Frequently Asked Questions

ISDA has prepared this brief summary of frequently asked questions to assist in your consideration of the ISDA European Loan CDS 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 ISDA European Loan CDS Protocol is open between 9:00 a.m. New York Time on Thursday May 1, 2008 and 5:00 p.m. New York Time on May 22, 2008.  THE CUT-OFF DATE FOR ADHERENCE TO THIS PROTOCOL HAS BEEN EXTENDED FROM MAY 15, 2008 TO MAY 22, 2008. Any entity must email its Adherence Letter to ISDA by 5:00 p.m. New York Time on May 22, 2008, or it will not be able to participate in the ISDA European Loan CDS Protocol.

How do I send in my Adherence Letter?
All Adherence Letters must be delivered by email to elcdsupdateprotocol@isda.org. 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 the Protocol.

Can I change the text of the Adherence Letter?
No. The Adherence Letter must be in the same format as the form letter published in the ISDA European Loan CDS Protocol. You may obtain a copy of the form Adherence Letter by visiting the ISDA website, www.isda.org and clicking on "ISDA European Loan CDS Protocol" and then clicking on "Form of Adherence Letter".

Limited Right of Revocation

Can I revoke my participation in ISDA European Loan CDS Protocol?
No.

Does it cost any money to adhere to the Protocol?
No.