Template:M summ 2002 ISDA Preamble
The preamble, which talks in somewhat laboured terms about the architecture of the ISDA contract, is the only place in the ISDA Master Agreement where the concept of the “Transaction” — being the actual swaps you put on under one of these confounded agreements — is defined.
Transaction
Schedule
The Schedule is where the parties make their elections, customised representations, and any other amendments to the form of the ISDA that they want to apply across the board. Thus the Schedule is the heart of the ISDA negotiation. It is famously divided into five parts, of which you will spend most of your time in Parts 1 and 5.
Part 1 - Termination Provisions
Part 2 - Tax Representations (Schedule)
Part 3 - Agreement to Deliver Documents
Part 4 - Miscellaneous (Schedule)
Part 5 - Other Provisions