Paycheck Protection Program. If, as of the Closing Date, a Contributor has any outstanding loan or loans issued pursuant to the Small Business Administration’s Paycheck Protection Program (“PPP”), the balance for which has not been paid to the PPP lender or forgiven pursuant to the PPP, then such Contributor must escrow any outstanding loan balance with its PPP lender pursuant to SBA Notice 10-2-20 and any updated guidance.
Appears in 4 contracts
Samples: Dealership Asset Contribution Agreement (LMP Automotive Holdings, Inc.), Dealership Asset Contribution Agreement (LMP Automotive Holdings, Inc.), Dealership Asset Contribution Agreement (LMP Automotive Holdings, Inc.)
Paycheck Protection Program. If, as of the Closing Date, a Contributor has any outstanding loan or loans issued pursuant to the Small Business Administration’s Paycheck Protection Program (“PPP”), the balance for which has not been paid to the PPP lender or forgiven pursuant to the PPP, then such Contributor must escrow any outstanding loan balance with its respective PPP lender pursuant to SBA Notice 10-2-20 and any updated guidance.
Appears in 2 contracts
Samples: Dealership Asset Contribution Agreement (LMP Automotive Holdings, Inc.), Dealership Asset Contribution Agreement (LMP Automotive Holdings, Inc.)
