Item 1.01 Entry into a Material Definitive Agreement
On April 23, 2020, Creative Assembly Systems, Inc. ("CAS"), a Delaware
corporation and wholly-owned subsidiary of Amerinac Holding Corp. (the
"Company") entered into a promissory note with Berkshire Bank, which provides
for a loan in the amount of $227,800 (the "CAS PPP Loan") pursuant to the
Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic
Security Act (the "CARES Act"). The CAS PPP Loan has a two-year term and bears
interest at a rate of 1.0% per annum. Monthly principal and interest payments
are deferred for six months after the date of disbursement. The CAS PPP Loan may
be prepaid at any time prior to maturity with no prepayment penalties. The
promissory note contains events of default and other provisions customary for a
loan of this type. The Paycheck Protection Program provides that the CAS PPP
Loan may be partially or wholly forgiven if the funds are used for certain
qualifying expenses as described in the CARES Act. CAS intends to use the entire
CAS PPP Loan amount for qualifying expenses and to apply for forgiveness of the
loan in accordance with the terms of the CARES Act.
On April 21, 2020, Prime Acquisition LLC ("PMAL"), a Delaware limited liability
company and wholly-owned subsidiary of the Company entered into a Promissory
Note with Berkshire Bank, which provides for a loan in the amount of $1,074,700
(the "PMAL PPP Loan") pursuant to the CARES Act. The PMAL PPP Loan has a
two-year term and bears interest at a rate of 1.0% per annum. Monthly principal
and interest payments are deferred for six months after the date of
disbursement. The PMAL PPP Loan may be prepaid at any time prior to maturity
with no prepayment penalties. The promissory note contains events of default and
other provisions customary for a loan of this type. The Paycheck Protection
Program provides that the PMAL PPP Loan may be partially or wholly forgiven if
the funds are used for certain qualifying expenses as described in the CARES
Act. PMAL intends to use the entire PMAL PPP Loan amount for qualifying expenses
and to apply for forgiveness of the loan in accordance with the terms of the
CARES Act.
On April 23, 2020, USAC Ross LLC ("USAC Ross"), a Delaware limited liability
company and wholly-owned subsidiary of the Company entered into a promissory
note with Berkshire Bank, which provides for a loan in the amount of $984,100
(the "USAC Ross PPP Loan") pursuant to the CARES Act. The USAC Ross PPP Loan has
a two-year term and bears interest at a rate of 1.0% per annum. Monthly
principal and interest payments are deferred for six months after the date of
disbursement. The USAC Ross PPP Loan may be prepaid at any time prior to
maturity with no prepayment penalties. The promissory note contains events of
default and other provisions customary for a loan of this type. The Paycheck
Protection Program provides that the USAC Ross PPP Loan may be partially or
wholly forgiven if the funds are used for certain qualifying expenses as
described in the CARES Act. USAC Ross intends to use the entire USAC Ross PPP
Loan amount for qualifying expenses and to apply for forgiveness of the loan in
accordance with the terms of the CARES Act.
On April 22, 2020, USAC WA LLC ("USAC WA"), a Delaware limited liability company
and wholly-owned subsidiary of the Company entered into a promissory note with
Berkshire Bank, which provides for a loan in the amount of $796,400 (the "USAC
WA PPP Loan") pursuant to the CARES Act. The USAC WA PPP Loan has a two-year
term and bears interest at a rate of 1.0% per annum. Monthly principal and
interest payments are deferred for six months after the date of disbursement.
The USAC WA PPP Loan may be prepaid at any time prior to maturity with no
prepayment penalties. The promissory note contains events of default and other
provisions customary for a loan of this type. The Paycheck Protection Program
provides that the USAC WA PPP Loan may be partially or wholly forgiven if the
funds are used for certain qualifying expenses as described in the CARES Act.
USAC WA intends to use the entire USAC WA PPP Loan amount for qualifying
expenses and to apply for forgiveness of the loan in accordance with the terms
of the CARES Act.
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