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,
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.