PPP Escrow Account definition

PPP Escrow Account means the segregated account in which the PPP Escrow Amount is held by the PPP Escrow Agent pursuant to the PPP Escrow Agreement.

PPP Escrow Account means an account with the PPP Lender into which the PPP Loan Amount will be funded by one of the Surf Entities or NewCo at Closing pursuant to Section 5.16(b) to be held pursuant to the PPP Escrow Agreement.

PPP Escrow Account has the meaning set forth in Section 2.11(d).

Examples of PPP Escrow Account in a sentence

• Such shares may be previously issues shares reacquired by the Corporation or authorized but unissued shares.

• Any remaining funds in a PPP Escrow Account equal to the amount that was forgiven should be disbursed in accordance with the PPP Escrow Agreement to the Sellers or Xxxx.

• 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.

• At their option, Sellers may satisfy this condition through the PPP Escrow Account.

• 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.

More Definitions of PPP Escrow Account

PPP Escrow Account means the interest-bearing bank account designated by the PPP Escrow Agent to be controlled by the PPP Lender, held, invested, and distributed by the PPP Escrow Agent under the PPP Escrow Agreement.

PPP Escrow Account means the account established pursuant to the PPP Escrow Agreement.

PPP Escrow Account means the interest-bearing escrow account controlled by the Escrow Agent.

PPP Escrow Account has the meaning set forth in Section l .4(a).

PPP Escrow Account means the separate account maintained by the PPP Escrow Agent to hold the PPP Escrow Amount (and any interest accrued thereon) pursuant to the terms of the Escrow Agreement.

PPP Escrow Account is defined in Section 2.4.1(g).

PPP Escrow Account means the interest-bearing deposit account, account number 50017426185, opened in the name of “Straight Smile LLC PPP Escrow FBO First Republic Bank” and for the benefit of the PPP Lender.