ALI-ABA Course of Study Commercial Securitization for Real Estate Lawyers

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1 ALI-ABA Course of Study Commercial Securitization for Real Estate Lawyers Sponsored with the cooperation of The Capital Consortium, including: Commercial Mortgage Securities Association Mortgage Bankers Association National Association of Realtors Real Estate Roundtable Securities Industry and Financial Markets Association May 3-4, 2007 Chicago, Illinois PROGRAM FACULTY PARTICIPANTS FACULTY BIOGRAPHIES STUDY MATERIAL TABLE OF CONTENTS Page xiii xvii xix 1. Introduction 2. Capital Markets Mortgage: A Ratable Model for Main Street and Wall Street 3. CMBS 101: Introduction to Commercial Mortgage Backed Securities 4. The ABCs of Securitization 5. How to Build a Bond By Sally J.Gordon 6. Rating Performing Loan Pools By Robert M. Vrchota 7. Rating Single-Borrower Commercial Mortgage Transactions By Donna Schneider and Eric Rothfeld 8. Commercial Mortgage Backed Securities and the Rating Agency Process By David W. Forti and Blase B. Iaconelli 9. Criteria for Analyzing Land Loans in U.S. Commercial Real Estate CDOs By David Harrison, Joe DeRoy, and Jennifer Story

2 10. Criteria for Analyzing Condominium Conversion Loans in U.S. Commercial Real Estate CDOs By David A. Harrison, Joe Deroy, Jr., and Jennifer Story 11. Rating Commercial Real Estate Construction Loan Pools By Joseph Kelly, Patty Bach, and Richard Carlson 12. Rating Methodology for U.S. Revolving Commercial Real Estate Loan CDOs By Jennifer Story, James Lee, Karen Trebach, and David Harrison 13. U.S. CRE CDO Performance: 2006 Update By Karen Trebach and Jennifer Story 14. U.S. CMBS: Moody's Comments on the Terrorism Risk Insurance Extension Act of CMBS: Moody's Approach to Terrorism Insurance After the Federal Backstop 16. U.S. CMBS and CRE CDO: Moody's Approach to Rating Commercial Real Estate Mezzanine Loans 17. U.S. CMBS: Is PML the Answer to the Hurricane Insurance Crunch? 18. U.S. CMBS: Conduit Loan Underwriting Continues to Slide--Credit Enhancement Increase Likely By Jim Duca and Tad Philipp 19. Securitized Mortgage Loans - Tax Basics and C. VanLeer Davis 20. Federal Income Tax Aspects of Securitization Transactions By David C. Miller 21. An Introduction to REMICSs By John F. Baron and Ashley B. Menser 22. Representations and Warranties - The Capital Markets Context 23. U.S. CMBS: Representations and Warranties Reach Equilibrium but Remedies Have Eroded Slightly By Mr. Daniel B. Rubock 24. Underwriter and Rating Agency Issues in Securitized Loan Transactions By David W. Forti and Michael Weinberger 25. CMBS Rating Methodology By Jack Tolliver, Erin E. Stafford, and Mary Jane Potthoff 26. Availability vs. Confidentiality: Loan Information in the Capital Markets

