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Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA).
The facility was open from March 2008 through January 2010. This is different from the System Open Market Account (SOMA) Securities Lending program which offers specific Treasury securities held by SOMA for loan against Treasury GC on an overnight basis. Dealers bid competitively in a multiple-price auction held every day at noon.
Borrowing base is frequently used for asset-based commercial loans offered by banks to corporations and small businesses. [5] In this case, borrowing base of a business is typically calculated of corporation's accounts receivable and of its inventory. [6]
The Term Auction Facility (TAF) was a temporary program managed by the United States Federal Reserve designed to "address elevated pressures in short-term funding markets." [1] Under the program the Fed auctions collateralized loans with terms of 28 and 84 days to depository institutions that are "in generally sound financial condition" and "are expected to remain so over the terms of TAF loans."
An "asset-backed security" is sometimes used as an umbrella term for a type of security backed by a pool of assets, [1] and sometimes for a particular type of that security – one backed by consumer loans [2] or loans, leases or receivables other than real estate. [3]
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Unitranche debt is a form of flexible financing, typically used to fund mid-size buyouts and acquisitions. Unitranche financing is structured differently from other loan types since there is only one tranche, rather than more traditional loans which may prioritize senior debt over subordinated debt.
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