ERC Receivables definition
ERC Receivables means the Maker’s right to receive a refundable tax credit against certain employment taxes pursuant to the Coronavirus Aid, Relief and Economic Security Act and any payments or proceeds thereof.
Examples of ERC Receivables in a sentence
Maker shall also prepay the Loan, together with accrued interest thereon to the date of prepayment, from any net cash proceeds received from the ERC Receivables in excess of the amount required to pay the ERC Note.
Maker shall prepay the Loan, together with accrued interest thereon to the date of prepayment, in whole or in part, from time to time, from the net cash proceeds received by Maker or any of its Affiliates from the ERC Receivables immediately upon and concurrently with receipt thereby of any such net proceeds.
Any net cash proceeds from the sale of the Entrotech Interests or from the ERC Receivables remaining after the payment of the Loan and the ERC Note in full will be used to pay the US Term Loan and the CA Term Loan.