3 27. Inclusive Real Estate Secured Transaction Opinion Project 321 By Edward J. Levin Study Material 323 Inclusive Real Estate Secured Transaction Opinion Model Opinion of Local Counsel By Joshua Stein 29. Practical Advice on the Preparation of the Substantive Non-Consolidation Opinion in Real Estate Transactions By Richard D. Jones and Richard A. Bendit 30. Mezzanine Loan Non-Consolidation Opinion 31. Mezzanine Loan Enforceability Opinion 32. Opinion Letter regarding a Delaware Single Member LLC 33. Opinion Letter regarding Authority to File Bankruptcy for LLC 34. Opinion Letter regarding Perfection of Mezzanine Lender's Security Interest 35. Matrix of Issues that Matter in Negotiating Real Estate Loans - What's Really Required by Lenders and Rating Agencies and What an Acceptable Middle Ground May Be, Jack Gillies, Steven G. Horowitz, Anne M. Saegert, and Jonathan R. Shils 36. CMSA Large Loan Task Force Report By CMSA Large Loan Task Force 37. Use of SPEs in CMBS By Jennifer P. Story, Heather Merrigan, and Charles Brown 38. Bankruptcy Remote Structuring By David W. Forti 39. Moody's Approach to Pari-Passu Notes in CMBS: Some "A"-Notes are More Equal Than Others 40. U.S. CMBS: Moody's Approach to Borrower-Affiliates Owning Their Related B-Notes 41. CMBS: Tenants-in-Common Becoming More Common By Nicholas J. Levidy 42. Subordinate Financing of Commercial Real Estate By Jeffrey Fastov and Robert Foley

4 43. Evaluating Additional Debt in Commercial Mortgage Transactions By Daniel Chambers and Jennifer Story 44. Slicing and Dicing: A Primer on Selected Legal and Structuring Issues By David W. Forti and William C. Stefko 45. B Note Purchases By David M. Linder and Hilary M. Roxburgh 46. Select Bankruptcy Cases Affecting Commercial Real Estate Finance and Securitization - AB Loans By Katherine A. Burroughs, David W. Forti, and Robert E. Grady 47. Mezzanine Finance: A Legal Background 48. A Miranda Warning for Potential Conduit Borrowers (or a Checklist for Loan Officers) By Mark A. Hill and Richard D. Jones 49. Mezzanine Debt: Suggested Standard Form of Intercreditor Agreement By David W. Forti and Timothy A. Stafford 50. The Standard Roles and Responsibilities of the Master and Sub-Servicers in CMBS Transactions By Ann Hambly, Deborah O. McKinnon, and Janice M. Smith 51. CMS REMIC Matrix for Master Servicing By David C. Miller 52. Joint CMSA/MBA CMBS Loan Document Integrity Task Force Final Report and Recommendations By Joseph Philip, Mary Anne Ashmore, Richard Jones, and Mark Hill 53. Defeasance Deconstructed By Adam Fox and Mary MacNeill 54. Solving the Mortgage Tax Barrier to Defeasance 55. Are You My Lender? By Gary S. Smuckler and Marsha Schuyler 56. U.S. CMBS Borrower Request Policy By Adam Fox, Mary MacNeill, and Britt Johnson 57. Assumptions of Securitized Loans By Kevin A. Sullivan 58. Servicing Issues Related to Large, Highly-Structured Loans By Jan Sternin and Lawrence D. Ashley 59. Servicer Rating Approach By Kevin Chiang and Huston Loke

5 60. U.S. CMBS: Hurricane Katrina Shows Limitations of Current Flood Insurance Practices 61. Post-Securitization Issues in CMBS By Pamela J. Dent and Daniel B. Rubock Special Servicing Issues Involving Securitized Commercial Mortgages 737 Submitted by Joseph Philip Forte Modifications and Assumptions: Top Ten Keys to Responsive Consents 739 CMBS Process for Borrower Request 740 Excerpt from Article III of Pooling and Servicing Agreement DBRS Approach to Monitoring CMBS: Performance Update Reports By David Nabwangu and Erin E. Stafford 64. DBRS CMBS HotList By Abby Fitzgerald, Mary Jane Potthoff, and Erin E. Stafford 65. Participated CMBS Loans: Too Many Cooks in the Kitchen? By Daniel J. Chambers and Zanda J. Lynn U.S. CMBS Conduit Loan Default and Loss Study By Mary O'Rourke and Mary Griffin Metz 67. Testing the Structure: Does the Servicing Standard Work? By Jenna V. Unell and Jordan W. Siev 68. Glossary of Terms: Commercial Mortgage-Backed Securities CMBS World - Hot Website Links 845

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