PPP Deposit Account definition

PPP Deposit Account has the meaning assigned to such term in Section 5.15(c).
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PPP Deposit Account has the meaning assigned to such term in Section 5.15(c). “PPP Lender” means Harvest Small Business Finance, LLC. “PPP Loan Documents” means the note or loan agreement evidencing the PPP Debt and any other documents, certificates, agreements and instruments delivered in connection with the PPP Debt, as amended or otherwise modified in accordance with the terms thereof and hereof. “PPP Permitted Uses” means uses of the PPP Debt that are permitted by 15 U.S.C. 636(a)(36)(F)(i) (as added to the Small Business Act by Section 1102 of the CARES Act). “PPP Specified Forgivable Uses” means uses of the PPP Debt that are eligible for forgiveness under Section 1106 of the CARES Act and otherwise in compliance with all other 27
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PPP Deposit Account means each deposit account maintained by the PPP Borrower with the PPP Lender solely for the purposes of receiving and disbursing the proceeds of the PPP Loans, and into which, for purposes of clarification, no other funds, will be deposited.
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Examples of PPP Deposit Account in a sentence

  • Seller shall be treated for Tax purposes as not having received any amount deposited in the PPP Deposit Account except and until such amount is actually disbursed to Seller or the PPP Lender in accordance with Section 7.07(a) and the PPP DACA.

  • If, as of the last Business Day of any week, (i) Revolving Loans are outstanding and (ii) the Consolidated Cash Balance( other than funds o n deposit in the PPP Deposit Account consisting of the proceeds of the PPP Debt) exceeds $10,000,000 as of the end of such Business Day, then the Borrower shall, on the next Business Day thereafter, prepay the Revolving Loans in an aggregate principal amount equal to such excess.


More Definitions of PPP Deposit Account

PPP Deposit Account has the meaning set forth in Section 2.06(g). “PPP Deposit Amount” means $1,084,561.00. “PPP Lender” means First Business Bank. “PPP Loan” means the indebtedness related to that certain Promissory Note, dated as of April 15, 2020, by and between Seller and the PPP Lender, entered into in connection with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). “Pre-Closing Tax Period” means any Tax period ending on or before the Closing Date and that portion of any Straddle Period ending on the Closing Date. “Privacy Laws” has the meaning set forth in Section 3.27(a). “Proceeding” means any action, arbitration, audit, claim, dispute, hearing, investigation, litigation, proceeding, or suit (whether civil, criminal, administrative, judicial or investigative, whether formal or informal, whether public or private) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Entity or arbitrator. “Property Taxes” means all real property Taxes, personal property Taxes and similar ad valorem Taxes. “Purchase Price” has the meaning set forth in Section 2.04. “RCRA” means the Resources Conservation and Recovery Act, 42 U.S.C. 6901, et seq. “Resolution Period” has the meaning set forth in Section 2.07(a). “Restricted Affiliate” means, with respect to Seller, a Person that directly or indirectly, through one or more intermediaries, (i) is Controlled by, or is under common Control with, Seller, or (ii) beneficially owns more than 3.5% of Seller’s shares. “Restricted Period” has the meaning set forth in Section 5.10(a). “Review Period” has the meaning set forth in Section 2.07(a). “Schedules” means the schedules attached to this Agreement. “Second Earnout Payment” has the meaning set forth in Section 2.06(d). “Selected Employees” means those Business Employees identified on Schedule 3.13(a). “Seller” has the meaning set forth in the Preamble. “Seller Group Members” means Seller and any Affiliates thereof, and their respective successors and assigns. “Seller Intellectual Property Assignment” has the meaning set forth in Section 10.07.
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PPP Deposit Account has the meaning given to such term in the definition of “Excluded Deposit Accounts”.
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Related to PPP Deposit Account

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Controlled Deposit Account means each Deposit Account (including all funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by any Loan Party with a financial institution approved by the Administrative Agent.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Excluded Deposit Account means (a) any deposit account exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such and (b) any Xxxxx Cash Accounts.

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Security Deposit Account has the meaning given in Section 5.1.

  • Excluded Deposit Accounts means, collectively, (i) payroll and payroll taxes accounts, workers’ compensation accounts and other employee wage and benefit payment accounts and xxxxx cash accounts, (ii) trust accounts and (iii) deposit accounts other than Collection Accounts and Collateral Deposit Accounts (as each such term is defined in the Revolving Credit Agreement), so long as the aggregate amount on deposit in all such deposit accounts does not exceed $2,500,000 in the aggregate at any time.

  • Deposit Account Agreement means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian’s internet customer portal, “xx.xxxxxxxxxxx.xxx”.

  • Deposit Accounts means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Deposit Account Control Agreement means an agreement, in form and substance reasonably satisfactory to the Administrative Agent, among any Loan Party, a banking institution holding such Loan Party’s funds, and the Administrative Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by such Loan Party with such banking institution.

  • Securities Account is any “securities account” as defined in the Code with such additions to such term as may hereafter be made.

  • Deposit Account Control Agreements means the deposit account control agreements or blocked account agreements in a form that is reasonably satisfactory to the Agent to be executed by each institution maintaining a deposit account or securities account for any of the Credit Parties, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations to the extent required by Section 4.14(g) or any other provision of this Agreement or any Other Document.

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Securities Accounts (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time).

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • Deposit Account Bank means a financial institution at which a Deposit Account is maintained.

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Investment Account As defined in Section 3.12(a).

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.