PPP Debt definition
PPP Debt means Indebtedness in respect of those certain unsecured loans to the Borrower from Wood & ▇▇▇▇▇▇ Bank under the PPP.
PPP Debt has the meaning set forth in Section 6.01(hh).
PPP Debt has the meaning ascribed thereto in clause (v) of the definition of “Permitted Indebtedness”.
Examples of PPP Debt in a sentence
All PPP Debt of the Company has been forgiven by the SBA, as consented to by People’s Bank of Seneca, as of the date hereof, and no Company has any Liabilities with respect thereto.
More Definitions of PPP Debt
PPP Debt means, with respect to any Obligor, Debt incurred by such Person in connection with a PPP Loan.
PPP Debt means the unsecured Indebtedness of Potbelly Sandwich Works to the PPP Lender in an initial principal amount of $10,000,000 incurred pursuant to a loan made by the PPP Lender to Potbelly Sandwich Works under and in accordance with 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act) and which has been fully forgiven in accordance with the CARES act.
PPP Debt means that certain note in the original principal amount of $1,091,647 borrowed by the Company from Silicon Valley Bank under the Paycheck Protection Program under the CARES Act. “Pre-Closing Taxes” means any Taxes of the Company relating or attributable to any Pre- Closing Tax Period (without regard to whether such Taxes are due and payable as of the Closing Date) and any Tax of a Person other than the Company for which the Company is liable under Treasury Regulations Section 1.1502-6 (or any similar provision of any Legal Requirement) by reason of its membership in a consolidated, combined, affiliated, unitary or similar group for Tax purposes prior to the Closing; provided that, the term Pre-Closing Taxes will exclude (1) any Taxes resulting from any transactions at the direction of Acquiror occurring on the Closing Date after the Closing outside the ordinary course of business (other than as contemplated by this Agreement or any related Contract), (2) any Taxes to the extent included as a liability in the calculation of Closing Company Debt, Closing Cash, Unpaid Transaction Expenses and Closing Working Capital, each as finally determined pursuant to Section 1.9(b), and (3) any Transfer Taxes to the extent to be borne by Acquiror under Section 6.5(h). “Pre-Closing Tax Period” means (i) any taxable period ending on or before the Closing Date and (ii) with respect to a Straddle Period, any portion thereof ending on and including the Closing Date. “Pro Rata Share” means, as to each Indemnifying Person who has properly submitted Exchange Documents and an Optionholder Release Agreement (each, to the extent applicable), the quotient obtained by dividing (i) the aggregate amount of Total Consideration Value which such Indemnifying Person is entitled to receive in respect of such Indemnifying Person’s shares of Company Stock and Company Options pursuant to Section 1.8 by (ii) the aggregate amount of Total Consideration Value which all Indemnifying Persons who have properly submitted Exchange Documents and an Optionholder Release Agreement (each, to the extent applicable) are entitled to receive in respect of their shares of Company Stock and Company Options pursuant to Section 1.8 (assuming for such purposes that the full Holdback Fund and the full Expense Fund Amount are, paid to the Indemnifying Persons, without interest). For purposes of the foregoing, the Acquiror Stock will be valued at the Acquiror Stock Price. “Property Taxes” means all real property Tax...
PPP Debt means the aggregate amount of (a) the unpaid principal amount of, and accrued interest on, and all other amounts payable in respect of, all indebtedness, whether contingent or not, for borrowed money of the Company as of the Closing, if any, pursuant to or arising out of any PPP Loans under Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), adopted as part of the CARES Act (including the PPP Loans) or any other relief or stimulus programs with respect to COVID-19, (b) all interest accruing on any the indebtedness set forth in clause (a) through the earlier of repayment or forgiveness in full of such indebtedness, and (c) all premiums, fees, taxes, and expenses payable under or with respect to any indebtedness set forth in clause (a) (including, but not limited to, any premiums, fees, taxes, and expenses payable in connection with repayment or forgiveness of such indebtedness).
PPP Debt means Indebtedness in respect of those certain unsecured loans to the Borrower from ▇▇▇▇ & ▇▇▇▇▇▇ Bank under the PPP. “Prime Rate” means, for any day, a rate per annum that is equal to the rate of interest established by the Administrative Agent as its prime rate from time to time or, if no such rate is then established, the rate of interest quoted by the Wall Street Journal as the “Prime Rate” or, if the Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date that such change is publicly announced or quoted as being effective. -45-
PPP Debt means unsecured Debt of CPM to Zions Bancorporation, N.A. dba Amegy Bank in an aggregate principal amount not to exceed $361,400 advanced by any governmental authority (including the Small Business Administration) or any other Person acting as a financial agent of a governmental authority or any other Person to the extent such Debt is guaranteed by a governmental authority (including the Small Business Administration), in each case pursuant to the CARES Act – Title I.
PPP Debt has the meaning assigned to such term in Section 6.01(n). “PPP Deposit Account” has the meaning assigned to such term in Section 5.15(c). “PPP Lender” means Harvest Small Business Finance, LLC. “PPP Loan Documents” means the note or loan agreement evidencing the PPP Debt and any other documents, certificates, agreements and instruments delivered in connection with the PPP Debt, as amended or otherwise modified in accordance with the terms thereof and hereof. “PPP Permitted Uses” means uses of the PPP Debt that are permitted by 15 U.S.C. 636(a)(36)(F)(i) (as added to the Small Business Act by Section 1102 of the CARES Act). “PPP Specified Forgivable Uses” means uses of the PPP Debt that are eligible for forgiveness under Section 1106 of the CARES Act and otherwise in compliance with all other 27