prepared this brief summary of frequently asked questions to assist in
your consideration of the 2007 iTraxx® Europe Maximum Deliverable
Amount Protocol (the “Protocol”).
THIS FREQUENTLY ASKED QUESTIONS DOES
NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION
OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE PROTOCOL.
PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER
THEY DEEM APPROPRIATE PRIOR TO USING OR ADHERING TO THE PROTOCOL. ISDA
ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION
OR OTHER DOCUMENTATION MAY BE PUT.
Adherence Letter Submission Process
When do I need to send in my Adherence Letter?
The Protocol is open between 9:00 a.m. New York Time on Monday, July 16,
2007 and 5:00 p.m. New York Time on Friday, Monday, July 30, 2007. Any
entity must email its conformed and executed copies of its Adherence Letter
to ISDA by 5:00 p.m. New York Time on Monday, July 30, 2007, as well as
payment, or it will not be able to participate in the Protocol. Payment
made after the closing date will be accepted however adherence letters
will not be posted on the ISDA website until this payment is received.
How do I send in my Adherence Letter?
All Adherence Letters must be delivered by email to email@example.com.
In the email, you must submit both your conformed and
executed copies of the Adherence Letter.
The Adherence Letter(s) should be on your
institution’s letterhead. Nothing in the form Adherence Letter available
on ISDA’s website may be changed with the exception of completing
the details of your institutional name, date and signature block.
You are not required to send your original
Adherence Letter(s) by mail to ISDA.
What is a conformed copy?
A conformed copy of the Adherence Letter means that the name of the authorized
signatory (for example, Patricia Smith) is typed rather than having Patricia
Smith’s actual signature on the letter. ISDA only posts on its website
the conformed copy of all Adherence Letters.
You must also submit an executed, or signed,
copy of the Adherence Letter in addition to the conformed copy of the
Adherence Letter. ISDA keeps the executed copy of the Adherence Letter
for its files and does not share the executed copy with anyone else.
Who is an authorized signatory?
An authorized signatory to the Adherence Letter is an individual who has
the legal authority to bind the adhering institution.
What if I am an investment or asset manager
– how do I complete the signature block?
If you are an investment or asset manager and act on behalf of multiple
funds, you must indicate the following in the signature block: “Investment/Asset
Manager, acting on behalf of the funds and accounts listed in the relevant
Master Agreement between it and another Adhering Party”. A separate
Adherence Letter for each fund or account does not need to be submitted
to ISDA. Further, no specific names of clients of the investment/asset
manager will be publicly disclosed on the ISDA website in connection with
Can I change the text of the Adherence
No. The Adherence Letter must be in the same format as the
form letter published in the 2007 iTraxx® Europe Maximum
Deliverable Amount Protocol. You may obtain a copy of the
form Adherence Letter by visiting the ISDA website, www.isda.org
and clicking on “2007 iTraxx® Europe Maximum Deliverable
Amount Protocol” and then clicking on “Form of Adherence Letter”.
Does it cost any money to adhere to the
Yes. A fee of $1000.00 (USD) is required for adherence to the Protocol.
Please click here for Payment Options.