In-Depth Look at Federal Reserve's Updated Details of Main Street Lending Program

by Mr. Brian Dolan of Pepper Hamilton LLP

Posted to 11 on 5/5/2020 at 6:11 PM

{"ops":[{"insert":"On April 30, the Federal Reserve released updated term sheets and a set of FAQs in relation to its Main Street Lending Program (the Program)."},{"attributes":{"color":"#6385ba","link":""},"insert":"1"},{"insert":" The Main Street Lending Program, as updated, will now consist of three loan facilities:"},{"attributes":{"color":"#6385ba","link":""},"insert":"2"},{"insert":"\nthe Main Street New Loan Facility for new secured or unsecured term loans to be originated on or after April 24, 2020 (New Loans)"},{"attributes":{"color":"#6385ba","link":""},"insert":"3"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"the Main Street Expanded Loan Facility for incremental term loans that are added as an additional tranche of an existing term loan or revolving credit facility that was made by a bank or certain other eligible lenders before April 24, 2020 (Expanded Loans)"},{"attributes":{"color":"#6385ba","link":""},"insert":"4"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"the Main Street Priority Loan Facility for new loans that do not need to be tied to an existing term loan or revolver made by a bank or other eligible lender, subject to certain payment and lien priority requirements more fully discussed below (Priority Loans)."},{"attributes":{"color":"#6385ba","link":""},"insert":"5"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\nThis article provides an in-depth look at the program including:\n\nMain Street Lending Program Structure"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Who Is an Eligible Borrower Under the Main Street Lending Program?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"What Are the Terms of Eligible Loans Under the Main Street Lending Program?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"What Are the Other Requirements and Restrictions of Eligible Loans?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"What Should Potential Borrowers Do Next?"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"What Should Potential Lenders Do Next?"},{"attributes":{"list":"bullet"},"insert":"\n"}]}

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