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What could the publication of the New York version of the Master Trade Loan Agreement (MTLA) for bank-to-bank trade loans mean in practice? Michael Evan Avidon, co-chair of Moses & Singer’s banking and finance practice group, New York, considers how the agreement differs from other MTLAs and how it could affect bank-to-bank trade loans.
The New York version of the MTLA for bank-to-bank trade loans has been published by the Bankers Association for Finance and Trade (BAFT).
The most important thing to know is that it was designed and drafted to reflect industry best practice in documenting bank-to-bank trade loans under New York law. From the point of view of a lending bank, especially, if it is currently using very short forms, the New York MTLA obviously has a lot of advantages, because while it is not an overbearing loan agreement, it’s more comprehensive than a form only a few pages long.
It does so most importantly in two respects. First, many trade loans are currently documented on one-off agreements, some of them quite short, so using a master format can make things a lot simpler—a bank can put the New York MTLA in place and then use a simple request form for each particular loan. Second, even if a bank is using a master format already, this particular version has benefitted from input from bankers across the world, internal and external bank c
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