Bulletin: NY000122

Dear Associates:

Effective September 1, 1996, there will be an increase in the fees required to file U.C.C. financing statements and Federal liens in the City Register's Office, as well as in the County Clerk's Offices in counties outside the City of New York.

The changes are outlined in the memo of Joy Bobrow, the City Register, dated August 28, 1996 a copy of this memo is available from our New York City office.

To briefly summarize the new policy:

• to file a standard U.C.C. document consisting of only one (1) page without attachment, the filing fee is $7.00;
  
• to file a non-standard form, i.e., any U.C.C. document that contains an attachment, the filing fee is $12.00;
  
• for filing a notice of federal tax lien, release of federal tax lien or other federal lien filing, the fee is $7.00.

You should be aware that, at least with respect to filings to be made with the City Register's Office, block and lot fees and fixture filing fees remain in effect.

Ms. Bobrow indicates in her memo that, because of the short notice given to the public regarding the increase in fees, filings submitted at the old fee rate prior to September 16, 1996, will still be accepted. On or after September 16, however, documents must be accompanied by the new filing fee, or else they will be rejected.

If you have a filing to be made in a county located outside the City of New York, it is suggested that you contact the County Clerk's Office in that county to confirm when the new fee structure will be implemented and to determine whether a grace period similar to the one established by the City Register will be recognized.

Should you have any questions, please contact Company Counsel.