New York Fed Revises TALF Master Loan and Security Agreement

June 9, 2009

The following summarizes the changes made to the MLSA from the May 22, 2009 posting:
  • Sets forth the various deliverables in connection with Loans to be
    secured by CMBS Collateral, including the deadlines for receipt of
    same. Deliverables include Agreed-Upon Procedures Reports and a
    CMBS-specific indemnity undertaking, in addition to Offering
    Materials. Certain of these items must be delivered prior to the
    applicable Loan Subscription Date. See Sections 3.1, 3.3 and 3.4 for
    specifics.

  • Includes a CMBS-specific loan request form (see Appendix 3B),
    which is to be used (instead of the existing loan request form) for
    Loans to be secured by CMBS Collateral.

  • Provides that funds to be used for an optional Loan prepayment may,
    if so indicated in the prepayment notice, be transferred from an
    account other than that of the Applicable Primary Dealer.
    Corresponding changes to the form of prepayment notice (Appendix 6)
    are included. Additional changes to the form allow for the applicable
    Borrower (through the Applicable Primary Dealer) to provide wire
    instructions to Custodian specifying the account into which released
    Collateral is to be transferred.

  • Revises the loan request form for loans secured by non-CMBS
    Collateral (Appendix 3A) to include a column for the Collateral
    Current Factor.

  • Clarifies, in Section 11.3(g), the circumstances under which a Primary
    Dealer covenants not to submit loan requests on behalf of a previously
    rejected borrower.

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View MLSA pdf