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I signed up to the previous European Loan CDS Protocols, doesn my transaction already provide for auction settlement?

April 26, 2017auction cds European loan previous protocols signed transaction

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I signed up to the previous European Loan CDS Protocols, doesn my transaction already provide for auction settlement?

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Whilst the Settlement Method for your transaction may already provide for cash settlement by reference to the Final Price determined under an auction, a scheme of arrangement which occurred after the Credit Event meant that certain issues arose with respect to the appropriate Deliverable Obligations for any settlement on such standard terms. The Protocol has been published to address these and adherents to the Protocol are agreeing to amend the terms of each Covered Transaction (see below) between it and each other adhering party to take into account the discharge of a portion of the Reference Obligation and referencing new first lien loans as the Deliverable Obligations.