Can I modify the wording of the 2002 Master Agreement Protocol or the substantive clauses?
No. Any changes to the standardised wording set out in the Protocol or to the standard form Adherence Letter will be considered invalid and unenforceable. Counterparties can, of course, negotiate and agree to any changes bilaterally outside the scope of the Protocol. The Protocol in no way inhibits freedom of contract whether the parties have adhered to the Protocol or not. If parties to a 2002 Master Agreement do wish to vary the terms of the Protocol as they would otherwise apply to, for example, a Transaction incorporating a particular ISDA definitions booklet, Section 5(b) of the Protocol describes how they should do so.
