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. Perhaps the most important aspect of the ISDA Framework Agreement is that the Framework Contract and all confirmations concluded under the Framework constitute a single agreement. This is very important (in particular for regulated financial firms) as it allows the parties to an ISDA framework contract to aggregate the amounts they owe in all ongoing transactions under this ISDA framework contract and replace them with a single net amount to be paid from one party to another. The clearing, which is processed in accordance with Section 2(c) of the ISDA Framework Agreement, allows the parties to account for amounts to be paid on the same day and in the same currency. An ISDA framework contract is the standard document used regularly to regulate derivative trading transactions. The agreement, published by the International Swaps and Derivatives Association (ISDA), outlines the terms applicable to a derivatives transaction between two parties, typically a derivatives dealer and a counterparty. The ISDA framework contract itself is standard, but it comes with an adapted schedule and sometimes a credit support schedule, both signed by both parties in a given transaction. In 1987, ISDA prepared three documents: (i) a standard form framework contract for interest rate swaps in United States dollars; (ii) a standard framework contract for interest rate and currency swaps denominated in several currencies (collectively referred to as the `1987 ISDA framework contract`); and (iii) definitions of interest rates and currencies. The framework contract and the timetable shall determine the reasons why one of the parties may require the conclusion of covered transactions due to the occurrence of a termination event by the other party. Standard termination events include defaults or bankruptcy.

Other termination events that can be added to the calendar include a credit degradation below a certain level. The main credit support documents subject to UK law are the 1995 Credit Support Annex, the 1995 Credit Support Deed and the 2016 Credit Support Annex for Variation Margin. Support credits ancillary to English law provide guarantees for the transfer of ownership, while English Credit Support Deed provides for the granting of a guarantee right on the transferred guarantees. The Credit Support Annex 2016 for Variation Margin was specifically introduced to enable parties to meet their Margin Variation exchange obligations in compliance with margin rules worldwide, including EMIR in Europe and Dodd-Frank in the United States of America. The annexes to credit assistance under English law are confirmations and the transactions they constitute are transactions under the framework agreement and are therefore part of the special contract with the framework agreement. . . .