The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the coronavirus (COVID-19) outbreak. We are reviewing our content on the basis of information available and will keep it under regular review. For information on key developments and related practical guidance on the implications for lawyers, see: Coronavirus (COVID-19) toolkit and Practice Note: Coronavirus (COVID-19)—implications for derivatives transactions.
The International Swaps and Derivatives Association (ISDA) documentation framework involves layers of documentation (often referred to as the ISDA documentation architecture). The key layers of the documentation for a trade under the ISDA documentation framework are:
schedule to the master agreement
credit support documents, and
The ISDA master agreement is a pre-printed umbrella document which includes the boilerplate provisions. The schedule supplements and amends the master agreement, as required by the parties. It allows the provisions of the master agreement to be tailored to the particular needs of the parties, by inserting amendments to the provisions of the master agreement or including additional or alternative provisions. The schedule is the part of the ISDA master agreement that is negotiated by the parties.
The majority of protection comes from the master agreement itself. If transactions are entered into before the schedule is negotiated and agreed, it should be
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