On April 22, 2013, the Loan Syndication and Trading Association (the “LSTA”) published what is expected to be the final exposure draft (the “Exposure Draft”) for a revised Collateral Annex (the “Collateral Annex”) to its form participation agreement (the “Participation Agreement”). First published in 2008, the Collateral Annex is used by secondary loan market participants who purchase or sell loans pursuant to the Participation Agreement. The Exposure Draft reflects an effort by market participants to standardize the terms of the Collateral Annex in order to shorten the negotiation period and to more accurately reflect market practices. In connection with the Exposure Draft, the LSTA plans to issue revised forms of both the Par/Near Par Trade Confirmation and Distressed Trade Confirmation (collectively, the “Trade Confirmations”) to reflect these changes. The revised Collateral Annex and Trade Confirmations are to be released later this quarter.