon such time as Lender is unable to secure loan forgiveness on the PPP Loan, Borrower and Lender may agree in writing that the Principal Debt shall be reduced by an amount equivalent to the outstanding principal on the PPP Loan. Any reduction to the Principal Debt under this section shall be done in such a manner that is mutually agreed to in writing by Lender and Borrower.
Paycheck Protection Program Loan. The parties acknowledge that, prior to the date of this Agreement, the Company and its subsidiaries have filed paperwork with the applicable institutions to cause the forgiveness of some or all of the loan in the aggregate principal amount of $3,336,000 obtained by the Company pursuant to the Paycheck Protection Program (the “PPP Loan”) and documented pursuant to an amendment to the Credit Agreement. From the date hereof until Closing, the Company and its subsidiaries will use commercially reasonable efforts to provide any additional information and cooperation requested by the parties determining such forgiveness. To the extent the entirety of the PPP Loan is forgiven prior to Closing, the PPP Escrow Amount shall be reduced to $0. To the extent only a portion of the PPP Loan is forgiven prior to the Closing, the PPP Escrow Amount shall be reduced by the amount forgiven. In the event some or all of the PPP Loan is forgiven following the Closing, Buyer and the Seller Representative shall direct the Escrow Agent to release within five (5) Business Days thereafter the forgiven amount from the PPP Escrow Fund to the Sellers in accordance with their respective Management Group Escrow Percentages and the remainder to the Company.
Paycheck Protection Program Loan. Notwithstanding anything to the contrary in the Loan Agreement or Loan Documents, with respect to money borrowed by Borrower pursuant to the Paycheck Protection Program and permitted under Section 15(g)(iv) of the Loan Agreement (as amended by this Amendment) (the “PPP Loan”), the parties hereto agree as follow:
Paycheck Protection Program Loan. Borrower has complied and is in compliance with (i) the terms and conditions of the PPP Loan Documents and all other documentation entered into in connection therewith, and (ii) all PPP Law and Rules, in each case other than immaterial instances of non-compliance which have been cured.”
Paycheck Protection Program Loan. Due to economic uncertainty as a result of the ongoing pandemic (“COVID-19”), on May 14, 2020, the Company received an aggregate principal amount of $964,910 pursuant to the borrowing arrangement (“Note”) with Harvest Small Business Finance, LLC (“HSBF”) and agreed to pay the principal amount plus interest at a 1% fixed interest rate per year, on the unpaid principal balance. The Note includes forgiveness provisions in accordance with the requirements of the Paycheck Protection Program, Section 1106 of the CARES Act. The Note was expected to mature on May 16, 2025. Payments were due by November 16, 2020 (the “Deferment Period”) and interest was accrued during the Deferment Period. However, the Flexibility Act, which was signed into law on June 5, 2020, extended the Deferment Period to the date that the forgiven amount is remitted by the United States Small Business Administration (“SBA”) to HSBF. On October 25, 2021, the Company received a letter from HSBF indicating the Company’s SBA PPP loan has been forgiven in full by HSBF and was recorded as a $964,910 gain on forgiveness of debt located in other income-loan forgiveness. Schedule 3.1 (ff) Accountants Company’s Accounting Firm: Mxxx Axxxx LLP 2000 Xxxx Xxxxxx, Xxxxx 000 Xxxxxx, XX 00000 (949) 221-400 Schedule 4.9
