Insights

San Francisco—September 14, 2021: Crowell & Moring represented Honeywell in its multimillion-dollar investment in Alder Fuels, a cleantech company that is pioneering first-of-its-kind technologies for producing sustainable aviation fuel (SAF) at scale by converting abundant biomass, such as forest and crop waste, into sustainable low-carbon, drop-in replacement crude oil that can be used to produce aviation fuel. 

Washington, November 21, 2018: Novume Solutions, Inc., a holding company of leading professional services and technology firms, entered into a definitive agreement effective November 14, 2018, where Novume will acquire the business of OpenALPR Technology, Inc. for cash; an option to purchase restricted stock of Novume; and Novume’s assumption of certain liabilities of OpenALPR.

The Federal Reserve Bank of Boston (the “Boston Fed”) announced on July 6, 2020 that the Main Street Lending Program (the “Program”) is now fully operational. The Boston Fed is purchasing, through a special purpose vehicle established specifically for the Program (the “Program SPV”), participation interests in eligible Program loans that lenders submit to the Program. Participating lenders are encouraged to begin submitting qualifying loans. 

On June 8, 2020, the Board of Governors of the Federal Reserve (the “Federal Reserve”) announced a further revision to the terms of borrower eligibility for a term loan under its Main Street Lending Program (the “Program”). These revisions are designed to encourage more small and medium-sized businesses to participate in the Program. Originally announced on April 9, 2020, the Program operates through three types of loans (the New Loan Facility (“MSNLF”), the Priority Loan Facility (“MSPLF”), and the Expanded Loan Facility (“MSELF”). These loan facilities are authorized under Title IV of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The special purpose vehicle created to support the Program will purchase up to $600 billion in loan participations from eligible lenders. The MSNLF and MSPLF provide terms and conditions for loans to Eligible Borrowers which are made by Eligible Lenders after April 8, 2020. The MSELF provides terms and conditions for loans to upsize an Eligible Borrower’s existing loan facility that had been made by an Eligible Lender prior to April 8, 2020. The Program is administered by the Federal Reserve Bank of Boston (the “Boston Fed”) and is intended to facilitate lending to small and medium-sized businesses that were financially stable prior to the COVID-19 pandemic so that they may maintain operations and payroll during the COVID-19 emergency period.

On May 27, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released borrower and lender operational documents, including proposed loan document covenants for the Main Street Lending Program (the “Program”) in anticipation of the Program’s launch. Additionally, the Board of Governors of the Federal Reserve (the “Federal Reserve”), released a revised Frequently Asked Questions (“FAQs”) document, providing further guidance to borrowers and lenders in addition to clarification of previously issued FAQs.