CARES Debt definition

CARES Debt means the PPP Loan.

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CARES Debt has the meaning set forth in Section 10.1.17.

CARES Debt means unsecured Indebtedness in an aggregate principal amount not to exceed $835,300 advanced by (a) any Governmental Authority (including the Small Business Administration) or any other Person acting as a financial agent of a Governmental Authority or (b) any other Person to the extent such Indebtedness under this clause (b) is guaranteed by a Governmental Authority (including the Small Business Administration), in each case, pursuant to the CARES Act; provided that, unless otherwise approved by the Lender, CARES Debt shall (i) be used by the Borrower solely for purposes permitted under the CARES Act, (ii) have a maturity date not less than two (2) years after the date of incurrence of the CARES Debt, (iii) bear interest at a rate not greater than one percent (1%) per annum, (iv) not require any payments of principal prior to maturity, and (v) otherwise have terms customary for loans made pursuant to the CARES Act, taken as a whole.

Examples of CARES Debt in a sentence

• All applications, documents and other information submitted to any Governmental Authority with respect to the CARES Debt shall be true and correct.

• No Lender or any of its Affiliates is deemed an “affiliate” of any Obligor or any of its Subsidiaries for any purpose related to the CARES Debt, including the eligibility criteria with respect thereto.

• Obligors agree to, and will cause each of their Subsidiaries to (i) deposit all proceeds from CARES Debt into a segregated Deposit Account (the “CARES Account”) that is specially and exclusively used to hold proceeds of CARES Debt, (ii) not commingle their funds that are not proceeds of CARES Debt with the proceeds of CARES Debt and (iii) use funds from the CARES Account solely for CARES Act Permitted Purposes and before using any other cash on hand to pay expenses that are CARES Act Permitted Purposes.

• Without limiting anything in the foregoing, Obligors shall cause the proceeds of the CARES Debt to be deposited in a Deposit Account that is not subject to the cash dominion of Agent or any other secured party, and shall ensure that the proceeds of the CARES Debt are not used to repay other Indebtedness.

• Anything to the contrary contained in this Agreement notwithstanding, agree to any amendment, restatement, supplement, waiver or other modification of the CARES Debt if the effect of such amendment, restatement, supplement, waiver or other modification would be materially adverse to Obligors or the Lenders.

More Definitions of CARES Debt

CARES Debt means any loan by (i) any Governmental Authority (including the Small Business Administration) or any other Person acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such loan is guaranteed by a Governmental Authority (including the Small Business Administration), in each case pursuant to the CARES Act - Title I.

CARES Debt means Indebtedness advanced by (i) any Governmental Authority (including the U.S. Small Business Administration) or any other Person acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such Indebtedness under this clause (ii) is guaranteed by a Governmental Authority (including the U.S. Small Business Administration), in each case pursuant to the Title I of the Coronavirus Aid, Relief and Economic Security Act, as amended, supplemented or otherwise modified from time to time (including any successor thereto).

CARES Debt means unsecured Indebtedness incurred by one or more of the Loan Parties pursuant to and in accordance with the Paycheck Protection Program administered by the U.S. Small Business Administration in accordance with Sections 1102 and 1106 of the Coronavirus Aid, Relief and Economic Security Act (P.L. 116-136) and the rules promulgated thereunder, in each case, as in effect on May 1, 2020 (the “CARES Act”).”;

CARES Debt means unsecured Indebtedness of any Restricted Subsidiary acquired in connection with a Permitted Acquisition (but not in contemplation of such Permitted Acquisition) to the extent such Indebtedness was advanced by (i) any Governmental Authority (including the Small Business Administration) or any other Person acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such Indebtedness under this clause (ii) is guaranteed by a Governmental Authority (including the Small Business Administration), in each case pursuant to the CARES Act.

CARES Debt means unsecured Indebtedness incurred by one or more of the Loan Parties pursuant to and in accordance with the Paycheck Protection Program administered by the U.S. Small Business Administration in accordance with Sections 1102 and 1106 of the Coronavirus Aid, Relief and Economic Security Act (P.L. 116-136) and the rules promulgated thereunder, in each case, as in effect on April 24, 2020 (the “CARES Act”).”

CARES Debt has the meaning set forth in Section 7.1(e).

CARES Debt has the meaning assigned to such term in Section 9.02(k).