Atlas Financial Holdings, Inc. (NASDAQ:AFH) Files An 8-K Entry into a Material Definitive Agreement

Atlas Financial Holdings, Inc. (NASDAQ:AFH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

American Insurance Acquisition Inc. ("AIAI"), a subsidiary of Atlas Financial Holdings, Inc. (the "Company") entered into a Paycheck Protection Program promissory note (the "PPP Note") with respect to a loan of $2,000,000 (the "PPP Loan") from Fifth Third Bank, National Association ("Fifth Third"). The PPP Loan was obtained to the Small Business Administration\’s Paycheck Protection Program Second Draw Loans under the Small Business Act ("SB Act"), and is subject to the forms and conditions of the SB Act, the Coronavirus Aid, Relief, and Economic Security Act and related legislation and regulations (the "PPP Rules"). The PPP Loan matures on February 7, 2026 and bears interest at a rate of 1.00% per annum. The Company will not be obligated to make any payments of principal or interest if the Company submits a loan forgiveness application to Fifth Third within 10 months after the end of the Company\’s covered loan forgiveness period (as defined and interpreted by the PPP Rules) and such loan forgiveness is allowed. If the Company does not submit a loan forgiveness application within 10 months after the end of the Company\’s loan forgiveness covered period (and such forgiveness is not allowed), the Company must begin paying principal and interest after that period (or after notice that such forgiveness is not allowed).
Item 2.03 Creation of a Direct Financing Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure under Item 1.01 above is incorporated by reference in this Item 2.03
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Atlas Financial Holdings, Inc. Exhibit
EX-10.1 2 pppseconddrawnote.htm EX-10.1 pppseconddrawnote Compliance Systems LLC 2020 – 2021 ITEM 716BAL1 (9/2021) Page 1of 7 www.compliancesystems.com NOTE SBA Loan # SBA Loan Name Date Loan Amount Interest Rate 1. PROMISE TO PAY: In return for the Loan,…
To view the full exhibit click here

An ad to help with our costs