Schedule Part

Comment

16

Change Protocol

16

The Authority must consider whether it wishes to have the right to carry our Derogated Low Value Changes and should delete the defined term in Section 1 and paragraphs 1.2 and 1.3 in Section 2, if not required.

The Authority should consider the suitability of the thresholds between the three categories of Authority Changes (see the individual definitions), but should not propose changes without prior approval from SFT.

The Authority should consider the limit on senior funders due diligence costs (paragraph 12 in Section 3 and paragraph 13 in Section 4) but should not propose changes without prior approval from SFT.

The Change Protocol envisages that the parties agree a Catalogue that will govern the pricing of low value changes.  Including a well-developed Catalogue in the Agreement from day 1 will be in both parties' interests as it will create a clear and practical framework (with greater price certainty) for agreeing day-to-day low value changes.