SBA PPP Loans definition

SBA PPP Loans means all the one-time loans (and any potential future loans under such similar program) obtained by any of the Borrowers incurred under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act) under the Small Business Act, as amended.
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SBA PPP Loans means unsecured Indebtedness incurred by Borrower under the SBA Paycheck Protection Loan Program.
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SBA PPP Loans all the one-time loans (and any potential future loans under such similar program) obtained by any of the Borrowers incurred under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 1102 of the CARES Act) under the Small Business Act, as amended.
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Examples of SBA PPP Loans in a sentence

  • See Early Delinquency, CARES Act Modifications, and SBA PPP Loans below for additional information.

  • The Borrowers and their use of the SBA PPP Loans will comply in all material respects with the applicable requirements of the CARES Act.

  • The Borrowers acknowledge that as of the Closing Date, in order to obtain forgiveness of the largest possible amount of the SBA PPP Loans, the Borrowers would not be allowed to use less than 60% of each SBA PPP Loan proceeds for CARES Payroll Costs, subject to amendment.

  • The Borrowers will (i) use all of the proceeds of any SBA PPP Loan exclusively for CARES Forgivable Uses in the manner required under the CARES Act, as amended, to obtain forgiveness of the largest possible amount of such SBA PPP Loan and (ii) take all commercially reasonable steps to have the SBA PPP Loans forgiven pursuant to the CARES Act and use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the SBA PPP Loans that is forgiven.

  • Exposure in Vulnerable Industries Hotel By Geography Iowa, 49% Florida, 18% Minnesota, 22% Wisconsin, 4% Colorado, 1% Other, 6% Portfolio Characteristics - Hotel Loan Balance Outstanding (000s) $ 117,009 Number of Loans 82 Average Loan Size (000s) $ 1,427 Average Note Term (months) 56 Loan-to-Value (Average) 64 % SBA PPP Loans - Number 26 SBA PPP Loans - Dollars (000s) $ 2,195 • Lending focus is on experienced, local developers within the Bank's trade areas.

  • The Loan Parties will (i) use all of the proceeds of any SBA PPP Loan exclusively for CARES Forgivable Uses in the manner required under the CARES Act, as amended, to obtain forgiveness of the largest possible amount of such SBA PPP Loan and (ii) take all commercially reasonable steps to have the SBA PPP Loans forgiven pursuant to the CARES Act and use commercially reasonable efforts to conduct their business in a manner that maximizes the amount of the SBA PPP Loans that is forgiven.

  • The Loan Parties and their use of the SBA PPP Loans will comply in all material respects with the applicable requirements of the CARES Act.

  • The Loan Parties acknowledge that as of the Closing Date, in order to obtain forgiveness of the largest possible amount of the SBA PPP Loans, the Loan Parties would not be allowed to use less than 60% of each SBA PPP Loan proceeds for CARES Payroll Costs, subject to amendment.

  • See Early Delinquency, Payment Deferral Programs, and SBA PPP Loans below for additional information.

  • The aggregate principal amount of the SBA PPP Loans outstanding as of the date of this Agreement is $1,698,000.


More Definitions of SBA PPP Loans

SBA PPP Loans means loans incurred by certain Subsidiaries of the Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 11.02 of the CARES Act).
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SBA PPP Loans means loans incurred by certain Subsidiaries of the Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 11.02 of the CARES Act). “SBA PPP Loan Date” means the date on which the applicable Subsidiary of the Borrower receives the proceeds of the applicable SBA PPP Loan. “Secured Parties” means (a) Administrative Agent, (b) each Lender (including the Swing Line Lender), (c) the L/C Issuer, (d) each Affiliate of a Lender (or any Person that was a Lender or an Affiliate of a Lender at the time of the entering into such agreement or arrangement) to which any Loan Party is obligated in respect of Hedging Liability and/or Funds Transfer and Deposit Account Liability, and (e) each Related Party entitled to indemnification under Section 11.13.
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SBA PPP Loans means loans incurred by certain Subsidiaries of the Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section 11.02 of the CARES Act). “SBA PPP Loan Date” means the date on which the applicable Subsidiary of the Borrower receives the proceeds of the applicable SBA PPP Loan. “Secured Parties” means (a) Administrative Agent, (b) each Lender (including the Swing Line Lender), (c) the L/C Issuer, (d) each Affiliate of a Lender (or any Person that was a Lender or an Affiliate of a Lender at the time of the entering into such agreement or arrangement) to which any Loan Party is obligated in respect of Hedging Liability and/or Funds Transfer and Deposit Account Liability, and (e) each Related Party entitled to indemnification under Section 11.13. “Security Agreement” means that certain Pledge and Security Agreement dated the date of this Agreement among Borrower and the Guarantors and Administrative Agent, in the form attached hereto as Exhibit K, as the same may be amended, modified, supplemented or restated from time to time. “Seller Note” means that certain Subordinated Seller Note, dated as of the date hereof, by Borrower in favor of the holder thereof in the form attached as Exhibit B to the Closing Date Acquisition Agreement, as in effect on the date hereof, the obligations of Borrower under which shall constitute Subordinated Debt. “Senior Secured Funded Debt” means, at any time the same is to be determined, the portion of Total Funded Debt outstanding at the time which is secured by a Lien on any assets of the Borrower or any of its Subsidiaries. “Senior Secured Leverage Ratio” means, as of the last day of any fiscal quarter of Borrower, the ratio of Senior Secured Funded Debt as of the last day of such fiscal quarter to EBITDA of Borrower and its Subsidiaries for the period of four fiscal quarters then ended. “Small Business Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aide to Small Business). “SOFR” means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York) or a successor administrator of the secured overnight financing rate). “SOFR Loan” means a Loan bearing interest based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate.” “Specified Acquisition Agreement Representations” means such of the representations made by, or with respect to, the Closing Date Target and its Subsidiaries in the Closing Date Acquisition Agreem...
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Related to SBA PPP Loans

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • U.S. Revolving Loans has the meaning set forth in Section 2.1(a).

  • New Loans means Loans made by the Failed Bank after the Bid Valuation Date that are not continuations, amendments, modifications, renewals, extensions, refinancings, restructurings, or refundings of or for any then existing Loan.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Second Lien Loans means “Loans” under and as defined in the Second Lien Credit Agreement.

  • Canadian Revolving Loans means the Loans extended by the Canadian Revolving Lenders to the Canadian Borrower pursuant to Section 2.01(b).

  • Revolving Loans shall have the meaning assigned to such term in Section 2.1(a).

  • Bridge Loans means the Loans (as defined in the Bridge Credit Agreement).

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Original Loans means the loans and other extensions of credit outstanding under the Original Credit Agreement as of the Effective Date.

  • New Revolving Loans as defined in Section 2.25.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • U.S. Loans means, individually and collectively as the context may require, the U.S. Revolving Loans, the U.S. Swingline Loans, the U.S. Overadvances, and the U.S. Protective Advances.

  • Other Revolving Loans shall have the meaning assigned to such term in Section 2.21.

  • Revolving Loan Notes means the promissory notes of the Borrower provided pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually or collectively, as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Domestic Loans means CD Loans or Base Rate Loans or both.

  • Delayed Draw Term Loans has the meaning as set forth in Section 2.5(a).

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Existing Revolving Loans has the meaning specified in Section 2.7(a).

  • Incremental Loans has the meaning assigned to such term in Section 2.22(a).

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility