PPP Unforgiven Debt definition
PPP Unforgiven Debt means that amount of the PPP Debt that has been determined by the lender of the PPP Debt in the exercise of its reasonable discretion (or the Small Business Administration) to be ineligible for forgiveness pursuant to the provisions of the Paycheck Protection Program; provided that PPP Debt (or the applicable portion thereof) is deemed PPP Unforgiven Debt if (a) the Loan Parties do not timely file an application for forgiveness or do not include any portion of the PPP Debt in an application for forgiveness, (b) any Loan Party gives notice to Agent that the PPP Debt will be PPP Unforgiven Debt, or (c) Agent obtains actual knowledge that the PPP Debt will be PPP Unforgiven Debt.
PPP Unforgiven Debt means that amount of the PPP Debt that has been determined by the lender of the PPP Debt in the exercise of its reasonable discretion (or the Small Business Administration) to be ineligible for forgiveness pursuant to the provisions of the Paycheck Protection Program; provided that PPP Debt (or the applicable portion thereof) is deemed PPP Unforgiven Debt if (a) the Loan Parties do not timely file an application for forgiveness or do not include any portion of the PPP Debt in an application for forgiveness, (b) any Loan Party gives notice to the Agent that the PPP Debt will be PPP Unforgiven Debt, or (c) the Agent obtains actual knowledge that the PPP Debt will be PPP Unforgiven Debt.