Paycheck Protection Program Loan. For use when there is a Paycheck Protection Program Loan:
Paycheck Protection Program Loan. The Company was eligible for a loan under the Paycheck Protection Program promulgated pursuant to Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “PPP Loan”) at the time of the application for, acceptance of, and use of the proceeds of such PPP Loan, and at all relevant times has been and remains in compliance in all material respects with the terms and conditions of the PPP Loan and all laws applicable thereto. Any certifications, representations or information supplied by the Company in connection with the PPP Loan were and remain true, complete and correct in all material respects.
Paycheck Protection Program Loan. On the First Closing Date, the Company will prepay in full the unsecured loan incurred by the Company from Silicon Valley Bank under 15 U.S.C. 636(a)(36) (as added to the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business) by Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act, and applicable rules, regulations and official guidance, as modified, amended and/or restated from time to time). The Representatives, on behalf of the several Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one or more of the foregoing covenants or extend the time for their performance.
Paycheck Protection Program Loan. Certain information has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed.
Paycheck Protection Program Loan. The Company has properly and validly obtained and has complied with all applicable laws with respect to its Paycheck Protection Program Loan (the “PPP Loan”), and properly utilized (and documented the utilization of) the proceeds from the PPP Loan in accordance with all applicable laws. Seller shall, at Seller’s expense and with the reasonable assistance of Company, either: (i) secure forgiveness of the PPP Loan, or (ii) repay the outstanding balance on the PPP Loan.
Paycheck Protection Program Loan. Hello Bar LLC (“Hello Bar”), whose sale from Lender to Borrower was contingent upon the execution of this Note, received a Paycheck Protection Program loan in the amount of Ninety Two Thousand One Hundred and Eleven and 00/100 Dollars ($92,111.00) (the “PPP Loan”). Lender, in accordance with that certain Membership Interest Purchase Agreement dated December 29, 2020 by and between Borrower and Lender, shall either: (i) secure forgiveness of the PPP Loan, or (ii) repay the outstanding balance on the PPP Loan. In the event and upon such time as Lender is unable to secure loan forgiveness on the PPP Loan, Borrower and Lender may agree in writing that the Principal Debt shall be reduced by an amount equivalent to the outstanding principal on the PPP Loan. Any reduction to the Principal Debt under this section shall be done in such a manner that is mutually agreed to in writing by Lender and Borrower.
Paycheck Protection Program Loan. The parties acknowledge that, prior to the date of this Agreement, the Company and its subsidiaries have filed paperwork with the applicable institutions to cause the forgiveness of some or all of the loan in the aggregate principal amount of $3,336,000 obtained by the Company pursuant to the Paycheck Protection Program (the “PPP Loan”) and documented pursuant to an amendment to the Credit Agreement. From the date hereof until Closing, the Company and its subsidiaries will use commercially reasonable efforts to provide any additional information and cooperation requested by the parties determining such forgiveness. To the extent the entirety of the PPP Loan is forgiven prior to Closing, the PPP Escrow Amount shall be reduced to $0. To the extent only a portion of the PPP Loan is forgiven prior to the Closing, the PPP Escrow Amount shall be reduced by the amount forgiven. In the event some or all of the PPP Loan is forgiven following the Closing, Buyer and the Seller Representative shall direct the Escrow Agent to release within five (5) Business Days thereafter the forgiven amount from the PPP Escrow Fund to the Sellers in accordance with their respective Management Group Escrow Percentages and the remainder to the Company.
Paycheck Protection Program Loan. The loan issued to JTM Electrical and Technology, LLC under the paycheck protection program, pursuant to that certain note issued by Cornerstone Bank, dated as of April 11, 2020 shall have been forgiven in full.
Paycheck Protection Program Loan. At the time of its application for the loan in the amount of $10 million, as evidenced by that certain promissory note dated April 13, 2020 executed by the Company in favor of Western Alliance Bank (the “PPP Loan”), the Company was eligible to apply for and to receive the PPP Loan. In connection with the PPP Loan, all representations, warranties and certifications of the Company and its officers, managers, directors and employees, if any, to the SBA or the lender making the PPP loan, as applicable, were, when made, true and 42 accurate in all material respects. Since receiving the PPP Loan, the Company has not taken any action and has not failed to take any required action that would reasonably be expected to cause the PPP Loan or any portion thereof to become ineligible for forgiveness under the Paycheck Protection Program or result in the imposition of any fine or penalty (monetary or otherwise, civil or criminal) under applicable Law, including terminating or furloughing employees or reducing the compensation of its employees beyond applicable thresholds or expenditure of proceeds of the PPP Loan on ineligible expenses or in amounts not in compliance with the requirements of the Paycheck Protection Program for forgiveness of the PPP Loan. The Company applied for forgiveness on December 10, 2020. The Company’s incurrence of the PPP Loan was duly authorized and did not materially violate or cause an event of default to occur under any Contract to which the Company is a party or by which any of the assets or properties of the Acquired Companies are bound. The Company is in compliance with the terms of the PPP Loan in all material respects. Except as set forth on Section 3.23 of the Company Disclosure Schedule, the Company has not applied for nor received any other loans or financial assistance from the SBA, the U.S. Department of Treasury or any other Governmental Authority.
Paycheck Protection Program Loan. (a) Parent, on the one hand, and the Company (prior to the Closing) and Sellers’ Representative (from and after the Closing), on the other hand, shall, and shall cause their respective Affiliates to, use their reasonable best efforts to not be in default of or breach under any of the note or other documents provided to the lender in connection with the PPP Loan, and cooperate with each other Party’s reasonable requests in connection with the filing of documents and responding to requests for information requested by any Governmental Authority or lender in respect of the PPP Loan, including any documents or information required to claim forgiveness of all or any portion of the PPP Loan, and promptly inform and deliver to each other Party any and all communications received from, or provided to, any Governmental Authority or lender in respect thereof, and cooperate with and permit each other Party and its representatives to review and provide input on any such communication (including any filings or other written correspondence), documents or information filed in relation thereto and attend proposed meetings with any Governmental Authority or lender in respect thereof.
