With the ClearPar^SM system, buyers and sellers can simplify their par loan trading by simultaneously accessing, reviewing, commenting upon, approving and executing trade confirmations, assignment and acceptance agreements and funding memoranda, all of which are prepared by ClearPar^SM on a single integrated system. The ClearPar^SM system not only provides up-to-the-minute data regarding the status of open trades and inventory positions, but also provides historical recordkeeping for closed transactions. In sum, the ClearPar^SM system is designed in all facets to improve liquidity and efficiency in the par loan market and allow for greater trading volume.


CLEARPAR^SM IS EASY TO USE

To enter a trade, simply log on to the ClearPar^SM system using your user ID and password and complete the Electronic Trade Ticket. The system contains convenient "pull down" menus for virtually every field.

Within moments of submission of a properly completed Electronic Trade Ticket, the ClearPar^SM system generates an "LSTA Par/Near Par Trade Confirmation," followed by the appropriate assignment and acceptance agreement and funding memorandum.

The ClearPar^SM system automatically notifies by e-mail each counterparty and the agent (with regard to the assignment and acceptance agreement only) when each document is posted on the system for review. In addition to these features, the ClearPar^SM system computes delayed compensation, interest allocations, commitment reductions, and permanent paydowns. The system automatically updates all trade documents and reports to reflect these calculations and adjustments.

Questions, comments or changes to any transaction or document can be noted by counterparties, the agent or the ClearPar^SM closer on the ClearPar^SM Trade Time Line. The ClearPar^SM Trade Time Line tracks the closing of each transaction, making the settlement process entirely transparent.

By clicking on the Open Trade List, a list of all unsettled trades may be viewed and sorted by borrower/facility. By selecting a particular trade, each of the associated transaction documents may be previewed and signed online.


REPORTING AND ARCHIVING

New trades are automatically entered into an Open Trade Report that maintains a list, sorted by borrower/facility, of all unsettled trades.

The ClearPar^SM system automatically computes and tracks funded/unfunded amounts of revolving loans, permanent paydowns and/or permanent commitment reductions and adjusts each pending trade and report.

When a trade has closed, the ClearPar^SM system transfers it from the Open Trade Report to the Closed Report. In addition, all signed, final documentation is saved electronically in the ClearPar^SM archive system and may be viewed and printed online at any time.


DIGITAL SIGNATURE FILE

The ClearPar^SM system maintains a digital signature file in a secured environment, ensuring authenticity of authorized signatures. A digital signature is automatically inserted into a document when an authorized signatory enters his or her secure PIN number on the ClearPar^SM electronic signature approval form.