On death the character gets an EXP penalty that goes away as EXP is earned again; the level does not drop.
The client reports the death penalty in HP and MP and the percentage of penalty EXP recovered.
You can resurrect on the spot with Odd Circle, Superior Odd Circle and Hyper Odd Circle; otherwise the character goes to the resurrection point.
Resurrecting on the spot (Odd Circle, Honorable Circle, Superior Odd Circle and Hyper Odd Circle) has a 1 ms cooldown outside missions, that is, no wait, and 2 min inside missions and dungeons.
Each map has its own resurrection and return point on the server (Maps).
Data from the Cabal Latino server and client (EP33).