What information will the TALF Agent receive from the custodian to assist in reconciling and distributing aggregate monthly interest payments to investors?
With each payment distribution, the TALF Agent will receive information regarding the gross principal, interest and other distribution amounts paid on the ABS collateral, as well as the principal, interest and other distribution amounts to be remitted to the borrower. Should an interest deficiency exist, the net interest and/or principal will be used to offset that deficiency, in which case the TALF Agent will be informed. Are there any bankruptcy protections for the borrower if the TALF Agent should declare bankruptcy following its receipt of principal and interest from the custodian, but prior to disbursement to the borrower? Once funds or collateral are transferred by the custodian to a TALF Agent or at the direction of the TALF Agent, neither the custodian/administrator nor the New York Fed has any obligation to account for whether the funds or collateral are transferred to the borrower. Will the Securities and Exchange Commission (SEC) be providing an exemption from Section 11(d)(
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