Origination |
Originated after April 24, 2020 |
Originated before April 24, 2020, and must have a remaining maturity of at least 18 months (taking into account any adjustments made to the maturity of the loan after April 24, 2020, including at the time of upsizing) |
Originated before April 24, 2020 |
Security |
Unsecured or secured |
If original loan is secured, extension is secured on a pari passu basis with original loan. If original loan is unsecured, extension is unsecured |
Unsecured or secured |
Maturity |
4 years |
4 years |
4 years |
Amortization
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No amortization in first year. Thereafter:
- End of Year 2: 33.33%
- End of Year 3: 33.33%
- Remainder of 33.33% at maturity
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No amortization in first year. Thereafter:
- End of Year 2: 15%
- End of Year 3: 15%
- Remainder of 70% at maturity
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No amortization in first year. Thereafter:
- End of Year 2: 15%
- End of Year 3: 15%
- Remainder of 70% at maturity
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Interest rate |
LIBOR (1 or 3 month) plus 300 basis points
Interest deferred for first year (and will be capitalized) |
LIBOR (1 or 3 month) plus 300 basis points
Interest deferred for first year (and will be capitalized) |
LIBOR (1 or 3 month) plus 300 basis points
Interest deferred for first year (and will be capitalized) |
Minimum loan size |
$500,000 |
$10,000,000 |
$500,000 |
Maximum loan size |
The lesser of (i) $25 million or (ii) an amount that, when added to the eligible borrower's existing outstanding and undrawn available debt, does not exceed four times the eligible borrower’s adjusted 2019 EBITDA |
The lesser of (i) $200 million, (ii) 35% of the eligible borrower's existing outstanding and undrawn available debt that is pari passu in priority with the eligible loan and equivalent in secured status, or (iii) an amount that, when added to the eligible borrower’s existing outstanding and undrawn available debt, does not exceed six times the eligible borrower's adjusted 2019 EBITDA |
The lesser of (i) $25 million or (ii) an amount that, when added to the eligible borrower's existing outstanding and undrawn available debt, does not exceed six times the eligible borrower's adjusted 2019 EBITDA |
Ranking |
The loans must not be contractually subordinated in terms of priority to the borrower's other loans or debt instruments |
Senior to or pari passu (in terms of priority and security) with the borrower's other loans or debt instruments |
Senior to or pari passu (in terms of priority and security) with the borrower's other loans or debt instruments |
Prepayment |
Prepayment permitted without penalty
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Prepayment permitted without penalty
|
Prepayment permitted without penalty |
Loan classification |
If the borrower has any loans outstanding with the lender as of December 31, 2019, such loans must have an internal risk rating equivalent of "pass" in the Federal Institutions Examination Council's supervisory rating system on that date |
If the borrower has any loans outstanding with the lender as of December 31, 2019, such loans must have an internal risk rating equivalent of "pass" in the Federal Institutions Examination Council's supervisory rating system on that date |
If the borrower has any loans outstanding with the lender as of December 31, 2019, such loans must have an internal risk rating equivalent of "pass" in the Federal Institutions Examination Council's supervisory rating system on that date |
Lender risk retention |
5% |
5% |
15% |
Fees
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- 100 bps fee on 95% participation purchased by the Fed may be passed through to the borrower
- 100 bps origination fee
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- 75 bps fee on 95% participation purchased by the Fed may be passed through to the borrower
- Up to 75 bps origination fee
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- 100 bps fee on 85% participation purchased by the Fed may be passed through to the borrower
- 100 bps origination fee
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Restrictions on prepayment of other debt
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- Proceeds may not be used to refinance other debt
- Borrower is only permitted to pay required interest and principal of other debt while loan is outstanding (other than repayments of lines of credit in accordance with the borrower’s normal course of business for usage of such line of credit)
- Participating lender may request repayment of other existing debt upon default and acceleration and may cancel lines of credit if an event of default has occurred thereunder
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- Proceeds may not be used to refinance other debt
- Borrower is only permitted to pay required interest and principal of other debt while loan is outstanding (other than repayments of lines of credit in accordance with the borrower’s normal course of business for usage of such line of credit)
- Participating lender may request repayment of other existing debt upon default and acceleration and may cancel lines of credit if an event of default has occurred thereunder
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- Proceeds may be used to refinance other debt at the time of origination so long as such indebtedness is not held by the lender making the eligible loan
- Borrower is only permitted to pay required interest and principal of other debt while loan is outstanding (other than repayments of lines of credit in accordance with the borrower's normal course of business for usage of such line of credit)
- Participating lender may request repayment of other existing debt upon default and acceleration and may cancel lines of credit if an event of default has occurred thereunder
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