SBA PPP Loan Sample Clauses

SBA PPP Loan. Borrower shall: (a) comply with all terms and conditions of the SBA PPP Loan and all requirements of the SBA and Small Business Act related thereto and use the proceeds of the SBA PPP Loan solely for CARES Allowable Uses; (b) ensure that the SBA PPP Loan (i) has a maturity date not less than two (2) years after the date of incurrence of the SBA PPP Loan, (ii) bears interest at a rate not greater than one percent (1%) per annum and (iii) otherwise has terms customary for loans made pursuant to the CARES Act; (c) keep proper records in which full, true, timely and correct entries are made of all dealings and transactions related to the SBA PPP Loan and, upon Collateral Agent’s request, provide such records to Collateral Agent; (d) promptly following the SBA PPP Loan Date and, in any event no later than sixty (60) days following availability of a process at the SBA PPP Loan lender to apply for forgiveness, apply for forgiveness of the maximum amount of SBA PPP Loan possible in accordance with Section 1106 of the CARES Act and provide notice of the status of any and all documentation related to such application for forgiveness to Collateral Agent and, upon Collateral Agent’s request, deliver a certificate of an authorized officer of the Borrower certifying as to the amount of the SBA PPP Loan that will be forgiven pursuant to the provisions of the CARES Act; (e) cause not less than Five Hundred Seventy Nine Thousand Dollars ($579,000) of the SBA PPP Loan to be forgiven by the SBA PPP Loan lender on or before one hundred fifty (150) days after submitting the application for forgiveness (or such longer period as may be prescribed by the SBA); and (f) not amend any provision in any document relating to the SBA PPP Loan or make any prepayment under the SBA PPP Loan.

SBA PPP Loan. (a) Notwithstanding anything contained in the Loan Agreement, including any restrictions on the ability of the Borrower to incur Indebtedness, the Borrower may incur Indebtedness in the form of the SBA PPP Loan.

SBA PPP Loan. Parent and the Borrower will, and will cause each other Loan Party to (a) comply in all material respects with the SBA’s terms and conditions applicable to the SBA PPP Loan, (b) use the proceeds of the SBA PPP Loan only for CARES Allowable Uses, (c) keep necessary and appropriate records relating to the use of the SBA PPP Loan (and provide such records to the Administrative Agent upon the Administrative Agent’s reasonable request), and (d) promptly take all applicable actions, not later than 45 days after the eight-week period immediately following the SBA PPP Loan Date (or such later date as permitted under the CARES Act), to apply for forgiveness of the SBA PPP Loan in accordance with the regulations implementing Section 1106 of the CARES Act (and provide documentation, and status, of such forgiveness to the Administrative Agent upon the Administrative Agent’s reasonable request). [Credit Agreement]

SBA PPP Loan. (i) Borrower shall promptly (but no later than within two (2) Business Days) notify Collateral Agent of execution, consummation, filing, delivery or receipt, of any agreement, instrument, application, document, amendment, modification, waiver, supplement, consent or notice with respect to the SBA PPP Loan (including, without limitation, forgiveness thereof), and with such notification provide to Collateral Agent a copy thereof. (ii) Along with the monthly Compliance Certificate to be delivered pursuant to Section 6.2(b) of this Agreement, Borrower shall deliver to each Lender and Collateral Agent a written summary stating (A) the amount of the SBA PPP Loan outstanding as of the end of the immediately preceding month, (B) the amount of the SBA PPP Loan used in the immediately preceding month by Borrower and (C) the purposes for which the SBA PPP Loan was used in the immediately preceding month; and

SBA PPP Loan. (i) Notwithstanding anything in the Loan Agreement to the contrary, including, without limitation, Section 9.6.4 thereof, Agent and Lenders agree that Borrower may apply for a so-called Paycheck Protection Program loan from the United States Small Business Administration (or any United States Small Business Administration approved lender), provided that: (i) such loan is fully subordinated to the Loan, (ii) such loan shall not be secured by any lien or encumbrance on any of Borrower’s assets, and (iii) the proceeds of such loan shall be used solely for (A) payment of “payroll costs” as defined within the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. No. 116-136 (H.R. 748)) (as the same may be amended, the “CARES Act”), (B) interest payments on the Loan in accordance with the terms of the Loan Agreement, and/or (C) other Operating Expenses, in each instance as permitted under the CARES Act (a loan satisfying the foregoing conditions being hereinafter referred to as a “PPP Loan”). The terms and conditions of any PPP Loan to Borrower shall be subject to Agent’s prior written consent, which may be withheld in Agent’s sole discretion, except for any PPP Loan made by Citizens Bank, N.A. (or another Affiliate of Citizens Financial Group, Inc.) (a “Citizens PPP Loan”), the terms and conditions of which shall be deemed approved by Agent and Lenders without any further notice or request from Borrower. Any PPP Loan satisfying the foregoing conditions and approved by Agent in accordance with the terms hereof shall be deemed Permitted Additional Debt for all purposes under the Loan Agreement.

SBA PPP Loan. Each Loan Party and its Subsidiaries has (i) complied with the SBA’s terms and conditions applicable to the SBA PPP Loan, (ii) used the proceeds of the SBA PPP Loan only for CARES Allowable Uses, (iii) kept necessary and appropriate records relating to the use of the SBA PPP Loan, and (iv) taken all applicable actions, not later than that the earlier of (x) by the date required by the CARES ACT or (y) 45 days after the Effective Date, to apply for forgiveness of the SBA PPP Loan in accordance with the regulations implementing Section 1106 of the CARES Act, unless the Company has already consummated a Going Public Transaction by such date.

SBA PPP Loan. Section 6.14(d) and (e) of the Loan Agreement are hereby amended and restated in their entirety as follows:

SBA PPP Loan. The Obligors shall use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the SBA PPP Loan that is forgiven in accordance with the applicable laws and regulations related to such SBA PPP Loan.

SBA PPP Loan. (a) The Company shall, and shall cause each of its Subsidiaries to, (i) comply in all material respects with all applicable provisions of the Paycheck Protection Program and (ii) use commercially reasonable efforts to conduct its business in a manner that maximizes the amount of the SBA PPP Loan that is forgiven. (b) The Company shall, and shall cause each of its Subsidiaries to, (i) maintain all records required to be submitted in connection with the forgiveness of any SBA PPP Loan, (ii) promptly apply for forgiveness of such SBA PPP Loan in accordance with regulations implementing Section 1106 of the CARES Act in all material respects and (iii) provide each holder of Notes with a copy of its application for forgiveness and supporting documentation reasonably requested by the Required Holders in connection with the forgiveness of any SBA PPP Loan. (c) The Company shall, and shall cause each of its Subsidiaries to, maintain the proceeds of the SBA PPP Loan at the SBA PPP Account.”