Main Street Facility definition

Main Street Facility means the MSELF, the MSNLF or the MSPLF, as applicable. If the Borrower constitutes more than one Person, then the reporting required in this Section I shall be the reporting of all such Persons as the “Borrower” on a consolidated basis.

Main Street Facility means the MSELF, the MSNLF or the MSPLF, as applicable.

Main Street Facility means the Main Street New Loan Facility and/or Main Street Expanded Loan Facility, in each case, established by the Federal Reserve on April 9, 2020 under the authority of Section 13(3) of the Federal Reserve Act, with approval of the U.S. Secretary of the Treasury.

Examples of Main Street Facility in a sentence

• Can an otherwise eligible business borrow if its affiliate has already borrowed under a Main Street Facility or the PMCCF?‌An affiliated group of companies can participate in only one Main Street facility, and cannot participate in both a Main Street facility and the PMCCF.

• The Main Street Facility is secured against certain real and personal property of the borrowers.

• Under this program, lending is facilitated through a special purpose vehicle established by the Federal Reserve Bank of Boston which committed to purchase, on December 21, 2020, a participation interest equal to 95% of the Main Street Facility.

• The Main Street Facility is repayable on each of the third and fourth anniversaries of the closing date of the Main Street Facility in an amount equal to 15% of the principal amount, with the remaining balance due in full on the fifth anniversary of the closing date and is pre-payable at any time without any premium or penalty.

• The Borrower must certify that it has informed the Eligible Lender if it has previously received, or has a pending application to receive, funds in connection with any Main Street Facility, as well as the value of such funding.

• It must also certify that it has informed the Eligible Lender if, after reasonable diligence, it has determined that any of its affiliates has previously received, or has a pending application to receive, funds in connection with any Main Street Facility, as well as the value of such funding.

• An affiliated group of companies can participate in only one Main Street Facility and may not participate in both a Main Street Facility and the Primary Market Corporate Credit Facility.

• Loan Payable - Main Street Facility On December 14, 2020, certain wholly-owned subsidiaries of the Company, as borrowers, entered into a five-year secured term loan with KeyBank for $25 million (the “Main Street Facility”) through the Main Street Lending Program established by the board of governors of the U.S. Federal Reserve System.

• The 36th Street Facility has an effective interest rate of 9.50%, a lease term of 48 months and contains customary financial covenants which were amended in December 2020 to align with the financial covenants of the Main Street Facility.

• Until the first anniversary of the closing date of the Main Street Facility, interest will be paid-in-kind (capitalized) and added to the principal balance thereof.