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
published new Frequently Asked Questions ("FAQs") to
provide additional clarity on the TALF program. Additional FAQs
were published on May 26, 2020 and June 8, 2020. Together, the
MLSA, the FAQs, and the previously released TALF Term Sheet
constitute the current terms and conditions for the TALF
program.
The first subscription date for TALF loans will be June 17,
2020, and the first loan closing date will be June 25, 2020.
Subsequent subscription dates (each a "loan subscription
date") will occur approximately twice per month on dates to be
announced by the New York Fed. The initial benchmark rates will be
set by the New York Fed one business day prior to a loan
subscription date.
