PPP Indebtedness definition
PPP Indebtedness means, collectively, certain Indebtedness pursuant to the Paycheck Protection Program of the Small Business Administration (a) between Bank of America, as lender, and AgileThought, LLC, as borrower, in the original aggregate principal amount of $310,000, (b) between Bank of America, as lender, and AN USA LLC, as borrower, in the original aggregate principal amount of $42,000 and (c) between Bank of America, as lender, and AGS Alpama Global Services LLC, as borrower, in the original aggregate principal amount of $8,000.
PPP Indebtedness means any Indebtedness of the Company or any of its Subsidiaries, whether outstanding, repaid or Forgiven, obtained by the Company or its Subsidiaries pursuant to the Paycheck Protection Program.
PPP Indebtedness means any Indebtedness (including principal and accrued and unpaid interest) of the Company, including any penalties or premiums that would be associated with the full repayment and retirement of such Indebtedness, arising from any loan obtained by the Company pursuant to the PPP.
Examples of PPP Indebtedness in a sentence
The Company at all applicable times met the eligibility requirements for application and receipt of any PPP Indebtedness and at all applicable times has been in compliance with the CARES Act with respect to any PPP Indebtedness.
The Company’s prior PPP Indebtedness constituted one or more “covered loans” as defined in Section 1102(a)(2)(A) of the CARES Act.
The Company has made available complete and correct copies of the Company’s application for PPP Indebtedness, application for forgiveness of any PPP Indebtedness, all information submitted to the lender of any PPP Indebtedness in support thereof and a copy of the final approval of the forgiveness of all PPP Indebtedness.
As of the Effective Date, (i) all actions by Company necessary to authorize the execution, delivery and performance of the Transaction Documents have been taken (including the adoption of appropriate resolutions of the Governing Body), (ii) no Event of Default has occurred, and (iii) Company has not incurred any additional Indebtedness since the Term Sheet Date other than the PPP Indebtedness.
All of the PPP Indebtedness that the Company or any of its Subsidiaries has ever had has been Forgiven and is no longer outstanding.
More Definitions of PPP Indebtedness
PPP Indebtedness means Indebtedness of the Credit Parties incurred under, or pursuant to, the Paycheck Protection Program contemplated by Section 1102 of the CARES Act.
PPP Indebtedness means, collectively, certain Indebtedness pursuant to the Paycheck Protection Program of the Small Business Administration (a) between Bank of America, as lender, and AgileThought, LLC, as borrower, in the original aggregate principal amount of $7,590,117, (b) between Bank of America, as lender, and AN USA LLC, as borrower, in the original aggregate principal amount of $256,785, (c) between Bank of America, as lender, and 4th Source, LLC, as borrower, in the original aggregate principal amount of $1,242,600, and (d) between Bank of America, as lender, and AGS Alpama Global Services LLC, as borrower, in the original aggregate principal amount of $180,507.
PPP Indebtedness means, collectively, certain Indebtedness pursuant to the Paycheck Protection Program of the Small Business Administration (a) between Bank of America, as lender, and AgileThought, LLC, as borrower, in the original aggregate principal amount of $310,000, (b) between Bank of America, as lender, and AN USA LLC, as borrower, in the original aggregate principal amount of
PPP Indebtedness means Indebtedness of the Credit Parties incurred under, or pursuant to, the Paycheck Protection Program contemplated by Section 1102 of the CARES Act. “Prepayment Date” shall have the meaning set forth in the definition of “Applicable Make-Whole Amount.” “Prime Rate” shall have the meaning set forth in the definition of “Alternate Base Rate.” “Pro Forma Basis” shall mean, (i) for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement and income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (1) in the case of a Specified Disposition or other sale, transfer, or other disposition of all or substantially all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment (including any Permitted Construction Transaction) described in the definition of “Specified Transaction,” shall be included (provided that such income statement items to be included are directly attributable to such transaction, reflected in financial statements or other financial data reasonably acceptable to the Administrative Agent and based upon reasonable assumptions and calculations which are factually supportable and expected to have a continuous impact and subject to clause (b)(vii) of the definition of “Consolidated EBITDA”); and (ii) in the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption, repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness included in the calculations of any financial ratio or test (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes), (i) during the applicable measurement period or (ii) subsequent to the end of the applicable measurement period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma effect to such inc...
PPP Indebtedness means the principal amount of $2,000,000 plus the accrued interest thereon borrowed by the Company from the PPP Lender pursuant to the terms and conditions of the SBA’s Paycheck Protection Program Term Note, dated January 29, 2021, issued pursuant to the terms and conditions promulgated by the SBA and/or the U.S. Department of Treasury concerning the PPP.
PPP Indebtedness means unsecured Indebtedness incurred by a Loan Party under the PPP.
PPP Indebtedness means unsecured Indebtedness incurred after the Second Amendment Effective Date by the Borrower that (a) is incurred pursuant to the Paycheck Protection Program established under the CARES Act and guaranteed by the Small Business Administration, (b) is in an aggregate principal amount not to exceed $2,249,280 at any one time, (c) in respect of which the Borrower (i) promptly, and in any event within 90 days after the date of incurrence of such Indebtedness, applies for forgiveness of an aggregate principal amount of at least $2,024,352 and (ii) in any event, obtains forgiveness of an aggregate principal amount of at least $2,024,352 by no later than October 31, 2020; provided, however, that in the event that the Small Business Administration, through no fault of the Borrower, does not respond to the Borrower’s application for forgiveness (X) by October 31, 2020, the date specified in this clause (c)(ii) shall automatically (without further action by any party) be extended to November 30, 2020 and (Y) by November 30, 2020, the date specified in this clause (c)(ii) shall automatically (without further action by any party) be extended to December 31, 2020, and (d) in respect of which the Borrower is, as of the date of incurrence and at all times thereafter, in compliance with the terms and conditions thereof, including the use of proceeds thereof.