ISDA Schedule

BY MICHAEL SHANG · SIXTEEN YEARS IN COMMERCIAL BANKING · UPDATED 2026-11-06

// THE SHORT ANSWER

The ISDA Schedule is the part of an ISDA Master Agreement in which the two parties make their elections and record every change to the standard printed form. For a business hedging its loan, it is where the hedges are tied to the lending: which events end them early, the threshold above which default on other debt triggers cross-default, whether a default under the facility agreement is itself a termination event, and which guarantees or security count as credit support. A desk reads it beside the facility agreement, because a hedge closed out on a loan default turns its mark-to-market into an amount due at once.

BASIS  Practitioner judgment from sixteen years in commercial banking, set out in How Bankers Think (Highbank Press, 2026). Every borrower on this site is a composite constructed for teaching, not a client. The market is mid-market commercial lending as practised in New Zealand and Australia; where a convention differs elsewhere, the page says so.