Main street lending program
The primary differences between the terms of loans under the MSNLF and the MSELF relate to the maximum loan sizes and collateral requirements. The Main Street Lending Program consists of two facilities: the Main Street New Loan Facility (“ MSNLF”), which applies to eligible unsecured new term loans originated on or after April 8, 2020, and the Main Street Expanded Loan Facility (“ MSELF”), which applies to eligible “upsized tranches” (e.g., similar to an accordion facility) to existing secured or unsecured loans originated before Ap(provided the upsize occurs on or after April 8, 2020). Any changes are to be announced on the Federal Reserve’s website. The Federal Reserve Board and the Secretary of the Treasury may make adjustments to the terms and conditions described in the term sheets. The below summary of the Main Street Lending program is based on term sheets made available on the Federal Reserve’s website on April 9, 2020. The Main Street Lending Program’s facilities are designed to support lending to both investment grade and below-investment grade borrowers, and are separate and distinct from the mid-sized business loan program contemplated to be created under Section 4003(c)(3)(D)(i) of the CARES Act, which remains unimplemented. On April 9, 2020, the Federal Reserve, acting under the Coronavirus Aid, Relief, and Economic Security Act (“ CARES Act”) and Section 13(3) of the Federal Reserve Act (12 USC §344), announced the creation of a new “Main Street Lending Program” that will provide credit to eligible businesses with up to 10,000 employees or up to $2.5 billion in annual revenues through the purchase of up to $600 billion in loans. Real Estate Acquisition and Disposition.K-12 Education Finance and Election Law.Distressed Municipalities and Debt Restructuring.Real Estate and Construction Litigation.
MAIN STREET LENDING PROGRAM PROFESSIONAL
Professional Liability and Malpractice Litigation.Franchise, Dealer and Sales Representative Litigation.Arbitration and Alternative Dispute Resolution.International Sales and Commercial Transactions.Receiverships, Real Estate Owned and Loan Portfolio Acquisitions & Dispositions.Commercial Real Estate Finance Workout, Foreclosure and Litigation.Commercial Lending Enforcement, Insolvency and Litigation.Renewable Energy Development and Finance.Human Resources Counseling and Training.Diversity, Equity and Inclusion Consulting.Corporate, Securities and Commercial Transactions.International and Cross-Border Insolvency.Distressed Transactions and Bankruptcy Sales.Bankruptcy, Restructuring and Insolvency.