Item 7.01 Entry into a Material Definitive Agreement.
On
The Company intends to use the entire Loan amount for qualifying expenses. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act during the 8-week period commencing on the date of disbursement of the Loan. While the Company currently believes that its use of the Loan proceeds will meet the conditions for forgiveness of the Loan, the Company cannot provide assurance that it will not take actions that could cause it to be ineligible for forgiveness of the Loan, in whole or in part. The occurrence of an event of default may trigger the immediate repayment of all amounts outstanding, collection of all amounts owing from the Company, and/or filing suit and obtaining a judgment against the Company.
The foregoing description of the Loan does not purport to be complete and is qualified in its entirety by reference to the full text of the loan agreement, which is 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 under an Off-Balance Sheet Arrangement of a Registrant.
Reference is made to the disclosure under Item 1.01 above, which is hereby incorporated in this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: 10.1 Promissory Note, datedJune 1, 2020 , issued byChristopher & Banks Corporation , for the benefit ofCache Valley Bank . 2
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