News & Analysis as of

Asset-Backed Securities Special Purpose Vehicles

Dechert LLP

Two Months to Midnight for Securitizations: The Corporate Transparency Act Drops on January 1, 2024

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Corporate CLO issuers, regardless of whether they are organized onshore or offshore, should generally be exempt from Corporate Transparency Act reporting requirements, although onshore CLO co-issuers will likely be subject to...more

Proskauer Rose LLP

TALF Program Update: Master Loan and Security Agreement and Updated FAQs - November 2020

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On October 22, 2020, the Federal Reserve Bank of New York (“New York Fed”) released an amended form of Master Loan and Security Agreement (the “MLSA”), which governs loans issued under its Term Asset-Backed Loan Facility...more

Proskauer Rose LLP

TALF Program Update: Master Loan and Security Agreement and Updated FAQs

Proskauer Rose LLP on

On May 20, 2020, the Federal Reserve Bank of New York (the “New York Fed”) released the form of Master Loan and Security Agreement (“MLSA”) that will govern loans issued under its Term Asset-Backed Loan Facility (“TALF”) and...more

Morgan Lewis

Guide To The 2020 Term Asset-backed Securities Loan Facility (TALF) Program (UPDATED)

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As of May 28, 2020 - The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is...more

Orrick, Herrington & Sutcliffe LLP

“TALF 2.0”: A Primer for TALF-eligible Asset-backed Security Issuers

In March 2020, the Federal Reserve (the “Fed”) announced that it would re-establish the Term Asset-Backed Securities Loan Facility (“TALF”) program, a market stabilization tool that was developed and last used by the Fed...more

Morgan Lewis

Guide To The 2020 Term Asset-backed Securities Loan Facility (TALF) Program

Morgan Lewis on

The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Updated FAQs and MLSA Released by the Federal Reserve Provides Additional Details on Eligible ABS, Eligible...

On Wednesday, May 20, 2020, the Federal Reserve announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (“TALF”) and published the Master Loan and Security Agreement (the “MLSA”) and an...more

Orrick, Herrington & Sutcliffe LLP

Term Asset-Backed Securities Loan Facility: Orrick’s Guide to “TALF 2.0”

In March 2020, the Federal Reserve (the “Fed”) announced that it would re-establish the Term Asset-Backed Securities Loan Facility (“TALF”) program...more

Mayer Brown

TALF 2020 Update: Federal Reserve Bank of New York Releases FAQs and Revised Term Sheet

Mayer Brown on

On May 12, 2020, the Federal Reserve Bank of New York (“FRBNY” or the “Fed”) issued new Frequently Asked Questions1 and a revised term sheet2 in connection with the Term Asset-Backed Securities Loan Facility (“TALF 2020”)....more

Seyfarth Shaw LLP

The Federal Reserve Releases Revised Terms of the Term-Asset Backed Securities Loan Facility

Seyfarth Shaw LLP on

On May 12, 2020, the Board of Governors of Federal Reserve System (the “Fed”) published a revised term sheet for the Term-Asset Backed Securities Loan Facility (the “TALF”)...more

Akin Gump Strauss Hauer & Feld LLP

COVID-19 Stimulus: The Fed’s 2020 TALF — Comparisons to 2008

Under the recently announced Term Asset-Backed Securities Loan Facility (the “2020 TALF”), the New York Federal Reserve will commit to lend on a recourse basis to a special purpose vehicle (the “TALF SPV”), which will...more

Dechert LLP

Federal Reserve Establishes Term Asset-Backed Securities Loan Facility (TALF)

Dechert LLP on

On March 23, 2020 the Federal Reserve Bank (the “Fed”) announced the establishment of the Term Asset-Backed Securities Loan Facility (the “TALF”) to “support the flow of credit to consumers and business” by facilitating the...more

Dorsey & Whitney LLP

Federal Reserve Announced Yesterday Sweeping Actions to Support the Flow of Credit and Provide Liquidity to the Markets

Dorsey & Whitney LLP on

Prior to the open of markets in the U.S. on March 25th, the Federal Reserve announced that it is committed to using its full range of tools to address the coronavirus pandemic. The steps announced by the Federal Reserve...more

WilmerHale

COVID-19: Federal Reserve Announces Emergency Measures to Support Market Function and Facilitate Credit

WilmerHale on

Today, the Federal Reserve Bank announced several unprecedented emergency measures, including unlimited purchases of Treasury and agency mortgage-backed securities, three new lending facilities, and expansion of two programs...more

Mayer Brown

Market Participants Request Expansion of TALF 2.

Mayer Brown on

On March 23, 2020, the Federal Reserve Bank of New York (“FRBNY”) established the Term Asset-Backed Securities Loan Facility (“TALF 2.0 Program”) to support the flow of credit to consumers and businesses. ...more

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