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Email Yesterday afternoon, the Federal Reserve Board (the “Fed”) announced that, beginning in July 2009, certain high-quality commercial mortgage-backed securities issued before January 1, 2009 (“Legacy CMBS”) will become eligible collateral under the Term Asset-Backed Securities Loan Facility (“TALF”). At the same time, the Federal Reserve Bank of New York (the “New York Fed”) released the terms and conditions for TALF-eligible Legacy CMBS, including the criteria for Legacy CMBS and underlying assets and the loan terms and conditions for the associated TALF loans. https://www.cadwalader.com/resources/clients-friends-memos/talf-for-legacy-cmbs-new-york-fed-releases-terms-and-conditions-and-faqs