Main Street Lending Program

Main Street Loan Program

To inquire about a Main Street Lending Program (MSLP) loan from Sunwest Bank,
please provide the following information.

* This is not an application. Additional information will be needed when an application is submitted.

Main Street Lending
New
Loan

Most flexible
Lowest maximum loan amount (4x EBITDA)
$250,000 minimum

Main Street Lending
Priority
Loan

Larger maximum size than New Loan (6x EBITDA)
Allows refinancing of existing debt
$250,000 minimum

Main Street Lending
Expanded
Loan

$10,000,000 minimum
Largest maximum amount (300M)
Fees @ 75 basis points, compared to 100

Main Street Lending Program
	New	Priority	Expanded
Term	5 Years
Minimum Loan Size	$250,000		$10,000,000
Maximum Loan Size	The lesser of: (a) $35M, or (b) 4x 2019 adjusted EBITDA less existing outstanding and undrawn available debt	The lesser of: (a) $50M, or (b) 6x 2019 adjusted EBITDA less existing outstanding and undrawn available debt	The lesser of: (a) $300M (b) 6x 2019 adjusted EBITDA less existing outstanding and undrawn available debt
Repayment	Year 1: 100% principal and interest payments deferred Year 2: 100% principal payments deferred (interest payments required) Year 3: 15% Year 4: 15% Year 5: 70% (unpaid interest is capitalized)
Interest Rate	LIBOR (1 or 3 month) + 3%
Loan Security	Secured or Unsecured		Secured or Unsecured (if the underlining loan is secured, then the upsized tranche must also be secured)
Priority	At origination and as long as a NLF loan is outstanding, it cannot be contractually subordinated to any of Borrower’s other loans.	At origination and as long as the PLF loan is outstanding, it must be senior to or pari passu with all other debt of Borrower (other than mortgage debt).	At upsizing and as long as the ELF upsized tranche is outstanding, it must be senior to or pari passu with all other debt of Borrower (other than mortgage debt).
Priority (cont.)	Borrowers with existing debt (either secured or unsecured) are not prevented from obtaining a subsequent NLF loan, but existing lenders cannot require contractual subordination of the NLF loan.	Borrowers with existing debt (other than mortgage debt) will be required to make such existing debt subordinate to or on equal footing with the PLF loan. It is unclear in the regulations whether subsequent mortgages may also take priority over a PLF loan similar to existing mortgages.	Borrowers with existing debt (other than mortgage debt) will be required to make such existing debt subordinate to or on equal footing with the ELF upsized tranche. As with the PLF, the priority treatment of subsequent mortgages is unclear.
Transaction Fee	Lender will pay the SPV 100 basis points of the principal amount of the loan (which the lender may pass through to the Borrower).		Lender will pay the SPV 75 basis points of the principal amount of the upsized tranche (which the lender may pass through to the Borrower).
Origination Fee	Borrower will pay the lender up to 100 basis points of the principal amount of the loan.		Borrower will pay the lender up to 75 basis points of the principal amount of the upsized tranche.
Restrictions on Repayment of Other Debt	Borrower must refrain from using loan proceeds to repay any other of Borrower’s existing loans, unless a payment is mandatory and due.	Borrower must refrain from using proceeds of eligible loans to repay any other loans, unless a payment is mandatory and due, but may, at the time of origination, refinance existing debt owed to another lender (i.e. not the lender making the Preferred Loan Facility loan).	Borrower must refrain from using loan proceeds to repay any other of Borrower’s existing loans, unless a payment is mandatory and due.
Restrictions on Existing Lines of Credit	Borrower must commit not to seek to cancel or reduce any committed lines of credit.
Prepayment Penalty	None
Employee Retention	While the loan (or upsized tranche) is outstanding, Borrower should make commercially reasonable efforts to maintain payroll and retain its employees, in light of its capacities, the economic environment, its available resources, and the business need for labor. Borrowers that have already laid-off or furloughed workers as a result of the disruptions from COVID-19 are still eligible to apply for Main Street loans.
Loan Forgiveness	None