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Banking and
Financial Institutions Law Update December 15, 2008
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Banking and
Financial Institutions Team Leaders
Jean M. Weipert
Team Members
William G.
Asimakis, Jr.
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UNDER THE "TARP"
TROUBLED ASSET RELIEF PROGRAM
PROGRAM
ALERT
The U.S. Treasury
Department has released additional documentation for privately-held
financial institutions that have applied for Treasury's Capital
Purchase Program ("CPP"). These documents include a
Securities Purchase Agreement, a Form of Letter Agreement, a Certificate
of Designation-Warrant Preferred, Non-Cumulative, a Certificate of
Designation-Standard Preferred, Non-Cumulative, a Certificate of
Designation-Warrant Preferred, Cumulative, a Certificate of
Designation-Standard Preferred, Cumulative, and a Form of
Warrant. All of the documents are
available here. After a financial institution is granted
preliminary CPP approval, it must complete and submit the appropriate
closing documents referred to above.
At this point,
Treasury has committed about $335 billion of the first $350 billion
allocated by Congress to the Troubled Asset Relief Program. A
report in the Wall Street Journal today stated that a decision by the
Bush administration to request Congress to allow usage of the
remaining $350 billion available under TARP may hinge on how much
money the administration determines the U.S. automotive companies
will require to stay in business over the course of the next few
months.
Clark Hill will
strive to keep you consistently updated and informed about the
Troubled Asset Relief Program and the government's evolving response
to the turmoil in our capital markets. Please click here to view
our previously distributed "Under the TARP" newsletters.
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To find out
more about Clark Hill and our Banking and Financial Institutions
Law Group, visit clarkhill.com
or call 800.949.3124
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