Template:Isda Preamble summ: Difference between revisions

<nowiki>The first four parts of the {{</nowiki>{{{1}}}<nowiki>|Schedule}} fine-tune various {{</nowiki>{{{1}}}<nowiki>|Events of Default}} and {{</nowiki>{{{1}}}<nowiki>|Termination Events}} (setting {{</nowiki>{{{1}}}<nowiki>|Cross Default}} thresholds, {{</nowiki>{{{1}}}<nowiki>|Specified Entities}} and so on) allow certain elections and representations, agreeing what tax and financial disclosure each party should make and to whom, and specifying names, addresses, contact details, agents, friends and relations and so on. Part 5 is a free-form “any other business” where your credit team can indulge its fantasies,  gild the lily and you can set out agreed amendments to the pre-printed form. </nowiki>

A quick word on etiquette: one would ''never'' inline amend an ISDA Master Agreement — mostly they pass around the market in .pdf form, so you couldn’t anyway, but even if you could it would be unspeakably bad form to try — if you do want to make amendments to the legal or economic terms you put them in the Schedule. There are prudent [[legal design]] reasons for this, though over the years the amount of freestyle “Part 5” amendment has grown to the point where the Schedule is often longer than the Master Agreement proper. Much of this is quite unnecessary and, for lovers of clarity and documentary elegance, a cause for great regret.