Commercial Paper Funding Facility 2020: Program Terms and Conditions

Commercial Paper Funding Facility 2020: Program Terms and Conditions Effective March 17, 2020 Facility The CPFF2020 will be structured as a credit facility to a special purpose vehicle (SPV) authorized under section 13(3) of the Federal Reserve Act. The SPV will serve as a funding backstop to facilitate the issuance of term commercial paper by eligible issuers. The Federal Reserve Bank of New York will commit to lend to the SPV on a recourse basis. The New York Fed will be secured by all the assets of the SPV. The U.S. Treasury Department—using the Exchange Stabilization Fund (ESF)--will ..........

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