The ISDA 2009 European Loan CDS Protocol (the “Protocol”) is a tool  to facilitate the settlement of European loan-only credit default swap (ELCDS) trades referencing certain loan obligations of British Vita (UK) Limited and Sanitec Oy.  By adhering to the Protocol you have the option to update legacy trades (i.e. those single name trades based on previously published ISDA documentation and LevX Series 2 trades) and certain other single name and LevX Series 1 trades on Sanitec and British Vita only.

It should be noted that there is no adherence fee required for ISDA members or non-ISDA members submitting Adherence Letters in connection with the Protocol.

The Protocol is open to ISDA members and non-members.

The Protocol will be open between January 20, 2009 and January 30, 2009.