First PPP Loan definition

First PPP Loan means the loan with a principal amount of $3,207,000 made to the Company by the PPP Lender pursuant to the Paycheck Protection Program under Section 1102, et seq., of the CARES Act and all interest, fees, and any other amounts owing with respect to such loan.
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First PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $30,351 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act.
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First PPP Loan means Borrower’s and/or its affiliate’s receipt of funds from the PPP Loan on or about April 8, 2020. ​
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Examples of First PPP Loan in a sentence

  • Prior to the date hereof, the Company has applied for forgiveness of the First PPP Loan and the Second PPP Loan.

  • Parent will be responsible for any required escrow of funds with the PPP Lender in connection with the First PPP Loan without offset or reduction of the Closing Purchase Price or the Purchase Price Adjustment.

  • The full amount of the First PPP Loan has been forgiven by the U.S. Small Business Administration or repaid prior to Closing.

  • Following the forgiveness determination for the First PPP Loan, any portion of the First PPP Loan that is forgiven will be released to Parent according to the terms of the escrow agreement.

  • The First PPP Loan has been fully forgiven and the Company has no further Indebtedness or Liabilities with respect thereto.

  • Similar to the First PPP Loan, the Company expects to meet PPP’s eligibility criteria and has concluded that the PPP loan represents, in substance, a grant that is expected to be forgiven.

  • The Company may also apply to have certain amounts forgiven under the same terms as the First PPP Loan.

  • Accordingly, the Company has recognized the forgiveness of the First PPP Loan into Finance and other income in the three months ended March 31, 2021.

  • As the Company received an EIDL advance and a PPP loan, the EIDL advance portion will be applied against the First PPP Loan forgiveness amount as repayment to the SBA upon approval of the First PPP Loan forgiveness application.

  • Subsequent to March 31, 2021, the First PPP Loan including interest was forgiven in full.


More Definitions of First PPP Loan

First PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $474,800.00 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act. “GAAP” means United States generally accepted accounting principles in effect from time to time. “Government Contract” means (i) any Contract, including prime contract, subcontract, teaming agreement or arrangement, joint venture, basic ordering agreement, pricing agreement, letter contract or other similar arrangement of any kind, or (ii) or any bid made which, if accepted, would result in a Contract, between Seller, on the one hand, and (a) any Governmental Authority, (b) any prime contractor of a Governmental Authority in its capacity as a prime contractor, or (c) any subcontractor at any tier with respect to any Contract of a type described in clauses (a) or (b) above. “Governmental Authority” means any foreign, federal, state, regional or local authority, agency, body, court or instrumentality exercising executive, legislative, judicial, regulatory or administrative functions. “Hazardous Materials” means: (a) any flammable, ignitable, corrosive, reactive, radioactive, explosive, chemical, hazardous, toxic or dangerous substance, product, liquid, pollutant, contaminant, waste or other regulated material; (b) asbestos, asbestos containing materials; (c) oil and petroleum based products and natural gas, natural gas liquids; (d) liquefied natural gas, and synthetic gas usable for fuel; and (e) industrial process and pollution control wastes, whether or not hazardous within the meaning of the Federal Resource Conservation and Recovery Act.
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Related to First PPP Loan

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • Term Advance has the meaning specified in Section 2.01(a).

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Commercial loan means a loan that is not made primarily for

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

  • Tranche A Loan shall have the meaning set forth in Section 2.01(a).

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Facility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.