July 31 Changes To Main Street Lending FAQs

The following documents were updated by the Federal Reserve Friday, July 31^st: (1) Lender Registration Certifications and Covenants; (2) Loan Participation Agreement Transaction Specific Terms; (3) Loan Participation Agreement Standard Terms and Conditions; (4) Servicing Agreement; (5) Assignment-in-Blank; (6) Co-Lender Agreement Transaction Specific Terms; (7) Co-Lender Agreement Standard Terms and Conditions; (8) Main Street Lending Program Instructions for Lender Required Documentation; and (9) Main Street FAQs.

This post summarizes the material changes to the FAQs.  

Material Changes to Main Street FAQs

1. The Federal Reserve updated FAQ C.5: What does it mean for an MSPLF Loan to be “senior to or pari passu with, in terms of priority and security, the Eligible Borrower's other loans or debt instruments, other than mortgage debt?”