New York Fed Revises TALF Master Loan and Security Agreement
September 15, 2009
The following summarizes the changes made to the MLSA from the September 1, 2009 posting:
Removes the requirement for TALF Agents to submit Initial Loan Requests to Lender and provides instead that TALF Agents shall only submit Loan Requests to Lender on each Loan Subscription Date, not later than the time specified by Lender on the TALF Website. See Section 3.1 for specifics.
Revises the time for TALF Agents to submit Offering Materials to Custodian from not later than one hour after the time when the subscription period closes as specified by Lender to the same time that TALF Agents submit Loan Requests to Lender. See Section 3.2 for specifics.
Revises the time for TALF Agents to submit Sales Confirmations and revised Loan Requests from 5:00 p.m. to 12:00 noon on the fourth Business Day (or in the case of a Loan to be secured by CMBS Collateral, the fifth Business Day) prior to each scheduled Loan Closing Date. See Section 3.3 for specifics.
Provides that, in the case of a Permitted Loan and Collateral Transfer with respect to any Loan secured by Legacy CMBS Collateral, the representations and warranties set forth in Section 10.1(e)(vi) shall not be required to be made by such Borrower with respect to its purchase of the Collateral that is the subject of the Permitted Loan and Collateral Transfer, but such Borrower, as the successor Borrower under such Loan, shall (x) have liability for the representations and warranties made by the predecessor Borrower in Section 10.1(e)(vi) as fully as if such successor Borrower had been the predecessor Borrower and had itself made such representations and warranties when made by the predecessor Borrower, and such liability shall survive the effectiveness of such Permitted Loan and Collateral Transfer, and (y) make any further representations and warranties required by Lender as specified in Section 19.3. See Section 10.1(e)(vi) and Annex 4B for specifics.
Replaces Susan Stiehm’s contact information with Roseann Stichnoth’s contact information for all notices to Lender.
Addresses a typo in the Form of Assignment and Assumption -- Assignment by Lender (the replacement of “Lender” with “Borrower”).