As you may know, the TARP Capital Application (Word Version) asks whether the “Institution Has Reviewed The Investment Agreements And Related Documentation On Treasury’s Website (Yes/No).”

The Investment Agreements and Related Documents have not yet been made available by the Treasury Department.  When they are made available, we presume they will be made available on the Treasury’s Emergency Economic Stabilization Act page.

Until they are made available, we recommend that applying institutions indicate that they have not read the materials (either with or without a note that the materials were not available at the time of filing).  Due to the FDIC’s guidance to note any structural conditions to acceptance of the Treasury’s public term sheet, we also recommend that applicants refer to our earlier articles describing potential issues for non-public financial institutions.

Update 10/29/08: We understand that the FDIC is now informing applicants that the investment agreement will not be provided to them until they are approved for participation in the TARP Capital program.

Update 10/31/08: The Investment Agreements for publicly traded companies are now available.  Private and Subchapter S institutions may wish to review generally, but the Treasury is working on revised Investment Agreements for non-publicly traded companies.