ISDA European Loan CDS Protocol
The ISDA European Loan CDS Protocol (the “Protocol”) is a tool to upgrade the Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans as published on July 30, 2007 (the “July 2007 Supplement”) to the terms of the Revised Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans published on March 12, 2008 (the “the Revised March 2008 Supplement”).
Adhering to the Protocol will provide that with effect from the Implementation Date each provision in the Documentation relating to each Covered Transaction that incorporates the July 2007 Supplement shall be deleted and replaced with a provision incorporating the Revised March 2008 Supplement.
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 ISDA European Loan CDS Protocol.
The ISDA European Loan CDS Protocol is open to ISDA members and non-members.
THE CUT-OFF DATE FOR ADHERENCE TO THIS PROTOCOL HAS BEEN EXTENDED FROM MAY 15, 2008 TO MAY 22, 2008.
PLEASE NOTE: THIS PROTOCOL IS CLOSED.
|The following documents must be submitted via email to the ISDA office in New York in order to adhere to the ISDA European Loan CDS Protocol:
ISDA will only accept email delivery of Adherence Letters. An Adhering Party is not required to send original Adherence Letters to the ISDA offices.
Please submit all Adherence Letters
No other documents are required in order
THE CUT-OFF DATE FOR ADHERENCE TO THIS PROTOCOL
Email address for Delivery of Adherence Letters:
Policy Regarding Conformed Copies
The most common problem experienced in the adherence process
|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?
How do I send in my Adherence Letter?
You are not required to send your original Adherence Letter(s) by mail to ISDA.
What is a conformed copy?
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?
What if I am an investment or asset manager – how do I complete the signature block?
Can I change the text of the Adherence Letter?
Limited Right of Revocation
Can I revoke my participation in ISDA European Loan CDS Protocol?
Does it cost any money to adhere to the Protocol?