Government Assistance Indebtedness. (a) The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) use all of the proceeds of Government Assistance Indebtedness issued under the CARES Act exclusively for CARES Forgivable Uses, if applicable, in the manner required under the CARES Act to obtain forgiveness of the largest possible amount of such Government Assistance Indebtedness, which as of the First Amendment Date requires that the applicable borrower use not less than 75% of the proceeds of Government Assistance Indebtedness for CARES Payroll Costs and (2) use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the Government Assistance Indebtedness that is forgiven, if any. (b) Notwithstanding anything contained in this Agreement, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain the proceeds of Government Assistance Indebtedness in an account that does not sweep funds and thereafter apply them to any other Indebtedness. (c) If the Parent, the Borrower or any Subsidiary incurs Government Assistance Indebtedness, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) maintain all records required to be submitted in connection with the forgiveness of such Government Assistance Indebtedness, (2) apply for forgiveness of such Government Assistance Indebtedness in accordance with regulations implementing Section 1106 of the CARES Act within 30 days after the last day of the eight week period immediately following the date of incurrence of such Government Assistance Indebtedness and (3) provide the Administrative Agent with a copy of its application for forgiveness and all supporting documentation required by the SBA or the lender of such Government Assistance Indebtedness in connection with the forgiveness of such Government Assistance Indebtedness.
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Samples: Credit Agreement (Sunstone Hotel Investors, Inc.), Credit Agreement (Sunstone Hotel Investors, Inc.)
Government Assistance Indebtedness. (a) The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) use all of the proceeds of Government Assistance Indebtedness issued under the CARES Act exclusively for CARES Forgivable Uses, if applicable, in the manner required under the CARES Act to obtain forgiveness of the largest possible amount of such Government Assistance Indebtedness, which as of the First Amendment Date requires that the applicable borrower use not less than 75% of the proceeds of Government Assistance Indebtedness for CARES Payroll Costs and (2) use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the Government Assistance Indebtedness that is forgiven, if any..
(b) Notwithstanding anything contained in this Agreement, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain the proceeds of Government Assistance Indebtedness in an account that does not sweep funds and thereafter apply them to any other Indebtedness..
(c) If the Parent, the Borrower or any Subsidiary incurs Government Assistance Indebtedness, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) maintain all records required to be submitted in connection with the forgiveness of such Government Assistance Indebtedness, (2) apply for forgiveness of such Government Assistance Indebtedness in accordance with regulations implementing Section 1106 of the CARES Act within 30 days after the last day of the eight week period immediately following the date of incurrence of such Government Assistance Indebtedness and (3) provide the Administrative Agent with a copy of its application for forgiveness and all supporting documentation required by the SBA or the lender of such Government Assistance Indebtedness in connection with the forgiveness of such Government Assistance Indebtedness..
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Government Assistance Indebtedness. (a) The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) use all of the proceeds of Government Assistance Indebtedness issued under the CARES Act exclusively for CARES Forgivable Uses, if applicable, in the manner required under the CARES Act to obtain forgiveness of the largest possible amount of such Government Assistance Indebtedness, which as of the First Amendment Date requires that the applicable borrower use not less than 75% of the proceeds of Government Assistance Indebtedness for CARES Payroll Costs and (2) use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the Government Assistance Indebtedness that is forgiven, if any..
(b) Notwithstanding anything contained in this Agreement, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain the proceeds of Government Assistance Indebtedness in an account that does not sweep funds and thereafter apply them to any other Indebtedness..
(c) If the Parent, the Borrower or any Subsidiary incurs Government Assistance Indebtedness, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) maintain all records required to be submitted in connection with the forgiveness of such Government Assistance Indebtedness, (2) apply for forgiveness of such Government Assistance Indebtedness in accordance with regulations implementing Section 1106 of the CARES Act within 30 days after the last day of the eight week period immediately following the date of incurrence of such Government Assistance Indebtedness and (3) provide the Administrative Agent with a copy of its application for forgiveness and all supporting documentation required by the SBA or the lender of such Government Assistance Indebtedness in connection with the forgiveness of such Government Assistance Indebtedness..
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Government Assistance Indebtedness. (a) The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) use all of the proceeds of Government Assistance Indebtedness issued under the CARES Act exclusively for CARES Forgivable Uses, if applicable, in the manner required under the CARES Act to obtain forgiveness of the largest possible amount of such Government Assistance Indebtedness, which as of the First Amendment Date requires that the applicable borrower use not less than 75% of the proceeds of Government Assistance Indebtedness for CARES Payroll Costs and (2) use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the Government Assistance Indebtedness that is forgiven, if any..
(b) Notwithstanding anything contained in this Agreement, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain the proceeds of Government Assistance Indebtedness in an account that does not sweep funds and thereafter apply them to any other Indebtedness..
(c) If the Parent, the Borrower or any Subsidiary incurs Government Assistance Indebtedness, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (1) maintain all records required to be submitted in connection with the forgiveness of such Government Assistance Indebtedness, (2) apply for forgiveness of such Government Assistance Indebtedness in accordance with regulations implementing Section 1106 of the CARES Act within 30 days after the last day of the eight week period immediately following the date of incurrence of such Government Assistance Indebtedness and (3) provide the Administrative Agent with a copy of its application for forgiveness and all supporting documentation required by the SBA or the lender of such Government Assistance Indebtedness in connection with the forgiveness of such Government Assistance Indebtedness..
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