Examples of PPP Escrow Account in a sentence
In the event the PPP Loan is not fully satisfied or forgiven prior to Closing, then after Closing and until the PPP Loan is fully satisfied or forgiven, Sellers will cause the PPP Escrow Account to remain fully funded with the entirety of the PPP Escrow Amount.
Such shares may be previously issues shares reacquired by the Corporation or authorized but unissued shares.
In furtherance of the foregoing, such instructions shall also instruct the PPP Lender to remit to the Surviving Company any excess funds in the PPP Escrow Account that are not required to repay the PPP Loan, and if the PPP Escrow Account has insufficient funds to repay the PPP Loan, then the Surviving Company shall directly fund any remaining amounts necessary to fully pay off and discharge the PPP Loan.
In the event the PPP Loan is not forgiven in whole or in part following the Closing, within five (5) Business Days of the SBA’s or PPP Lender’s final decision to deny full forgiveness of the PPP Loan, the Surviving Company shall instruct to the PPP Lender to use the funds in the PPP Escrow Account to repay the outstanding portion of the PPP Loan.