EIDL Loan definition

EIDL Loan means a loan pursuant to the Covid-19 Economic Injury Disaster Loan, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

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EIDL Loan means that certain Economic Injury Disaster Loan (SBA Loan #1343947905) dated June 10, 2020 from the U.S. Small Business Administration to the Company in the principal amount of $126,200.

EIDL Loan means the obligations under that certain Loan Authorization and Agreement dated June 20, 2020, by and between the Company and the U.S. Small Business Administration and each other agreement or other document executed in connection therewith.

Examples of EIDL Loan in a sentence

To its Knowledge in good faith, Seller meets the eligibility requirements for application and receipt of the PPP Loan and EIDL Loan and is otherwise in compliance in all material respects with the CARES Act with respect to the same.
Seller has used 100% of the proceeds of such PPP Loan solely for PPP Forgivable Uses, and has used the EIDL Loan solely for permitted purposes under the Covid-19 Economic Injury Disaster Loan terms pursuant to the CARES Act.
The EIDL Loan is secured by a security interest in all of the Company’s assets.
The Collateral Agent shall received evidence, satisfactory in form and substance to the Required Holders in their reasonable discretion, of the payment in full of the EIDL Loan.
The Company was eligible to receive the PPP Loans under the requirements of the CARES Act, the EIDL Loan under the rules of the U.S. Small Business Administration and as otherwise provided by applicable Law.
Within forty five (45) days (or such longer period as may be agreed to by the Required Holders acting in their sole discretion) of the Closing Date, the Loan Parties shall deliver to the Collateral Agent evidence, satisfactory in form and substance to the Required Holders, of the release of any Lien or other security interest related to the EIDL Loan.
Except for the PPP Loans and EIDL Loan, the Company has not received any payment or incurred any Loss pursuant to, arising out of or other in connection with the Paycheck Protection Program (pursuant to the CARES Act), the U.S. Small Business Administration or any similar funds from federal, state and local Governmental Authority relief programs.
The Company shall use the proceeds of the Notes hereunder only as follows: (i) first, for the payment of fees and expenses in connection with the transactions contemplated hereunder and in the other Note Documents, (ii) second, for the repayment in full in cash of the EIDL Loan and (iii) third, for general working capital purposes.
The EIDL Loan bears interest at 3.75% per annum and matures on May 22, 2050.
As of the Closing, the EIDL Loan has been repaid in full (including principal, interest, and other associated fees or costs) and no Seller Party has any further obligations with respect thereto.

More Definitions of EIDL Loan

EIDL Loan means the economic injury disaster loan in the amount of $159,900.00 from the Small Business Administration to Borrower.

EIDL Loan means the Secured Disaster Loan for the sum of $150,000 made by the U.S. Small Business Administration to the Company pursuant to a Loan Authorization Agreement dated June 25, 2020 and a Note and Security Agreement of even date therewith.

EIDL Loan means that certain promissory note, dated June 10, 2020, in the principal amount of $150,000 issued to the U.S. Small Business Administration pursuant their economic injury disaster loan program.

EIDL Loan means that certain $150,000 COVID-19 Economic Injury Disaster Loan from the SBA to MTC, secured by substantially all personal property assets of MTC and guaranteed by Bruce Corwin, as subsequently increased to $500,000, and including any amendments, modifications, or supplements thereto.