The protocol allows companies to amend 18 Isda definition brochures and credit support documents to reflect the new terminology and provisions of the 2002 Framework Agreement. A 2002 Isda Framework Agreement does not need to be pending to allow a participant to comply. Isda stated that the compliance deadline will expire on 1 March 2004. Prior to the publication of the 2002 agreement, Isda published a series of definition brochures and credit support documents. These documents refer to the terminology and provisions of the 1992 Isda Framework Treaties. The Protocol makes it possible to amend these various documents to take account of the new terminology and the provisions of the 2002 Agreement. "All transactions are concluded with the confidence that this framework agreement and all confirmations constitute a single agreement between the parties. and the parties would not otherwise transact. Together with the timetable, the framework contract sets out all the general conditions necessary for the proper allocation of the risks of the transactions between the parties, but does not contain conditions specific to a given transaction. Once the framework agreement has been concluded, the parties can conclude many transactions by granting the main terms of sale by telephone, as evidenced by written confirmation, without the need to review the underlying terms of the framework agreement. Some major North American and European banks introduced the 2002 agreement as an agreement of their choice with new counterparties.

However, if a counterparty insists on negotiating a 1992 agreement, it will generally agree. The process of modification and compliance is defined, among other things, in the protocol itself, which is published on the website of the association (www.isda.org) at the same time as a form of letter of adhesion. For more information about the compliance process, see the Protocol Mechanics section of this FAQ. The framework contract is the central document around which the rest of ISDA`s documentary structure is built. The pre-printed framework contract is never modified, except to insert the names of the parties, but is adapted to the framework agreement through the use of the calendar, a document containing elections, additions and amendments to the framework agreement. For similar reasons, the protocol does not provide for any changes to any of ISDA`s standard "bridge" forms. Parties wishing to use some form of isda bridge must negotiate a number of issues and reach an agreement, and the final form of the transitional arrangement used will likely be carefully tailored to their individual relationship. .

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