PPP Escrow Fund definition

PPP Escrow Fund has the meaning set forth in Section 2(b)(iii).
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PPP Escrow Fund has the meaning set forth in Section 2.4.
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PPP Escrow Fund means the escrow account established by the PPP Escrow Agent to hold the PPP Escrow Amount.
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Examples of PPP Escrow Fund in a sentence

  • In the event that any portion of the PPP Loan is not forgiven (any such amount which is not forgiven, the “Unforgiven PPP Loan Amount”), the PPP Lender will be entitled to recover such Unforgiven PPP Loan Amount from the PPP Escrow Fund and, if such Unforgiven PPP Loan Amount is less than the amounts then in the PPP Escrow Fund (such remainder, the “PPP Escrow Remainder”), the PPP Lender will release the PPP Escrow Remainder to the Company (prior to Closing) or Atlas (after the Closing), as applicable.

  • In the event the PPP Loan is forgiven in whole, the PPP Lender shall, in accordance with the Escrow Agreement, release to the Company (prior to Closing) or Atlas (after the Closing), as applicable, all amounts then contained in the PPP Escrow Fund.

  • Notwithstanding the foregoing, following the Closing, Company shall not, and Parent covenants and agrees that it will not permit Company to, (y) amend or modify the PPP Escrow Agreement in any manner or (z) consent, authorize or approve the disbursement of the PPP Escrow Fund in a manner inconsistent with the terms set forth in this Section 1.6(b) and the PPP Escrow Agreement, in each case, without obtaining the prior written consent of the Securityholders’ Agent.

  • Further to the PPP Escrow Agreement, within five (5) Business Days following the PPP Forgiveness Date, the remainder of the PPP Escrow Fund shall be released to the Stockholders’ Agent for further distribution to the Company Stockholders based on their Pro Rata Portions.

  • Except for the obligation of Buyer described in the preceding sentence, as between the Equityholders, on the one hand, and Buyer and its Affiliates (including, after the Closing, the Acquired Companies), on the other hand, all Liabilities associated with the Company PPP Loan, including any obligations to PPP Lender or relating to the establishment or maintenance of the PPP Escrow Fund will be the responsibility of the Equityholders in accordance with their respective Allocated Share.

  • The PPP Escrow Fund shall be held by the PPP Escrow Agent to secure payment of the PPP Loan.

  • All purely fixed regimes were assigned a value of 1 and all the remaining regimes were assigned the value 0.

  • The PPP Escrow Fund will be the sole source for repayment in full of the Company PPP Loan, and if for any reason such amount is not sufficient, the Equityholders will be solely responsible in accordance with their respective Allocated Share for payment of, and will pay, any additional amounts to repay the portion of the Company PPP Loan which is not forgiven or any and all fees and expenses payable in connection with or other obligations owed to, the PPP Lender or other parties in connection therewith.

  • In the event some or all of the PPP Loan is forgiven following the Closing, Buyer and the Seller Representative shall direct the Escrow Agent to release within five (5) Business Days thereafter the forgiven amount from the PPP Escrow Fund to the Sellers in accordance with their respective Management Group Escrow Percentages and the remainder to the Company.


More Definitions of PPP Escrow Fund

PPP Escrow Fund means $537,162.60 or, to the extent a portion, but not all, of the PPP Loan has been forgiven by the SBA prior to the Closing Date, a lesser amount equal to the unforgiven portion of the PPP Loan as of the Closing Date together with two years of simple interest thereon at rate of 1% accruing from the Closing Date (with the precise lesser amount to be escrowed to be calculated by PPP Lender), in each case as may be required to be funded to and deposited by Parent, on behalf and for the benefit of the Company pursuant to the Company’s obligations under the PPP Loan Escrow Account Agreement, with PPP Lender pursuant to Section 6.7(d) of this Agreement.
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PPP Escrow Fund means the PPP Escrow Amount together with any interest, dividends, gains and other income thereon.
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Related to PPP Escrow Fund

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Indemnity Escrow Amount means $3,000,000.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Escrow Funds means the Advance funds deposited with the Escrow Agent pursuant to this Agreement.

  • Escrow Cash is defined in Section 4.1(a).

  • Adjustment Escrow Fund means the Adjustment Escrow Amount deposited with the Escrow Agent, as such amount may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any interest or other amounts earned thereon.

  • Adjustment Escrow Funds means, at any time, the portion of the Adjustment Escrow Amount then remaining in the Adjustment Escrow Account.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Indemnity Escrow Agreement means the Indemnity Escrow Agreement substantially in the form attached hereto as Exhibit B, among the Sellers, the Buyers and the Escrow Agent.

  • Escrow Property means the Escrow Funds and the Certificates delivered to the Escrow Agent as contemplated by Section 1(c) hereof.

  • Qualified escrow fund means an escrow arrangement with a federally or state-chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars where such arrangement requires that such financial institution hold the escrowed funds’ principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds’ principal except as consistent with section 453C.2, subsection 2, paragraph “b”.

  • Escrow Deposit has the meaning set forth in Section 2.1.

  • Indemnification Escrow Fund has the meaning set forth in Section 2.12(a).

  • Indemnification Escrow Amount has the meaning set forth in Section 2.2(b).

  • Deposit Escrow Agreement has the meaning set forth in Section 2.2.

  • Adjustment Escrow Account means the escrow account established by the Escrow Agent pursuant to the Escrow Agreement for purposes of holding the Adjustment Escrow Amount and any interest or earnings accrued thereon or in respect thereof.

  • Adjustment Escrow Amount means $1,000,000.

  • Tax and Insurance Escrow Fund shall have the meaning set forth in Section 7.2 hereof.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Working Capital Escrow Amount means $2,000,000.

  • Closing Escrow Agreement means the Closing Escrow Agreement, dated as of the date hereof, between the Placement Agent, the Company and the Escrow Agent pursuant to which the Investors shall deposit their Investment Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder, in the form of Exhibit B hereto.

  • Holdback Amount has the meaning set forth in Section 2.1(c).

  • Escrowed Funds Has the meaning, with respect to any Trust, specified in Section 2.02(b).

  • Escrowed Property has the meaning set forth in the Escrow Agreement.

  • Holdback has the meaning set forth in Section 4.1(d)(i).