Common use of SBA PPP Loan Clause in Contracts

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. 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; (dc) promptly following the SBA PPP Loan Date and, (but in any event no later than sixty (60) days after the eight-week period immediately following availability of a process at the SBA PPP Loan lender to apply for forgivenessDate), 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; (ed) cause not less than Five Three Million Three Hundred Seventy Nine Thousand Dollars ($579,0003,300,000.00) 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 September 30, 2020, (or such longer period other amount and/or by such other time as may be prescribed consented to by the SBARequired Lenders in writing); and (fe) not amend any provision in any document relating to the SBA PPP Loan or make any voluntary prepayment under the SBA PPP Loan (other than a prepayment in the amount of $894,000 made on or before May 7, 2020).” 4. Section 8.2(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: (a) Borrower or any of its Subsidiaries fails or neglects to perform any obligation in Sections 6.2 (Financial Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Notice of Litigation and Default), 6.11 (Landlord Waivers; Bailee Waivers), 6.12 (Creation/Acquisition of Subsidiaries), 6.13 (Further Assurances) or 6.14 (SBA PPP Loan.) or Borrower violates any covenant in Section 7;” 5. Section 8.6 of the Loan Agreement is hereby amended and restated in its entirety as follows:

SBA PPP Loan. Borrower shall: (a) comply 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 LoanInitial Disbursement Date, (ii) bears interest at a rate not greater than one percent (1%) per annum 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, (but in any event no later than sixty (60) 45 days after the eight-week period immediately following availability of a process at the SBA PPP Loan lender to apply for forgivenessDate), 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) use its best efforts to cause not less than Five Hundred Seventy Nine Thousand Dollars ($579,000) $ 1,500,000 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 other amount as may be prescribed consented to by the SBARequired Lenders in writing in their discretion); and (f) not amend any provision in any document relating to the SBA PPP Loan without written notice to and consent from the Required Lenders (which consent the Required Lenders may withhold in their discretion) or make any prepayment under the SBA PPP Loan.

SBA PPP Loan. Borrower shall: (a) comply in all material respects 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 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 inform the Collateral Agent of the receipt of the funds from the SBA PPP Loan; (e) promptly following the SBA PPP Loan Date and, (but in any event no later than sixty (60) 45 days after the eight-week period immediately following availability of a process at the SBA PPP Loan lender to apply for forgivenessDate (the “Forgiveness Application Period”)), 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; (ef) cause not less than Five Hundred Seventy Nine Thousand Dollars ($579,000) 541,084 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 October 1, 2020, (or such longer period other amount and/or by such other time as may be prescribed consented to by the SBARequired Lenders in writing); and (fg) not amend any provision in any document relating to the SBA PPP Loan in a manner adverse to the Lenders or make any prepayment under the SBA PPP Loan; provided that, during the Forgiveness Application Period, the Borrower shall be permitted, on a single occasion, to make a prepayment of the SBA PPP Loan for such amount as Borrower reasonably determines is not eligible for forgiveness in accordance with Section 1106 of the CARES Act.

SBA PPP Loan. Borrower shall: (a) comply with all material terms and conditions of the SBA PPP Loan and all applicable 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 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, (but in any event no later than sixty forty-five (6045) days after the eight-week period immediately following availability of a process at the SBA PPP Loan lender to apply for forgivenessDate), apply for forgiveness of the maximum amount of SBA PPP Loan possible permissible 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) use best efforts to cause not less than Five Hundred Seventy Nine Thousand Dollars ($579,000500,000.00) 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 September 30, 2020, (or such longer period other amount and/or by such other time as may be prescribed consented to by the SBARequired Lenders in writing and such consent shall not be unreasonably withheld); and (f) not amend any material provision in any document relating to the SBA PPP Loan or nor make any prepayment under of the SBA PPP LoanLoan unless such prepayment is necessary or advisable due to change in the applicable law or guidance issued by the SBA. 4. Section 7.12 of the Loan Agreement is hereby amended and restated in its entirety as follows: