Item 1.01 - Entry into a Material Definitive Agreement.
On
The PPP Loan has a two-year term and bears interest at a rate of 1.00% per annum. The Promissory Note contains events of default and other provisions customary for a loan of this type. The Paycheck Protection Program provides that the PPP Loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. The Company intends to use the entire PPP Loan amount for qualifying expenses and to apply for forgiveness of the loan in accordance with the terms of the CARES Act.
The foregoing descriptions of the Promissory Note and the PPP Loan do not purport to be complete and are qualified in their entirety by reference to the full text of the Promissory Note attached to this Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Item 2.03 - Creation of a Direct Financial Obligation or an Obligation of an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits.
(d)
The following exhibits are filed as part of this report:
Exhibit Description Number 10.1 Promissory Note under the Paycheck Protection Program loan issued byNoble Roman's, Inc. toHuntington National Bank datedFebruary 5, 2021 . * * *
© Edgar Online, source