Many businesses that participated in the Paycheck Protection Program (“PPP”) may have inadvertently defaulted on some of their pre-existing credit facilities or outstanding loans. As has become standard within these debt...more
7/13/2020
/ Borrowers ,
CARES Act ,
Compliance ,
Contract Terms ,
Coronavirus/COVID-19 ,
Debt ,
Future Debt Restrictions ,
Lenders ,
Loan Forgiveness ,
Loan Provision ,
Paycheck Protection Program (PPP) ,
Prior Express Consent ,
Representations and Warranties ,
SBA
Although Material Adverse Change (“MAC”) clauses are quite prevalent in loan and financing documents, there is very little case law in Maryland dealing with the successful or unsuccessful enforcement of these clauses. With...more
3/31/2020
/ Ambiguous ,
Borrowers ,
Burden of Proof ,
Condition Precedent ,
Contract Terms ,
Coronavirus/COVID-19 ,
Default ,
Lenders ,
Line of Credit ,
Loans ,
Material Adverse Change Clauses (MACs) ,
Merger Agreements