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On Friday, July 10, the Federal Reserve Bank of New York (the “New York Fed”) convened an informal conference call clarifying aspects of the operation of the Term Asset-Backed Securities Loan Facility (“TALF”) for loans secured by eligible high-quality commercial mortgage-backed securities issued before January 1, 2009 (“Legacy CMBS”). The initial subscription date for TALF loans secured by Legacy CMBS will be July 16 2009, with a closing date of July 24, 2009. This memorandum summarizes the TALF loan requirements highlighted during the conference call as well as some of the important changes to the Master Loan and Security Agreement (“MLSA”) for TALF loans secured by Legacy CMBS.