Paycheck Protection Program Loans Clause Samples
Paycheck Protection Program Loans. 5.3.1 The following Subsidiaries received loans under the U.S. Paycheck Protection Program:
(a) Inneractive USA Inc. in an aggregate principal amount of USD 341,442.00;
(b) Fyber Inc. in an aggregate principal amount of USD 880,283.75 (together, the "PPP Loans").
5.3.2 The Sellers hereby undertake vis-à-vis the Purchaser to exercise, to the extent legally permitted, any potential influence on the Company and its board members to the effect that the respective Subsidiary will use best efforts to obtain debt forgiveness with regard to the PPP Loans. If the PPP Loans are not forgiven ten (10) Business Days prior to Closing, the relevant Subsidiary shall repay the outstanding principal amount under the PPP Loans out of cash at hand prior to Closing. The Sellers shall indemnify and hold harmless the relevant Subsidiary from and against any claims and obligations under the PPP Loans if and to the extent they have not been repaid prior to Closing.
Paycheck Protection Program Loans. If, at the time of Closing, Existing Operators have received funds from the Paycheck Protection Program (“PPP") which funds have not been either (i) forgiven in writing by the Small Business Administration or the PPP lender as applicable, or (ii) repaid in full, then Existing Operators shall comply with the requirements set forth in the SBA Procedural Notice effective as of October 2, 2020 (the “SBA Notice”), including, but not limited to, completion and submission of a forgiveness application to the PPP lender and establishing an escrow with such lender as required by the SBA Notice.