Can I modify the wording of the 2005 Novation Protocol or the substantive clauses?
No. Any changes to the standardized 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 Covered Transaction wish to vary the terms of the Protocol, Section 5(c) of the Protocol describes how they should do so. Revocation Can I revoke my participation in the 2005 Novation Protocol? No. Unlike previous ISDA protocols where a limited right to revoke was provided, an Adhering Party may not revoke its participation in the Protocol. Once an Adherence Letter is submitted, it will be considered to be an offer to amend its Master Agreements with other Adhering Parties for the entire term of the Protocol remaining from the date of such adherence.
