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Saran Lee
Assistant General Counsel
Bank of America
Legal Deplartment
ISDAo 1
I
SO WHAT WAS THE PROBLEM?
.The Transferor: failed to get RP's prior written consent & fails to inform
RP of its new c/p (the Transferee)
*The Transferee: books the New Trade with the RP as its c/p without
agreeing this with the RP at the time of Novation
.The Remaining Party: back-dates its books to the Novation date and
merely changes its c/p name
ISDA, 2
What is a Protocol?
5 things to remember about the 2005 Novation Protocol:
It applies to Credit Derivative Products & Interest Rate Products
SO WHAT DOES THE PROTOCOL DO (cont.)?
ISDAR 4