New York Fed Revises TALF Master Loan and Security Agreement
September 1, 2009
The following summarizes the changes made to the MLSA from the August 4, 2009 posting:
Replaces the defined term, “Primary Dealer” with “TALF Agent”.
Clarifies that the Monthly Interest Deficiency Amount with respect to any Loan shall not exceed the Monthly Interest Shortfall Amount with respect to such Loan.
Clarifies the delivery obligations of the TALF Agent to the Lender and Custodian with respect to AUP Reports and updates to such AUP Reports. See Section 3.1 for specifics.
Provides that promptly after the receipt of any request therefor, each Borrower shall provide to Lender (or it shall use its best efforts to cause the applicable issuer, servicer or trustee to provide to Lender) all Governing Documents and servicer and/or trustee reports (if applicable) with respect to its Collateral as Lender shall reasonably request.
Extends the date that Lender may consent to any Loan Assignment (from December 31, 2009 to March 31, 2010 (or in the case of a Loan secured by Newly Issued CMBS Collateral, to June 30, 2010).
Includes an additional field in the two forms of Loan Request (Loan Request Number).