PPP Loan Escrow Amount definition

PPP Loan Escrow Amount has the meaning set forth in Section 2.04(a)(v).

PPP Loan Escrow Amount means the amount outstanding under the PPP Loan as of the Closing Date.

PPP Loan Escrow Amount means an amount in cash equal to all accrued principal and interest under the PPP Loan.

Examples of PPP Loan Escrow Amount in a sentence

• The Purchaser shall fund into the PPP Loan Escrow Account, in cash by direct wire transfer, the PPP Loan Escrow Amount pursuant to Section 2.1.1(ii)(d).

• At the Closing, the PPP Loan Escrow Amount shall be withheld from the Aggregate Merger Consideration and deposited into the escrow account designated by the PPP Lender pursuant to the PPP Escrow Agreement to pay for all or any portion of the PPP Loan that is not forgiven by the U.S. Small Business Administration following the Closing.

• If an escrow account is established to hold the PPP Loan Escrow Amount at the closing, such amount or a portion thereof, as applicable, will be distributed as merger consideration to American Robotics’ Stockholders upon a determination by the SBA that one or both of the PPP loans are forgivable under the CARES Act.

• Notwithstanding the foregoing, for the avoidance of doubt, under no circumstances will the Buyer or any Company Entity be required to make any payments in respect of any PPP Loan other than through a disbursement of the PPP Loan Escrow Amount.

• Upon any payment to Sellers of amounts from the Adjustment Escrow Amount, the PPP Loan Escrow Amount and any portion of the Final Adjustment Amount (which, for the avoidance of doubt, would be paid to Sellers’ Representative (for disbursement to Sellers)), Sellers’ Representative will have the right to recover Sellers’ Representative Expenses from each Seller (in accordance with each Seller’s proportionate share of the Merger Consideration).

More Definitions of PPP Loan Escrow Amount

PPP Loan Escrow Amount means an amount equal to the outstanding principal balance and accrued interest in respect of the PPP Loan to the extent not forgiven as of the Effective Time.

PPP Loan Escrow Amount. $3,422,200, less any principal amount of the PPP Loan that has been forgiven by the SBA or repaid by London, together with accrued interest through the maturity date for the PPP Loan.

PPP Loan Escrow Amount means $2,025,695.90.

PPP Loan Escrow Amount means (i) if there is any Indebtedness owed by the Acquired Companies on the PPP Loan as of the Closing, then the aggregate amount of such Indebtedness as of the Closing plus an amount equal to the amount of interest that would be accrued on such Indebtedness as of the maturity date of the PPP Loan plus an amount equal to the fees payable to the PPP Loan Escrow Agent; and (ii) in all other cases, $0.

PPP Loan Escrow Amount is defined in Section 6.11(a).

PPP Loan Escrow Amount means the Specified Amount, as certified in the Specified Amount Certificate.

PPP Loan Escrow Amount is defined in Section 2.2(c) of this Agreement.