Item 1.01. Entry into a Material Definitive Agreement
On
Interest Rate
The interest rate on the Loan is 1% per year.
Maturity
The term of the Loan is two years.
Potential Loan Forgiveness
Under the PPP,
Events of Default
The Loan provides for customary events of default including, among other things, cross-defaults on any other loan with the lender. The Loan may be accelerated upon the occurrence of an event of default.
The foregoing description of the Loan is included to provide you with information regarding its terms. It does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Note, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is included with this Current Report on Form 8-K:
Exhibit Description No. ExhibitU.S. Small Business Administration Note dated as ofApril 13, 2020 , 10.1 byENGlobal Corporation in favor ofOrigin Bank , as lender.
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