Testing

2005 ISDA Collateral Guidelines

ISDA

®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

2005 ISDA Collateral Guidelines

ISDA

®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

Copyright © 2005 by INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. 360 Madison Avenue, 16th Floor New York, NY 10017

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. NEW YORK OFFICE 360 Madison Avenue – 16th Floor New York, NY 10017 Phone: +1 (212) 901-6000 Fax: +1 (212) 901-6001 EUROPEAN OFFICE One New Change London EC4M 9QQ England Phone: +44 (0)20 7330-3550 Fax: 44 (0)20 7330-3555 TOKYO OFFICE Shiroyama Hills, 31st Floor 4-3-1 Toranomon Minato-ku, Tokyo 105-6031 Phone: +813 5733-5500 Fax: +813 5733-5501 WASHINGTON OFFICE 1101 Pennsylvania Avenue, Suite 600 Washington, DC 20004 Phone: +1 (202) 756-2980 Fax: +1 (202) 756-0271 BRUSSELS OFFICE Rue Wiertz 50 / 28 B-1050 Brussels Phone: +322 401-87-60 Fax: +322 401-68-68

ASIA-PACIFIC OFFICE 24 Raffles Place #22-00 Clifford Centre Singapore 048621 Phone: +65-6538-3879 Fax: +65-6538-6942 Website: http://www.isda.org Email: isda@isda.org

ABOUT ISDA The International Swaps and Derivatives Association, Inc. (“ISDA”) is the global trade association representing participants in the privately negotiated derivatives industry, a business covering swaps and options across all asset classes (interest rate, currency, commodity, energy, credit and equity). ISDA was chartered in 1985, and today numbers over 600 member institutions from 46 countries on six continents. These members include most of the world's major institutions who deal in, as well as leading end-users of, privately negotiated derivatives. The membership also includes associated service providers and consultants. Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk management business. Among its most notable accomplishments are: developing the ISDA Master Agreement;...