Main Street Lending Moves Closer to Launch Date as Boston Fed Publishes Forms and Updated FAQs

Blank Rome LLP

As we previously reported, the Federal Reserve Board’s Main Street Lending Program (“MSLP”) is soon expected to be up and running. In a significant move toward launching the program, on May 27, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”), which is tasked with administering the MSLP, published several forms, agreements and instructions for eligible borrowers and lenders, and updated Frequently Asked Questions (“FAQs”). The newly published forms include borrower and lender certifications and covenants, lender registration instructions and guidance, a form of participation agreement and a form of servicing agreement. The updated FAQs provide more detail about the three MSLP facilities, borrower and lender eligibility, EBITDA adjustments, and regulatory matters. The forms and updated FAQs are available on the Boston Fed website.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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