Second PPP Loan definition

Second PPP Loan means the loan with a principal amount of $2,000,000 made to the Company by PPP Lender pursuant to the Paycheck Protection Program Second Draw Loans under Section 311, et seq., of the Economic Aid Act and all interest, fees, and any other amounts owing with respect to such loan.
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Second PPP Loan means the second PPP Loan obtained by Borrower and/or its affiliate (funded after January 13, 2021). ​
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Second PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $474,820.00 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act. “Selling Expenses” means (whether or not disclosed): (a) the aggregate fees and expenses owed by any Seller Party related to the Transactions, including all fees and expenses associated with (i) legal, accounting, Tax, management, investment banking or other counsel, (ii) obtaining approvals, consents and waivers from a Governmental Authority that arise as a result of the consummation of the Transactions, and (iii) obtaining the release and termination of Liens on the Purchased Assets; and (b) any unpaid change in control, severance or similar payment obligations of Seller, including any employer portion of all social security, Medicare, unemployment and other similar employment Taxes that Seller incurs with respect thereto. “Service Provider” means an employee or independent contractor utilized by the Business at any time on or prior to the Closing Date. “Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment, FICA, withholding, excise, severance, stamp, occupation, premium, windfall profits, customs duties, capital stock, franchise, profits, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or unclaimed property or other tax, assessment, fee, duty or charge of any kind whatsoever imposed by any Governmental Authority, including any interest, penalty, or addition thereto, whether disputed or not, and including any obligations to indemnify or otherwise assume or succeed to the tax liability of any other Person by reason of Contract, assumption, transferee liability, operation of Applicable Law, Treasury Regulations §1.1502-6 (or any predecessor or successor thereof, or any analogous or similar provision under Applicable Law), or otherwise. “Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and any amendment ...
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Examples of Second PPP Loan in a sentence

  • If the PPP Lender confirms in writing (for clarity, following review and approval by the Small Business Administration) that all or any portion of the Second PPP Loan has been forgiven, then, promptly after receipt of such confirmation, the PPP Lender shall release the funds held by it pursuant to the PPP Escrow Agreement to Seller.

  • On or before the Closing Date, the Seller Parties have prepared (at the sole cost and expense of the Seller Parties) and submitted any and all documentation required to seek forgiveness of all or a portion of the Second PPP Loan in accordance with the CARES Act.

  • Notwithstanding any of the foregoing and for the avoidance of doubt, in the event Buyer is required to repay any portion of the Second PPP Loan (whether in the form of principal, interest, penalties, fees, costs or otherwise) other than through the retention by the PPP Lender of all or any portion of the Second PPP Escrow Amount, any such repayment shall constitute Losses recoverable from the Seller Parties in accordance with item (d) of Section 8.2.

  • The parties hereto acknowledge and agree that it is anticipated that any portion of the PPP Escrow Amount that is not forgiven shall be retained by the PPP Lender pursuant to the terms of the PPP Escrow Agreement in satisfaction of the outstanding balance of the Second PPP Loan.

  • The parties agree that any portion of the escrowed funds released by Cross River Bank to the Company following the forgiveness of all or any portion of the Second PPP Loan shall be released to the Seller Representative (who shall receive such amount on behalf of the Seller and KR).

  • The outstanding principal balance of the Second PPP Loan on the date hereof is $98,312.48.

  • Following the forgiveness determination for the Second PPP Loan, one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to the ▇▇▇▇ Group and one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to Parent, according to the terms of the escrow agreement.

  • Prior to the date hereof, the Company has applied for forgiveness of the First PPP Loan and the Second PPP Loan.

  • The ▇▇▇▇ Group and Parent will each be responsible for one-half (1/2) of any required escrow of funds with the PPP Lender in connection with the Second PPP Loan (or in the event that the ▇▇▇▇ Group’s portion of such amount cannot be escrowed or is not subject to forgiveness, it shall be treated as Company Debt).


More Definitions of Second PPP Loan

Second PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $165,365 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act.
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