PPP Escrow Fund definition

PPP Escrow Fund has the meaning set forth in Section 2.4.
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PPP Escrow Fund has the meaning set forth in Section 2(b)(iii).
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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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Examples of PPP Escrow Fund in a sentence

  • 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.

  • 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.

  • 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.

  • If the Company receives a PPP Loan Forgiveness Determination after the Closing Date, the PPP Escrow Fund shall be disbursed in accordance with the PPP Loan Escrow Account Agreement.

  • 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.

  • 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.

  • 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.

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

  • 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.


More Definitions of PPP Escrow Fund

PPP Escrow Fund means the PPP Escrow Amount together with any interest, dividends, gains and other income thereon.
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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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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 indemnity escrow account established by the Escrow Agent pursuant to the Escrow Agreement.

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