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.

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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

The Buyer PPP Escrow Contribution and the Sellers’ PPP Escrow Contribution will be paid into the PPP Escrow Account at Closing pursuant to Section 2.07(b).
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.
For the avoidance of doubt, no Applicable Net Governmental PPP Program Proceeds Release Amount shall exist in respect of any portion of the PPP Loan unless there is an Applicable Forgiven Amount that has been actually received by the applicable Company(ies) from the PPP Escrow Account.
As further described in the PPP Escrow Agreement, (1) in the event the PPP 2 Loan is forgiven in full, the PPP Escrow Amount will be promptly distributed to Seller, and (2) in the event all or a portion of the PPP 2 Loan is not forgiven, Seller shall promptly cause funds from the PPP Escrow Account to be released to the PPP Lender to satisfy the repayment of such unforgiven amount.

More Definitions of PPP Escrow Account

PPP Escrow Account means the escrow account established with respect to the PPP Escrow Amount under the PPP Escrow Agreement.

PPP Escrow Account means the PPP Escrow Amount, as the same may be increased or decreased from time to time pursuant to the terms of the PPP Escrow Agreement.

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.

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

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

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

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.