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