New York Fed Revises TALF Master Loan and Security Agreement

October 19, 2009

The following summarizes the changes made to the MLSA from the September 15, 2009 posting:
  • Introduces Eligible PPIF Borrowers as Eligible Borrowers under the TALF Program.

  • Provides that the Haircut Percentage with respect to an Item of Eligible Collateral pledged by an Eligible PPIF Borrower shall be the Haircut Percentage determined in accordance with the current definition of "Haircut Percentage” in the MLSA, multiplied by 150%. See the definitions of “Advance Rate” and “Haircut Percentage” for specifics.

  • The Borrower representations and warranties with respect to acquisition of Legacy CMBS Collateral have been revised to provide that the purchase price for any transaction in which the Borrower acquires Legacy CMBS Collateral after October 21, 2009, is in an amount not less than $1,000,000.

  • Adds a new “Eligible PPIF Borrower” column to Appendix 3B: Form of Loan Request (Loans Secured by CMBS Collateral).

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