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.
