Second PPP Loan definition

Second PPP Loan means the loan with a principal amount of $2,000,000 made to the Company by PPP Lender pursuant to the Paycheck Protection Program Second Draw Loans under Section 311, et seq., of the Economic Aid Act and all interest, fees, and any other amounts owing with respect to such loan.
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Second PPP Loan means the second PPP Loan obtained by Borrower and/or its affiliate (funded after January 13, 2021). ​
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Second PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $474,820.00 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act. “Selling Expenses” means (whether or not disclosed): (a) the aggregate fees and expenses owed by any Seller Party related to the Transactions, including all fees and expenses associated with (i) legal, accounting, Tax, management, investment banking or other counsel, (ii) obtaining approvals, consents and waivers from a Governmental Authority that arise as a result of the consummation of the Transactions, and (iii) obtaining the release and termination of Liens on the Purchased Assets; and (b) any unpaid change in control, severance or similar payment obligations of Seller, including any employer portion of all social security, Medicare, unemployment and other similar employment Taxes that Seller incurs with respect thereto. “Service Provider” means an employee or independent contractor utilized by the Business at any time on or prior to the Closing Date. “Tax” or “Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment, FICA, withholding, excise, severance, stamp, occupation, premium, windfall profits, customs duties, capital stock, franchise, profits, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or unclaimed property or other tax, assessment, fee, duty or charge of any kind whatsoever imposed by any Governmental Authority, including any interest, penalty, or addition thereto, whether disputed or not, and including any obligations to indemnify or otherwise assume or succeed to the tax liability of any other Person by reason of Contract, assumption, transferee liability, operation of Applicable Law, Treasury Regulations §1.1502-6 (or any predecessor or successor thereof, or any analogous or similar provision under Applicable Law), or otherwise. “Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and any amendment ...
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Examples of Second PPP Loan in a sentence

  • If the PPP Lender confirms in writing (for clarity, following review and approval by the Small Business Administration) that all or any portion of the Second PPP Loan has been forgiven, then, promptly after receipt of such confirmation, the PPP Lender shall release the funds held by it pursuant to the PPP Escrow Agreement to Seller.

  • Prior to the date hereof, the Company has applied for forgiveness of the First PPP Loan and the Second PPP Loan.

  • Notwithstanding any of the foregoing and for the avoidance of doubt, in the event Buyer is required to repay any portion of the Second PPP Loan (whether in the form of principal, interest, penalties, fees, costs or otherwise) other than through the retention by the PPP Lender of all or any portion of the Second PPP Escrow Amount, any such repayment shall constitute Losses recoverable from the Seller Parties in accordance with item (d) of Section 8.2.

  • The parties hereto acknowledge and agree that it is anticipated that any portion of the PPP Escrow Amount that is not forgiven shall be retained by the PPP Lender pursuant to the terms of the PPP Escrow Agreement in satisfaction of the outstanding balance of the Second PPP Loan.

  • On or before the Closing Date, the Seller Parties have prepared (at the sole cost and expense of the Seller Parties) and submitted any and all documentation required to seek forgiveness of all or a portion of the Second PPP Loan in accordance with the CARES Act.

  • Xxxxxxxx agrees to provide to Noteholder a certification that certifies the Second PPP Loan has been forgiven (when the Second PPP Loan is forgiven) or paid off in full (when Borrower pays the Second PPP Loan in full).

  • Following the forgiveness determination for the Second PPP Loan, one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to the Xxxx Group and one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to Parent, according to the terms of the escrow agreement.

  • Following the forgiveness determination for the Second PPP Loan, one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to the Mann Group and one-half (1/2) of any portion of the Second PPP Loan that is forgiven will be released to Parent, according to the terms of the escrow agreement.

  • The Second PPP Loan provides for the deferral of payments until the SBA has determined the forgiveness amount, at which time, any remaining Second PPP Loan amount requires equal payments of principal plus accrued interest in an amount sufficient to repay the remaining Second PPP Loan balance by the maturity date.

  • The parties agree that any portion of the escrowed funds released by Cross River Bank to the Company following the forgiveness of all or any portion of the Second PPP Loan shall be released to the Seller Representative (who shall receive such amount on behalf of the Seller and KR).


More Definitions of Second PPP Loan

Second PPP Loan means any and all obligations for borrowed money or funded indebtedness (including obligations in respect of principal, accrued interest, any applicable prepayment charges or premiums and any unpaid fees, expenses or other monetary obligations in respect thereof) associated with that certain loan in the original principal amount of $165,365 obtained by Seller from the PPP Lender under the Paycheck Protection Program promulgated under the CARES Act.
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Related to Second PPP Loan

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that such loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Balloon Loan Any Mortgage Loan which, by its terms, does not fully amortize the principal balance thereof by its stated maturity and thus requires a payment at the stated maturity larger than the monthly payments due thereunder.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • PIK Loan means a Loan that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • Tranche A Loan shall have the meaning set forth in Section 2.01(a).

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.