Template:Isda 1 summ: Difference between revisions

===Section 1(b)===

It wouldn’t  be ISDA if there weren’t a hierarchy clause; all this really establishes is the obvious: the pre-printed ISDA Master Agreement itself sits at the bottom and is modified between the counterparties by its Schedule; once negotiated and stuck into the netting database, the Schedule basically sits there unregarded and is modified as needs be for each Transaction under the Confirmation. In point of fact the Confirmations don’t tend to ''modify'' anything in the Master and Schedule so much as  build on them, but if there is a consistency — and with a document as pedantic and overwrought as the ISDA you just never know — then the most specific, recently edited document  will be the one that prevails.

===Basically===

In a nutshell — unless you are doing [[repackaging]]s, and even then don’t get carried away — make sure you understand what Section 1 is there fore, but don’t ''mess'' with it.

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