Martin LLP advises a national banking institution as agent and lender in the funding of a ~$20M senior secured term loan credit facility under the Main Street Lending Program, proceeds to refinance existing debt and fund working capital at a global provider of emotional intelligence tests, training, and products. A separate $2M revolver was closed alongside the Main Street…

Announcement  Martin LLP is pleased to announce that we have advised a national banking institution as agent and lender in the closing of a $3.5M senior secured credit facility under the Main Street Lending Program, proceeds to refinance existing debt and fund working capital at a Texas-based event center business. About the Main Street Lending…

Preparing for Potential Defaults under a Corporate Loan Agreement As the coronavirus pandemic continues to depress large swaths of the economy, many businesses continue to experience significant revenue shortfall, and in some instances cash flow has ceased entirely. Unfortunately, for corporate borrowers, this raises the specter of a default on their loan obligations as they…

Drawing Down on Existing Lines of Credit. In a recent post, we examined the pandemic’s effect on corporate loan agreements and identified some key issues that borrowers should consider. In this post, we examine one of these key issues in greater detail, namely drawing down on existing lines of credit, or ’revolvers’. As a result…

On May 15, 2020 Collaberex hosted a webinar addressing common questions about loan forgiveness under the Payroll Protection Program (PPP). Signed into law on March 27th, under the CARES Act, the program offers forgivable loans of up to $10 million each to qualified small businesses in order to fund payroll and certain other overhead costs….

COVID-19 Alert To our clients, friends and colleagues: Governor Ned Lamont of Connecticut has issued an Executive Order directing all workers at ‘non-essential’ businesses in the state to stay at home during the novel coronavirus (COVID-19) outbreak. This order, which follows similar orders from the states of New York, Pennsylvania, California and Illinois, will go…

For a secured lender, cash is often the most critical piece of collateral. Borrowers generally keep cash in deposit accounts at a bank. Thus, a lender will want to obtain a perfected security interest in those deposit accounts in order to have a perfected security interest in that cash. Article 9 of the Uniform Commercial…

Scenario: You are the chief financial officer of Greater Growth Company, a privately-owned middle market company with several subsidiaries (taken together, “GGC”) that has been growing rapidly over the past few years. You believe that GGC needs additional capital to make the necessary investments in working capital, capital expenditures for plant and equipment, and acquisitions to…

LIBOR Phaseout Implications for Credit Agreements Few things have generated comparable levels of mental anguish and attention among investors and finance professionals as the looming phase-out of LIBOR as a benchmark interest rate, which takes place by the end of 2021. This phase-out is expected to have far-reaching consequences on corporate loans, derivatives, bonds and…

April 2018: Joseph Otting, the head of the Office of the Comptroller of the Currency, announced on February 27, 2018 that banks no longer need to adhere to the Leveraged Lending Guidance when providing leveraged financing. Mr. Otting said that “Institutions should have the right to do the leveraged lending they want, as long as they…

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