The Loan Syndication and Trading Association (LSTA) published revised Standard Terms and Conditions, effective September 1, 2016, for its Par/Near Par Trade Confirmation (Revised Terms). These substantially change a party’s right to receive compensation for interest and ordinary course fees accrued on traded debt during the delay period (Delayed Comp). Funds trading loans – particularly those engaging in large volumes of transactions – must prepare to handle the greater demands imposed by the Revised Terms, lest the increased settlement pressures negatively impact them. In a guest article, Darius J. Goldman and Jessica P. Chue, partner and associate, respectively, at Katten, discuss the Revised Terms, including the new deadlines regarding the execution of trading documentation and funding of the purchase price that need to be met in order for a buyer to receive Delayed Comp. Goldman and Chue also explain the economic effect on buyers and sellers of loans in the secondary market when the new deadlines are not met. For additional insight from Goldman, see “How Hedge Fund Claim Traders Can Protect Their Interests in the Visa/MasterCard Litigation” (Jun. 14, 2016); and “What Hedge Fund Claim Traders Need to Know About the Visa/MasterCard Settlement” (Jun. 25, 2015). For more on LSTA trading documentation, see “The Impact of Asymmetric Information, Trade Documentation, Form of Transfer and Additional Terms of Trade on Hedge Funds’ Trade Risk in European Secondary Loans (Part Two of Two)” (Oct. 27, 2011); and “Big Boys Don’t Cry: How ‘Big Boy’ Provisions Can Help Hedge Fund Managers Avoid Liability for Insider Trading Violations” (Dec. 3, 2009).