Federal Reserve Releases Updated Term Asset-Backed Securities Loan Facility (TALF) Term Sheet

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Updates and FAQs further expand the scope of the program and provide additional clarity regarding eligibility criteria and program requirements.

On May 12, 2020, the Federal Reserve released an updated term sheet and FAQs, providing further details about its previously announced TALF program (see Latham’s March 30 Client Alert and April 10 Client Alert, which outline the previous TALF releases). The revised terms (see the Federal Reserve’s Term Sheet and FAQS) include greater clarity on how the TALF program will work, which entities qualify as eligible borrowers, what forms of ABS are eligible, and further information regarding specific qualifying underlying asset classes. The date the TALF program will commence lending and the form of Master Loan and Security Agreement to be used by the program will follow from the Federal Reserve.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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