This Note discusses the process of establishing a medium-term note program (MTN program) registered under the Securities Act and offers guidance to counsel handling ongoing due diligence updates of, and takedowns under, a registered MTN program. The Note discusses the parties involved, the documents used, and the actions taken, in the three stages of a registered MTN program: the establishment phase, the ongoing post-establishment due diligence phase, and the takedown phase. While registered MTN programs vary to some extent, this Note provides background information for counsel who may be new to MTN programs.