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Next Working Group Meeting:
17th November 2009: 1000-1100 EST (3-4pm GMT) Agenda, schema etc will be sent
prior to the meeting. Minutes from 3rd November
2009 1.
Comm. Adjustment: Update
the scheme for Increase/Decrease to an enumeration. 2.
Comm. Adjustment: The
amount field should be an absolute figure (the enumeration defines the
direction). 3.
Business question:
What happens in the case that a commitment adjustment is refused…? Does
this affect the structure of the notification we have created…? 4.
Business question:
Should we capture a flag to denote whether a commitment adjustment is mandatory
from the borrower’s perspective…? 5.
Business question:
Should we capture a ‘schedule date’ (in the case where the adjustment
is pre-defined)…? 6.
General design: All ‘flags’
should be named consistently (we decided to maintain a –flag suffix). 7.
General design: Modification
flag should not be required in the Facility Notice section. 8.
General design: There
was a discussion around corrections. The working group agreed that there is
effectively a window within which modifications to existing business events can
take place. But, if the event has been processed and there has been cash
movement then a correcting event may need to take place. In this latter case, the
eventId may need to be different. To be discussed further… (current
structure should still be able to handle this scenario). 9.
General design: Move
the effective date into the Facility Notice section (the wg agrees that all facility
business events should have an associated effective date). 10.
Rollover: Some
providers/agents may not be able to provide full details of specific loan which
have been repaid during a rollover. WG members have stated that they may only
be able to provide facility repayment details in cases. The current loans in
this scenario would be a set of new loan contracts. Unfortunately, this would
mean making the loanContractRepayment (within the Repayment structure)
optional. This, in turn, brings up the question as to what kind of validation
there will be around the provision of loanContractRepayment details… This
needs to be discussed further. 11.
Rollover: Conversion
flag should be captured at a higher level within the rollover message
structure. 12.
New Request: Rate
Set Notices. In a rollover situation where we have multiple existing loan
contracts transforming to a new set of loan contracts, each of the contracts
may require a rate set notice to be created. At the moment the rate set notice
is not part of the rollover message. Is the expectation that the sender would
need to generate separate rate set notices for each loan contract
‘rolling over’ or should we incorporate this workflow within the
rollover structure itself…? Regards, Bhavik Katira CEO TenDelta™ Fresh
insight. Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions. Copyright
©2008-2009. TenDelta™ LLC (US), TenDelta™ Limited (UK). All
Rights Reserved. From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira Additional Item to add to the
list below 12. New Request: Rate Set Notices.
In a rollover situation where we have multiple existing loan contracts
transforming to a new set of loan contracts, each of the contracts may require
a rate set notice to be created. At the moment the rate set notice is not part
of the rollover message. Is the expectation that the sender would need to
generate separate rate set notices for each loan contract ‘rolling
over’ or should we incorporate this workflow within the rollover
structure itself…? Regards, Bhavik Katira CEO TenDelta™ Fresh insight.
Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions. Copyright
©2008-2009. TenDelta™ LLC (US), TenDelta™ Limited (UK). All
Rights Reserved. From: loanwg@xxxxxxxx [mailto:loanwg@xxxxxxxx]
On Behalf Of Bhavik Katira Dial-in Details US: + 1 (888) 481 - 3032 Intl: + 1 (617) 801- 9600 UK: 0800 904-7961 Participant Code: 28413758 Please refer to the attached
schema design. Items to discuss: 1.
Design Proposal:
Introduction of a Commitment Adjustment Structure. a.
Review structure b.
What business
scenarios should it be used…? Is it simply when there is a commitment
change where no cash flow occurs…? c.
Agree that it should
be used whether there is a decrease or an increase. d.
Change can be
positive or negative…? Or should we have a flag followed by an absolute
amount…? 2.
Design Proposal:
Should we introduce an ‘Effective Date’ in the facility notice
section…? 3.
Design Proposal:
Rollover changes a.
Added
‘effectiveDate’. b.
Renamed
‘Maturing-‘ to ‘Prior-‘ and ‘New-‘ to
‘Current-‘. c.
Introduced the
‘currentLoanContract’ structure d.
CurrentLoanContract
contains a optional choice which contains either a DrawdownPayment,
loanContractIncrease or conversionFlag. 4.
Design Proposal: L/C
Termination should contain the change amount rather than the prior amount. More
generically, should we be capturing change amounts in all notices, rather than
prior amounts…? (It was mentioned in the last call that prior amounts are
notoriously difficult to extract in many cases). 5.
Design Proposal:
Interest payment adjustment added to InterestPayment structure. Should we
capture this extra field to take into account an adjustment from a previous
period…? The other option is to capture this in the new Cash Flow section
and make it generic to all business events. 6.
Design Proposal:
Updated the LenderLoanContractPeriod in the InterestAccrualSchedule to
InterestLoanContractPeriod. This is to account for the fact that the interest
accrual may not be based on the actual lender position. It may be based on a
portion of the lender position. E.g. A repayment occurs mid-accrual period and
the interest relating to the repayment amount is paid. When the interest
payment is communicated, the underlying InterestLoanContractPeriod, not the
full lenders loan contract position. a.
Are we interest in
knowing whether the InterestLoanContractPeriod is actually the lender’s
position…? b.
Should we represent
both InterestLoanContractPeriod and LenderLoanContractPeriod…? 7.
Confirm:
Modification Flag in Facility Notice. There is no way to tell multiple
instances of a modification… is this an issue…? 8.
Confirm: L/C
contains amount and participation amount. 9.
Confirm: Choice
containing full deal structure in the Facility Notice. 10.
Confirm: Contacts
structure. 11.
New Request: In the
following scenarios should we expect to send multiple messages out or come up
with a combination message type: a.
Repayment with
Interest b.
Repayment and New
Loan c.
Multiple On-Going
Fees, Interest Payments, Rate Fixes, Margin Changes etc… Regards, Bhavik Katira CEO TenDelta™ Fresh
insight. Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with engineering
innovative & logical solutions; we endeavor to deliver timely, robust,
cutting-edge solutions. Copyright
©2008-2009. TenDelta™ LLC (US), TenDelta™ Limited (UK). All
Rights Reserved. From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira All, Unfortunately I have a clash
with this call for tomorrow and will be travelling. In the last few weeks we have
had feedback from working group members regarding: -
Increased
flexibility with the Rollover Notice structure – especially with respect
to increases & repayments. -
Suggested updates to
the Business Validations from the business working group. -
Suggested updates to
the L/C structure. -
Suggested updates to
the Interest Payment structure to cater for the case where we have a partial
interest payments, mid-period. -
The introduction of
Contact information. -
Simplification of
new vs modified messages using a flag to denote the difference. -
The introduction of
a simple Commitment Adjustment structure. The feedback has been great and
we are expecting more, based on our last FpML call. A new copy of the schema will be
available as soon as the latest changes are in. We are waiting for some
feedback on a few design points – we expect it to be completed at some
point this week. Please keep sending in your
comments as they relate to applying the standards to real-life messages. Regards, Bhavik Katira CEO TenDelta™ Fresh insight.
Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education services;
specializing in the Syndicated Loan Market. Entrusted with engineering
innovative & logical solutions; we endeavor to deliver timely, robust,
cutting-edge solutions. Copyright
©2008-2009. TenDelta™ LLC (US), TenDelta™ Limited (UK). All
Rights Reserved. No virus
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