As of December 31, 2020, the TALF has closed for new loan extensions. The materials and information on the web pages associated with this facility will remain available.
The Federal Reserve Bank of New York lent to a special purpose vehicle (SPV), which provided non-recourse funding secured by eligible collateral to eligible borrowers. The U.S. Department of the Treasury, using funds appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), made an equity investment in the SPV. The TALF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Secretary of the Treasury.
- Program Terms and Conditions
- Frequently Asked Questions
- TALF Agents
- Documents and Forms
- Competitive Procurement Process for Certain Vendor Roles Supporting Emergency Lending Facilities and Programs
In May 2020, the New York Fed selected Pacific Investment Management Company LLC (PIMCO) as a third-party vendor to serve as collateral monitor for this facility. PIMCO was selected on a short-term basis for this role after considering its knowledge and experience in the ABS market, as well as its prior experience in TALF, which allowed for a quick time to market.
In May 2020, the New York Fed selected The Bank of New York Mellon (BNYM) as a third-party vendor to serve as custodian and administrator for this facility. BNYM was selected on a short-term basis for this role after considering its operational and technological capabilities as well as its prior experience in TALF, which allowed for a quick time to market.
Affiliates of the collateral monitor or the custodian were permitted to become TALF borrowers or act as investment managers for TALF borrowers organized as investment funds. As a result, the collateral monitor and custodian agreements contained significant conflict of interest requirements. Additionally, the New York Fed did not use the collateral monitor or custodian to assess the valuation of any collateral pledged or proposed by a borrower affiliated with or managed by the collateral monitor or custodian or their affiliates.
Quarterly reports on the costs associated with the vendors supporting this facility are available in Vendor Information.
- Collateral Custody and Administration Agreement
- Collateral Monitor Agreement
(Updated August 11, 2021)
- Control Agreement
- Credit Agreement
(Updated June 28, 2021)
- Investment Memorandum of Understanding
(Updated September 10, 2021)
- Legal Services Engagement Letter
- Limited Liability Company Agreement
(Updated November 18, 2022)
- Preferred Equity Account Agreement
- Preferred Equity Investments Agreement
- Security Agreement