According to the protocol, Highland Capital Management, L.P. (Highland) agreed, in a telephone call on December 3, 2009, to purchase $15.5 million in bank loans from Regency Hospital, LLC at a purchase rate of 93.5% of the face value of Bank of America, N.A. (“BofA”). During the call, BofA Highland did not inform that the trade documentation would require standard non-LSTA or other conditions.7 On the same day, Highland BofA sent an email confirming that the trade was concluded. BofA responded favourably, but added that trade was subject to the corresponding approval and documentation, as well as certain non-standard provisions.