Which of the following is not true about the ISDA master agreement (ISDA MA):

The ISDA MA provides a template that can be used by market participants to document derivativetransactions. It has a core section that applies always, and various schedules that can be agreed to by the parties. The ISDA MA considerably facilitates closing transactions once the ISDA MA has been has been negotiated, without requiring a renegotiationeach time.

A key feature of the ISDA MA is that it binds all transactions into a single net obligation. The ISDA Master 2002 states that "All transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties ... and the parties would not otherwise enter into any Transactions." Therefore transactions under the ISDA MA are not considered separate obligations.

The ISDA MA does indeed define close out processes, default and termination events, and the CSA is one of the parts of the MA that describes the collateral related agreement.