DOLPHIN ENTERTAINMEN

DLPN
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DOLPHIN ENTERTAINMENT, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

04/27/2020 | 05:26pm

Item 1.01 Entry into a Material Definitive Agreement.



Dolphin Entertainment, Inc. (the "Company") and certain of its subsidiaries
recently executed notes and received loans (collectively, the "PPP Loans", and
each loan, a "PPP Loan") from BankUnited, N.A., under the Paycheck Protection
Program ("PPP") which was established under the Coronavirus Aid, Relief, and
Economic Security Act (the "CARES Act") and is administered by the U.S. Small
Business Administration
. As of April 23, 2020, the amounts of the PPP loans for
the Company, Shore Fire Media, Ltd, 42 West LLC, Viewpoint Computer Animation
Incorporated
and The Door Marketing Group LLC, are $54,900, $322,200, $725,200,
$321,000 and $672,700, respectively (each such entity, a "Borrower"). A total of
five PPP Loans were made to the Company and its subsidiaries. The proceeds from
each PPP Loan will be used in accordance with the terms of the CARES Act
program, as described further below. The aggregate amount received under the PPP
Loans by the Company and its subsidiaries is approximately $2.1 million. The PPP
Loans mature between April 19, 2022 and April 23, 2022 and bear interest at a
rate of 1.0% per annum. Commencing November 19, 2020 through November 23, 2020
(the "First Payment Dates"), the Company and its subsidiaries are required to
pay the Lender all accrued interest that has not been forgiven. Additionally,
beginning on the First Payment Dates and each month thereafter, the Company and
its subsidiaries shall make equal monthly payments of principal and accrued
interest as necessary to fully amortize the principal amount outstanding by the
maturity date. The PPP Loans may be prepaid by the Company at any time prior to
maturity with no prepayment penalties. The PPP Loans are unsecured, and all or a
portion of the PPP Loans may be forgiven upon application to the Lender for
certain expenditure amounts made, including payroll costs, during the 8-week
period beginning on the date of first disbursement, in accordance with the
requirements under the PPP. The foregoing description of the PPP Loan is
qualified in its entirety by reference to the form of Paycheck Protection
Program Term Note filed as an exhibit hereto 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.




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



10.1 Form of Paycheck Protection Program Term Note in favor of BankUnited,
N.A.









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