PPP. If, as of the Closing Date, any member of the Seller Group has any outstanding loan or loans issued pursuant to the Small Business Administration’s Paycheck Protection Program (“PPP”) that would be an Assumed Liability, the balance for which has not been paid to the PPP lender or forgiven pursuant to the PPP, then such member of the Seller Group shall escrow any outstanding loan balance with its respective PPP lender pursuant to SBA Notice, Control No. 5000-20057, effective October 2, 2020, and any updated guidance.
Appears in 2 contracts
Sources: Purchase Agreement (GPB Holdings II, LP), Purchase Agreement (Group 1 Automotive Inc)