RE: Loan FpML WG Meeting: 17 November 2009, 1000-1045EST (London Time: 3-3:45pm)

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Feedback items from WG members:

(Schemas named “xxx–GS.xsd” are associated with the feedback items below)

1. RolloverNotice - On the current contracts section, rather than having a field called "loanContractChange" can we follow similar convention we're trying to use elsewhere and have a field that represents the direction of contract change…? So we would have the field "loanContractChangeAmount" and "loanContractChangeType" instead wrapped in a block called "loanContractChange". We will need this concept since if we're converting from PRIME to LIBOR we're actually reducing the PRIME contract (without and paydowns). Going from LIBOR to PRIME means we're increasing the PRIME contract (without any drawdowns). Also suggest changing the amount to be a ParticipationAmount type.

2. CommitmentAdjustmentNotice - For the enumeration used to determine "Increase" or "Decrease" can we define a generic type name that can be used in cases other than commitment adjustment. For example we need to use it for balance change as well. So instead of CommitmentAdjustmentTypeEnum could we call it AmountAdjustmentTypeEnum.

3. LcBalanceNotice - Can we add a field onto the LC Balance Change notice to determine whether an increase or decrease is taking place in similar way we've done for commitment adjustments…? We could call this field balanceChangeType . The balanceChangeAmount field then becomes an absolute number.

4. DrawdownNotice - For the Drawdown notice can we follow same convention as other notices and have ability to specify lender share as well as global…? Therefore we should rename "shareLoanContractAmount" to "amount" and also change the type to ParticipationAmount.

New Items:

1. 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…?

2. 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.

www.tendelta.com

+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.

From: loanwg@xxxxxxxx [mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent: Thursday, November 12, 2009 9:32 PM
To: loanwg@xxxxxxxx
Subject: Latest Loan Schema - as of 3 Nov 2009 meeting

Updated schema attached:

1. Comm. Adjustment: Introduced enumeration.

2. General: Flag fields renamed (FacilityRepayment.AdjustsCommitmentFlag, LoanContract.ConditionPrecedentFlag).

3. General: ModificationFlag optional.

4. General: Effective Date added to FacilityNotice. Optional field.

5. Rollover: Added an option for FacilityRepayment vs Facility & LoanContract Repayment (to be discussed).

6. Rollover: Conversion field captured at a higher level in the structure.

7. Rollover: Prior- and Current- loan contract sections (renamed).

Please take a look and provide feedback.

Regards,

Bhavik Katira

CEO

TenDelta™

Fresh insight. Pure logic.

www.tendelta.com

+1.917.582.4574 new york

+44.(0).7780.808732 london

From: loanwg@xxxxxxxx [mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent: Monday, November 09, 2009 11:23 AM
To: loanwg@xxxxxxxx
Subject: Minutes - Loan FpML WG Meeting: 3 November 2009

Next Working Group Meeting: 17^th November 2009: 1000-1100 EST (3-4pm GMT)

Agenda, schema etc will be sent prior to the meeting.

Minutes from 3^rd 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.

www.tendelta.com

+1.917.582.4574 new york

+44.(0).7780.808732 london

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