New York Fed Revises TALF Master Loan and Security Agreement

August 4, 2009

The following summarizes the key changes made to the MLSA from the June 23, 2009 posting:
  • Provides that a Loan may not be prepaid on any scheduled Loan Closing Date (in addition to the existing restrictions on the timing of loan prepayments).

  • Provides that the Sales Confirmation with respect to each Item of Legacy CMBS Collateral that will secure a Loan must be delivered to Lender and Custodian not later than 12:00 noon (instead of 5:00 p.m.) on the fifth Business Day prior to the applicable Loan Closing Date.

  • Clarifies that any payment required to be made by a borrower pursuant to Section 11.2(j) shall be paid to the Master TALF Collateral Account.

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