Examples of New Loan Facility in a sentence
The Secretary of the Treasury (“Secretary”) has committed funds appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to the SPV in connection with the Facility, the Main Street New Loan Facility, and the Main Street Priority Loan Facility (each, a “Main Street Facility”).
Alternate Commissioner Application - indicate if criteria and restrictions are met.
The following chart summarizes the terms applicable to the New Loan Facility, the Priority Loan Facility, and the Expanded Loan Facility.
There are five facilities under the Main Street Lending Program—the Main Street New Loan Facility, the Main Street Priority Loan Facility, the Main Street Expanded Loan Facility, the Nonprofit Organization New Loan Facility, and the Nonprofit Organization Expanded Loan Facility.
The Secretary of the Treasury (“Secretary”) has committed funds appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to the SPV in connection with the Facility, the Main Street New Loan Facility, and the Main Street Expanded Loan Facility (each, a “Main Street Facility”).
For the New Loan Facility and Priority Loan Facility, an Eligible Lender must use a methodology it previously used for adjusting EBITDA when extending credit to the Eligible Borrower or to similarly situated borrowers on or before April 24, 2020.
The Secretary of the Treasury (“Secretary”) has committed funds appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to the SPV in connection with the Facility, the Nonprofit Organization Expanded Loan Facility, the Main Street New Loan Facility, the Main Street Priority Loan Facility, and the Main Street Expanded Loan Facility (each, a “Main Street Facility”).
The Borrower must certify that it has not also participated in, and commit that it will not seek to participate simultaneously in, the Main Street Priority Loan Facility, the Main Street New Loan Facility, or the Primary Market Corporate Credit Facility (a facility established by the Federal Reserve under section 13(3) of the FRA, using equity committed by the Secretary, to support bond and loan issuances).
Board of Governors of the Federal Reserve System, Main Street New Loan Facility Term Sheet, June 8, 2020, https://www.federalreserve.gov/newsevents/pressreleases/files/monetary20200608a1.pdf.
Through the Nonprofit Organization New Loan Facility (NONLF), the Federal Reserve, through an SPV, would purchase a 95% stake in a loan originated after June 15, 2020 if: the loan has a 5- year maturity; payment of principal is deferred for two years; payment of interest is deferred for one year; the loan size is between $250,000 and the lesser of $35 million or the borrower's average 2019 quarterly revenue; and the interest rate is 300 basis points above the London Interbank Offered Rate (LIBOR).