ISDA Master Agreement

Also known as an ISDA Master or simply an "ISDA." The standardized, pre-printed form agreement published by the International Swaps and Derivatives Association, Inc. ( www.practicallaw.com/5-386-5186) (ISDA), which is used to document over-the-counter (OTC) derivatives ( www.practicallaw.com/2-386-2448) trades. The parties add to or modify the terms of the ISDA Master through the use of a Schedule to the ISDA Master Agreement ( www.practicallaw.com/7-386-8122) . The ISDA Master, along with the Schedule to the ISDA Master Agreement, if any, are umbrella documents that parties typically use to govern their trading relationship, often covering many transactions (each of which is evidenced by a transaction confirmation ( www.practicallaw.com/2-386-8134) ) of different types. The ISDA Master Agreement and Schedule are also often supplemented by an ISDA Credit Support Annex ( www.practicallaw.com/3-386-8586) (CSA), which forms a part of the ISDA Master and governs margin collateral posting matters relating to transactions entered into under the ISDA Master and Schedule.

Two versions of the ISDA Master Agreement are available for use: the 1992 ISDA Master and the 2002 ISDA Master. For a detailed explanation of the difference between these two versions, see Practice Note, Comparison of 1992 and 2002 ISDA Master Agreements ( www.practicallaw.com/3-506-3774) ). Both ISDA Masters may be found on the ISDA website and can be downloaded for a fee.

For detailed information on the ISDA Master Agreement and Schedule, including a section-by-section breakdown and explanation, see Practice Note, The ISDA Master Agreement and Schedule ( www.practicallaw.com/3-587-5725) .

To learn more about ISDA documents generally, see Practice Note, ISDA Documents: Overview (US) ( www.practicallaw.com/1-386-3976) .

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