Term Asset-Backed Securities Loan Facility: Terms and Conditions1

Effective July 2, 2009
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General Terms and Conditions

Facility
The TALF is a Federal Reserve credit facility authorized under section 13(3) of the Federal Reserve Act. The TALF is intended to make credit available to consumers and businesses on more favorable terms by facilitating the issuance of asset-backed securities (ABS) and improving the market conditions for ABS more generally.

General Terms and Conditions

NON-MORTGAGE-BACKED ABS

Terms and conditions specific to newly issued non-mortgage-backed ABS follow below. This category of ABS includes securities backed by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, small business loans fully guaranteed as to principal and interest by the U.S. Small Business Administration, and receivables related to residential mortgage servicing advances (servicing advance receivables).

Non-Mortgage-Backed ABS

Newly Issued CMBS

Terms and conditions specific to newly issued CMBS follow below.

Newly Issued CMBS

Legacy CMBS

Terms and conditions specific to legacy CMBS follow below.

Legacy CMBS