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What is the ISDA Schedule?

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:

1. •

   master agreement

2. •

   schedule to the master agreement

3. •

   credit support documents, and

4. •

   confirmation

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 specified in the confirmation that a deemed master agreement has been entered into. However,